Why the Smart TV Market Is Set to Explode | Top Key Players LG Electronics Inc., Sony Corporation, Koninklijke Philips N.V., Samsung Electronics Co., Ltd., Apple Inc., Panasonic Corporation, Vizio Inc
In the smart TV market, residential application is creating a high demand due to the availability of high-speed internet and smart home developments across the globe. These devices offer a variety of features such as gaming, smartphone connectivity, voice command support, etc., further creating consumer interest. The increasing number of smart homes across the globe followed by the rising demand for smart devices is promoting smart TV market growth. The connected devices are gaining high popularity owing to easy accessibility and hassle-free sharing of content between devices. The availability of IoT technology and connected devices provide interoperability of devices, fueling the market growth.
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A prominent feature in smart TVs, which is creating a high demand is the ability to connect with other devices such as smartphones, tablets, etc. The connectivity with smart devices provides ease of content sharing across different platforms. An upcoming trend in the smart TV market is OLED and 4K technology, which is designed to deliver high-quality visual content. OLED panels have low power consumption and better durability as compared to LCD panels. OLED displays are energy efficient and provide a high quality of visual experience.
The energy-efficiency feature promotes its demand in the commercial sector. The increasing norms & regulations regarding energy consumption by several governments have led to the higher adoption of these devices by the commercial sector. Features, such as high refresh rates and dynamic color provision, support in enhancing the gaming experience on these devices. High investments by companies in the development of the dedicated OS for TVs have further enhanced the user experience, contributing to smart TV industry growth.
The North America smart TV market is expected to grow rapidly owing to the high adoption of technically advanced solutions and high spending capacity of consumers. The federal government is making investments in the development of IoT technology for the implementation of smart homes and cities. Countries in Asia Pacific including China, South Korea, and Japan are witnessing growth in television manufacturing activities due to the presence of several key players in this region. The increasing disposable income in this region is leading to the adoption of these devices.
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Prominent players operating in the smart TV market include LG Electronics Inc., Sony Corporation, Koninklijke Philips N.V., Samsung Electronics Co., Ltd., Apple Inc., Panasonic Corporation, Vizio Inc., Insignia Systems Inc., Haier Group Corporation, Westinghouse Electric Corporation, Hitachi Ltd., and TCL Corporation. These players are implementing strategies such as merger & acquisition activities, collaborations & partnerships, and high investments in R&D to develop innovative products and broaden the product portfolio to gain a competitive edge.
Smart TV Market By Screen Type
Market By Screen Size
• 35 to 45 inches
• 46 to 55 inches
• 56 to 65 inches
• Above 65 inches
• 4k UHD
• Full HD
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