Smart TV Market is Projected to Grow at a CAGR of 20.8% from 2022 to 2032

The global smart TV market is expected to be valued at US$ 288.71 Million in 2022. With the growing internet penetration, coupled with the increasing consumer demand for web enabled online platforms, the overall demand for Smart TV is projected to grow at a CAGR of 20.8% between 2022 and 2032, totaling around US$ 1,910.44 Million by 2032.

A continuous surge in the use of streaming devices, coupled with the rising internet penetration is driving the market growth. Moreover, the shift in consumer preference in recent years has significantly contributed to revenue generation. The accelerated demand for smart TVs has paved way for lucrative opportunities for content providers to venture into the Over the Top (OTT) space, which is allowing them to distribute original content via the internet.

Furthermore, numerous industry players are collaborating with streaming media player manufacturers to expand their portfolios and enhance their visibility. All these factors are projected to contribute to market growth in the near future. Declining product prices have resulted in an increasing number of customers opting for these technologically advanced televisions.

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Manufacturers are also upgrading their offerings by adding new features to their newer models for customers' convenience, leading to increased demand. Moreover, the industry has witnessed high penetration in the 4K UHD TV segment, which has become a standard resolution for most manufacturers.

The accelerated demand for smart TVs has paved way for lucrative opportunities for content providers to venture into the Over the Top (OTT) space, which is allowing them to distribute original content via the internet. Also, numerous industry players are collaborating with streaming media player manufacturers to expand their portfolios and enhance their visibility.

All these factors are projected to contribute to market growth in the near future. The use of Android as an operating system by various smart TV providers has made it easy for users to access major OTT platforms such as Netflix, Hulu, and YouTube. Additionally, the Google platform also provides access to major Android-based applications, such as Facebook, Twitter, and Google Play.

Key Takeaways from the Market Study

Global smart TV market to experience 6.7x growth from 2022 to 2032
Flat screen smart TVs account for nearly 95% revenues in 2020, expected to retain said dominance
By screen size, smart TVs measuring 46 to 55 inches to capture 38% revenue in 2022
North America to be the most opportunistic smart TV market, expected to accumulate 45% revenue in 2022
3/5th of global smart TV market revenue to be contributed by the Asia-Pacific
MEA to generate significant growth opportunities for smart TV manufacturers, accounting for 30.5% revenue in 2022

"The smart television (T.V.) market is being driven by significant factors such as the rise in the level of disposable income and rapid urbanization. The market is estimated to rise rapidly over the forecast period owing to surging adoption of advanced technologies," remarks an FMI analyst.

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Competitive Landscape

Players in the global Smart TV Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:

In March 2021, Apple announced the next generation of Apple TV 4K, delivering high frame rate HDR with Dolby Vision, connecting customers to their favorite content with the highest quality standards.
In July 2020, Samsung Electronics Co. introduced its range of QLED smart TVs, which have achieved a first-class energy efficiency rating.
In April 2020, Sony Electronics Inc. revealed new 2020 LED and OLED television models announced at the CES 2020. Sony's processors power the 2020 TV line-up by upgrading to better color and TRILUMINOS displays. The TVs are also equipped with Google Assistant.
In March 2020, LG Electronics (LG) announced sales of its 2020 TV line up, which included 14 OLED models, including the GX Gallery series, the Genuine 8K ZX models and the 4K Ultra HD TV.

Know More About What the Smart TV Market Repost Covers

Future Market Insights offers an unbiased analysis of the global Smart TV Market, providing historical data for 2017-2021 and forecast statistics from 2022-2032.

To understand opportunities in the Smart TV Market, the market is segmented on the basis of display technology type, screen type, screen size, application type, price range, and sales channel across five major regions.

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Key Segments Covered in the Smart TV Industry Analysis

Smart TV Market by Display Technology Type:

LED
QLED
HDR
OLED
LCD
IPS LCD
XLED

Smart TV Market by Screen Type:

Flat
Curved
Foldable

Smart TV Market by Screen Size:

32 Inches & Under
33 to 44 Inches
45 to 50 Inches
51 to 55 Inches
56 to 65 Inches
66 Inches & Above

Smart TV Market by Application Type:

Residential
Commercial
Hotels
Restaurants
Corporate Offices
Cafeterias
Others

Smart TV Market by Price Range:

Under US$ 500
US$ 500 - US$ 1000
US$ 1000 - US$ 2000
US$ 2000 - US$ 3000
US$ 3000 & Above

Smart TV Market by Sales Channel:

Hypermarkets/Supermarkets
Specialty Stores
Multi-brand Stores
Online Retailers
Wholesalers & Wholesalers
Other Sales Channel

Smart TV Market by Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East and Africa (MEA)

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.