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Global Smart TV Market Growth Expected at 11% CAGR, Reaching US$ 672.26 Billion by 2033

06-18-2024 04:08 PM CET | Consumer Goods & Retail

Press release from: Fact.MR

Global Smart TV Market Growth Expected at 11% CAGR, Reaching US$

The smart TV market was valued at US$ 236.76 billion in 2023 and is expected to experience substantial growth, with a projected compound annual growth rate (CAGR) of 11% from 2023 to 2033. Smart TVs, also known as connected TVs, are televisions equipped with integrated Internet connectivity and interactive features. These TVs allow users to access a wide range of digital content, streaming services, and apps, making them a centerpiece of modern home entertainment systems. The convergence of television and internet technologies is revolutionizing the way people consume media, providing seamless access to online content, gaming, social media, and much more.

With the rise of over-the-top (OTT) media services, consumers are increasingly shifting towards online streaming platforms for entertainment. Smart TVs provide a seamless way to access these services on a larger screen, making them more appealing than traditional cable or satellite TV. The demand for smart TVs is increasing rapidly due to the rising accessibility and affordability of internet connectivity globally.

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Manufacturers of smart TVs are continuously adding advanced features to smart TVs, such as voice control, AI-powered recommendations, 4K and 8K resolution, HDR (High Dynamic Range) technology, and more. These features are elevating the viewing experience and enticing consumers to upgrade their older televisions.

Smart TVs are becoming central components of the Internet of Things (IoT) ecosystem, enabling users to connect and control other smart devices within their homes. Integration with smart home platforms allows users to manage lighting, security cameras, and other IoT-enabled devices seamlessly. As consumers are seeking more personalized and interactive entertainment experiences, the demand for smart TVs is expected to grow significantly during the forecast period.

Key Takeaways from Market Study

The global smart TV market is poised for substantial growth, with projections indicating it will reach US$ 672.26 billion by 2033. This robust expansion is driven by increasing consumer preference for advanced television technologies and the integration of smart features that enhance viewing experiences. Specifically, the demand for full HD smart TVs is expected to grow at a compound annual growth rate (CAGR) of 12% from 2023 to 2033, reflecting ongoing technological advancements and consumer aspirations for higher quality viewing.

In the United States, rapid technological innovations and the widespread adoption of streaming services are pivotal factors propelling the smart TV market. These trends are reshaping how consumers engage with content, driving the uptake of smart TVs that offer seamless access to online entertainment platforms. Similarly, in Germany, the market for smart TVs is projected to expand at a CAGR of 7% through 2033, fueled by a combination of technological evolution and increasing consumer awareness of smart TV benefits. Meanwhile, in Japan, where technological sophistication is ingrained in consumer electronics, sales of smart TVs are anticipated to grow at a CAGR of 6% over the next decade, reflecting steady adoption and evolving consumer preferences in the region. As global demand continues to surge, manufacturers are likely to focus on innovation and accessibility to capitalize on the expanding smart TV market landscape.

List of Key Companies Profiled in The Report

Guangdong Changhong Electronics Co. Ltd.
Haier Group
Hitachi Ltd.
Koninklijke Philips N.V.
Konka
LeEco
LG Electronics
Panasonic Corp.
Others

Market Opportunities

Amidst the burgeoning demand, the Smart TV market presents a spectrum of opportunities for manufacturers and stakeholders. The integration of advanced technologies, such as 8K resolution, voice recognition, and IoT connectivity, opens avenues for innovation. Additionally, opportunities abound in catering to niche markets, including gaming enthusiasts and those seeking specialized content experiences. Collaborations with content providers, app developers, and smart home ecosystem integrations represent strategic opportunities for Smart TV manufacturers to enhance their offerings and stay at the forefront of market trends.

Recent Industry News

Recent industry news in the Smart TV market highlights pivotal developments that shape the industry's trajectory. Notably, announcements of collaborations between Smart TV manufacturers and streaming platforms have become increasingly common, underscoring the industry's focus on content partnerships. Technological breakthroughs, such as advancements in display technology and the introduction of AI-driven features, have garnered attention, showcasing the ongoing innovation within the sector. Moreover, strategic alliances between Smart TV manufacturers and gaming companies, leveraging the growing popularity of gaming on Smart TVs, exemplify the market's responsiveness to emerging trends.

Want Full Report? Enquire Here-https://www.factmr.com/report/smart-tv-market

Competitive Landscape

Top manufacturers in the smart television industry are actively investing in research and development to introduce innovative models to the market. These advancements often encompass state-of-the-art display technologies, superior picture quality enhancements, intuitive user interfaces, voice control capabilities, and seamless integration with other smart devices. By incorporating distinctive features, manufacturers aim to capture greater consumer interest and justify premium pricing for their products.

In April 2022, Samsung Electronics Co. Ltd launched its Neo QLED 8K smart TV series, available in 65-inch and 85-inch screen sizes. This release underscores Samsung's commitment to pushing the boundaries of television technology, offering consumers advanced viewing experiences with cutting-edge visual performance and immersive features.

Contact:

US Sales Office
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Tel: +1 (628) 251-1583, +353-1-4434-232
Email: sales@factmr.com

About Fact.MR:

Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range - from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories.

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