Press release
Transforming the Smart TV Market in 2025: Growth Of Smart TV Market Is Fueled By Video-On-Demand Services
Smart TV Market Size
There has been a substantial growth in the smart TV market size over the last few years. The value will escalate from $214.4 billion in 2024 to $229.62 billion in 2025, representing a compound annual growth rate (CAGR) of 7.1%. The notable growth during the historic period is due to factors such as technological improvements, availability of content streaming, user-compatible interfaces, superior display quality, and access to internet.
Anticipations are high for the smart tv market to experience substantial growth in the approaching years. The market worth is forecasted to reach $299.83 billion by 2029 with a compound annual growth rate (CAGR) of 6.9%. This expected increase during the forecast period can be traced back to factors such as 5g connectivity, content partnerships, smart home integration, and the incorporation of gaming and cloud services. Key trends during this period are anticipated to be HDR and Dolby Vision, OLED and Qled technologies, AI and voice control, along with the continuing integration into smart homes.
What Factors Are Fueling Growth in the Smart TV Market?
The growing interest in video-on-demand services is a crucial factor propelling the smart TV market's expansion. Internet Protocol TV (IPTV) provides several innovative features, including Video on Demand (VoD), which offers consumers a variety of video choices. These videos are streamed using the Real-Time Streaming Protocol. VoD has seen a surge in popularity in recent years, leading to increased rates of smart TV adoption. For example, Netflix Inc., a US-based subscription video-on-demand over-the-top streaming service, reported that the total number of paid memberships rose from 221,844,000 in 2021 to 230,747,000 in 2022. As a result, the growing preference for video-on-demand services is anticipated to stimulate the growth of the smart TV market.
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Which Leading Companies Are Shaping the Growth of the Smart TV Market?
Major companies operating in the smart tv market include Sony Corporation, LG Corporation, TCL Corporation, Koninklijke Philips NV, Haier Electronics Group Co. Ltd., Panasonic Corporation, Samsung Electronics Co. Ltd., Apple Inc., Toshiba Corporation, Insignia Systems Inc., Intex Technologies Ltd., Vizio Inc., Intel Corporation, Sharp Corporation, Sichuan Changhong Electric Co. Ltd, Funai Electric Co. Ltd., JVC Kenwood Holdings Inc., Loewe Technology GmbH, Mitsubishi Electric Corporation, NEC Corporation, Onida Electronics, Sanyo Electric Co. Ltd., Seiki Digital, Skyworth Group Ltd., Vestel Elektronik Sanayi ve Ticaret AS, Xiaomi Inc., Grundig Intermedia GmbH, Hisense Kelon Electrical Holdings Co. Ltd.
What Are the Major Trends Shaping the Smart TV Market?
The growth of the smart TV market is hindered by the taxation imposed on these devices. TVs are unique in the fact that they are subject to two different levels of Goods and Services Tax (GST). In particular, India taxes smart TVs at the maximum GST rate, causing consumers to pay an additional 28% on top of the already high cost of these products. Consequently, this taxation system is anticipated to curb the advancement of the smart TV market.
What Are the Key Segments of the Smart TV Market?
The smart tv market covered in this report is segmented -
1) By Product Type: 4K UHD TV, Full HD TV, HDTV, 8K TV
2) By Panel Type: LCD, LED, OLED, QLED
3) By End User: Home, Offices, Education Institutions, Other End-Users
Subsegments:
1) By 4K UHD TV: LED 4K UHD TV, OLED 4K UHD TV, QLED 4K UHD TV
2) By Full HD TV: LED Full HD TV, LCD Full HD TV, OLED Full HD TV
3) By HDTV: LED HDTV, LCD HDTV, Plasma HDTV
4) By 8K TV: LED 8K TV, OLED 8K TV, QLED 8K TV
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Which Region Dominates the Smart TV Market?
The countries covered in the smart tv market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada
What Is Covered In The Smart TV Global Market Report?
- Market Size Analysis: Analyze the Smart TV Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Smart TV Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Smart TV Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Smart TV Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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