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Growth Of Smart TV Market Is Fueled By Video-On-Demand Services: The Driving Engine Behind Smart TV Market Evolution in 2025
Smart TV
Smart TV Market Size Growth Forecast: What to Expect by 2025?
The market size of smart TVs has significantly expanded in recent times. The market, which was valued at $228.92 billion in 2024, is projected to rise to $246.07 billion in 2025, with an impressive compound annual growth rate (CAGR) of 7.5%. This growth in the prior period can be ascribed to technological innovation, content streaming, user-oriented interfaces, superior display quality, and increased internet access.
How Will the Smart TV Market Size Evolve and Grow by 2029?
The market size of smart TVs is anticipated to witness significant expansion in the upcoming years, reaching a value of $333.6 billion by 2029 with a compound annual growth rate (CAGR) of 7.9%. This surge during the forecast period is credited to factors such as 5g connectivity, content collaborations, smart home fusion, gaming, and cloud services. The projected trends during this period encompass HDR and Dolby Vision, OLED and Qled technology, AI and vocal controls, as well as further smart home integration.
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What Drivers Are Propelling the Growth of Smart TV Market Forward?
The growth of the smart TV market is significantly influenced by the increasing popularity of video-on-demand services. Internet Protocol TV (IPTV) provides an innovative feature known as Video-On-Demand (VoD), allowing users a wide variety of videos to select from. This video content is delivered through the Real-Time Streaming Protocol. Over the past few years, VoD has witnessed a significant surge in popularity, contributing to a rise in smart TV adoption rates. To illustrate, Netflix Inc., an American subscription video-on-demand over-the-top streaming service, reported in January 2023 that the total number of its paid memberships in 2021 stood at 221,844,000 and increased to 230,747,000 in 2022. The escalating trend of video-on-demand services is, therefore, anticipated to further fuel the expansion of the smart TV market.
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What Long-Term Trends Will Define the Future of the Smart TV Market?
The issue of imposing taxes on smart TVs is significantly obstructing the expansion of the smart TV market. TVs are the only category where dual Goods and Services Tax (GST) rates are implemented. For example, in India, smart TVs are classified under the topmost tax bracket of Goods and Services Tax accounting for 28% tax of their highly expensive selling prices. Thus, the tax regulations concerning smart TVs project a potential constraint on the growth of the smart TV market.
What Are the Key Segments in 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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Who Are the Key Players Shaping the Smart TV Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth in the Smart TV Market?
Asia-Pacific was the largest region in the smart TV market in 2024. North America was the second-largest region in the smart TV market. The regions covered in the smart TV market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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