Smart TV Market By Resolution (4K UHD TV, HDTV, and Full HD TV), Screen size (Below 32 inches, 32-45 inches, 46-65 inches, and More than 65 inches), Screen-type (Flat, and Curved), and Region - Market Perspective, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast for 2023 - 2032
Market Perspective
The global Smart TV Market size was worth around USD 203.71 billion in 2022 and is estimated to reach a valuation of around USD 611.55 billion by 2032 at a CAGR of 11.62% between 2023 and 2032 due to the growing popularity of on-demand media and other services.
In 2022, smart TV technology accounted for over 220 million unit sales worldwide, with projections for continued growth in the future. This is due to the convenience, flexibility, and improved user experience offered by smart TVs. Consumers find them attractive for their connectivity to a range of input devices wirelessly, such as keyboards, mice, cell phones, and tablet PCs, allowing for text entry, navigation, and web browsing from the comfort of their couch.
Additionally, many smart TVs come with voice control capabilities, making it easier for users to search for content and control other connected devices. The widespread use of the internet has also enabled manufacturers to offer connected services such as streaming media and digital video recording, further driving the smart TV market growth.
Key Insights
- Based on the resolution, the full HD TV segment held the largest market share
- Based on screen size, the 46-65 inches segment dominated the market
- Based on screen type, the flat segment generated the highest revenue
- On the basis of region, Asia Pacific accounted for the largest market share
Increased Internet Penetration and Rapid Development of New Technology are Driving Market Growth
With more people having access to the internet, online streaming has become more popular, leading to an increase in demand for smart TVs that can access these services. Additionally, the availability of high-speed internet across the globe has made it possible for users to stream content in high quality, further boosting the demand for smart TVs.
In addition to increased internet penetration, advances in technology and product design have also had a significant impact on the demand for smart TVs. As technology continues to evolve, manufacturers are able to produce more advanced and affordable products with better features. This has made smart TVs more accessible to consumers, as they are now more affordable than before.
Apart from this, the emergence of social media platforms has also contributed to the smart TV market share. With more people using social media, streaming services such as YouTube and Twitch have become incredibly popular, encouraging manufacturers to develop smart TVs that can easily access these services. Furthermore, the development of voice-activated assistants such as Amazon Alexa and Google Home has made it easier for users to access their content through their smart TVs.
Rapid Shift from Traditional Cable TV to OTT Media is Driving Market Growth
The rapid shift from traditional cable TVs to OTT (Over-The-Top) content is driving demand for smart TVs. Over-the-top (OTT) refers to the delivery of audio, video, and other media over the internet, bypassing traditional cable and satellite television platforms. In recent years, OTT content has become increasingly popular, and consumers are turning to OTT platforms for their entertainment needs. This shift has resulted in a growing demand for smart TVs that can connect to OTT platforms, allowing consumers to stream their favorite shows and movies directly from their TV sets.
Smart TVs are equipped with advanced features that make it easier for consumers to access OTT content. They offer seamless integration with popular OTT platforms such as Netflix, Amazon Prime Video, and Hulu, and provide a simple and user-friendly interface for browsing and accessing this content. With the rise of OTT content, consumers are looking for an easier and more convenient way to access their favorite shows and movies, and smart TVs offer a solution to this need.
Recent Development
In April 2022- Xiaomi launched two new smart TVs, Xiaomi OLED Vision TV and the Xiaomi TV SA which will be available in 32, 40, 43, and 55-inch size options. The additional features are Dolby Atmos, DTS:X, and Vivid Picture Engine 2 (VPE) technology.
In March 2021: The announcement of the next-generation 4K TV was made by Apple which would deliver a high HDR frame rate and including Dolby Vision.
Segmentation Analysis
The market is divided into four categories based on resolution: 4K UHD TV, HDTV, Full HD TV, and 8K TV. In 2022, Full HD TV dominated the market with a share of over 29%. This is due to the abundance of content available in this resolution and the widespread support of this resolution by broadcasters. Full HD TV offers a resolution of 1920x1080p, making it ideal for most smart TVs. It is the preferred choice for live sports and other streaming content because it doesn't require a high-speed internet connection and is more affordable than a 4K UHD TV or 8K TV.
During the forecast period, the 4K UHD TV segment is expected to experience the fastest growth due to advancements in technology, upgrading software, and increased competition which drives companies to offer the best features at competitive prices.
The smart TV market is divided into four categories based on screen size: below 32 inches, 32-45 inches, 46-65 inches, and more than 65 inches. In 2022, the 46-65-inch segment held the largest share of the market revenue. This is because consumers are increasingly opting for larger screens that mimic the cinema experience. This screen size, combined with high-resolution and advanced sound systems, makes it the ideal choice for most viewers. Additionally, smart TVs are slimmer than traditional LCD TVs, which saves space and allows consumers to have a larger screen even in smaller spaces.
According to surveys, 46-65 inches is the most popular screen size for most households. The segment of smart TVs larger than 65 inches is expected to experience rapid growth as the popularity of home theaters grows and the prices of smart TVs fall due to increased competition.
The smart TV market is divided into two categories based on screen type: flat and curved. The flat screen segment dominated the market due to its widespread demand. Flat screens are favored because they are simpler to manufacture, easy to set up, and most importantly, more affordable compared to curved screens. This makes them a popular choice for consumers.
Asia Pacific is Dominating the Market Due to Rising Demand for Smart Televisions
Asia Pacific dominated the smart TV market with a revenue share of over 38%. The demand for smart TVs skyrocketed due to the improving living standard and growing awareness about the benefits offered by smart TVs over traditional televisions, such as on-demand streaming through various online partners. Advancements in screen resolution and software technology have led to the launch of high-resolution, feature-rich smart TVs by top manufacturers.
China has been a major contributor to the regional growth, driven by the growing demand for upgraded and feature-rich smart TVs, as well as the emergence of new companies like TCL Corporation and Hisense Co. Ltd. The competition between established players, plays a crucial role in driving innovation, software upgrades, and resolution upgrades.
Europe Witnessed Fastest Growth Owing to Expansion of OTT Content
Europe is expected to experience the fastest growth during the forecast period due to the shift from traditional television broadcasting to OTT content. The rise of the OTT segment has been a major driving force for the smart TV market. The ease of accessing OTT platforms directly from smart TVs has been a significant change for the TV industry. The availability of high-speed internet connections has made consumers increasingly prefer smart TVs over traditional TVs, which have limited broadcasting options. Consumers find it more convenient to choose smart TVs due to their versatility and advanced features.
Competitive Landscape
- HAIER INC.
- Hitachi, Ltd.
- Koninklijke Philips N.V.
- LG ELECTRONICS.
- Panasonic Holdings Corporation
- SAMSUNG
- SHARP CORPORATION
- Sony Corporation
- TCL Electronics Holdings Limited.
- VIZIO, Inc.
- Xiaomi
The global smart TV market is segmented as follows:
By Resolution
- 4K UHD TV
- HDTV
- Full HD TV
By Screen size
- Below 32 inches
- 32-45 inches
- 46-65 inches
- More than 65 inches
By Screen-type
- Flat
- Curved
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Reunion
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Smart TV Market By Resolution
- February-2023
- 148
- Global
- smart-utilities
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