NEW YORK, Nov. 8, 2023 /PRNewswire/ — The smart tv market is set to grow by USD 69.33 billion from 2022 to 2027, progressing at a CAGR of 10.81% during the forecast period. The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. The growing prominence of online sales is a key factor driving market growth. The consumer shift toward online purchase platforms is increasing the sales of smart tv. Furthermore, many manufacturing vendors, such as LG, Apple, and Samsung are offering a wide range of smart TV models through their company websites. The price discounts offered by manufacturers and third-party retailers are encouraging customers to do online shopping. The advantages of online purchasing are quick shipping services, easy comparison of product features, and large online product diversity are also key factors for the growth of the smart tv market. Hence, these factors are expected to boost the development of the market during the forecast period. –Here is an Exclusive report talking about Market scenarios with a historical period (2017-2021) and a forecast period (2023-2027). Download Sample Report in minutes!
Smart TV Market 2023-2027 – Market Dynamics
Major Trends
Rising demand for smart TV in emerging countries is a major trend shaping the market. The rising popularity of smart tv in emerging countries in the APAC region, such as India and the Philippines, along with other Southeast APAC countries, such as Hong Kong and Thailand. The key factors driving the growth in these countries are High internet penetration and a steady rise in per capita income. For example, in December 2021, Xiaomi, under its brand Redmi, launched the smart TV model Redmi TV X 75-inch in China. Hence, these factors in emerging countries are expected to drive market growth during the forecast period.
Significant Challenges
The threat from substitute products is the major challenge restricting market growth. The key challenge for the market is alternate viewing devices, such as smartphones. Many OTT content providers and VOD services offer a range of streaming content compatible with mobile screens due to the high penetration of internet-enabled smartphones. Furthermore, applications that are designed for smart TV often lack the interface design and performance of their smartphone counterparts. The lower prices of set-top boxes and streaming media sticks are also a major challenge for smart tv vendors. Hence, the growing threat of substitute products is expected to restrict the growth of the market during the forecast period.
Smart TV Market 2023-2027: Market Segmentation
The smart tv market is segmented by distribution channel (offline and online), type (below 32 inches, 32 to 45 inches, 46 to 55 inches, 56 to 65 inches, and above 65 inches), and geography (APAC, Europe, North America, South America, and the Middle East and Africa).
- The market share growth of the offline segment will be significant during the forecast period. Consumer electronics stores, hypermarkets and supermarkets, and specialty retail stores that sell smart TV are included in the offline segment. Vendors in the market are also offering their products through various offline retail supermarkets, such as SPAR International, Walmart, Target Brands, Inc., and ALDI. Offline stores are attracting consumers due to experience-based purchase offerings. In addition, various international vendors have an extensive global presence through a wide distributor network. The customers rely on in-store performance and store expert demos before taking any purchase-related decisions. Hence, these factors are expected to drive the segment growth during the forecast period.
This report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters- View Sample Report
What’s New? –
- Special coverage on the Russia–Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
- Global competitiveness and key competitor positions
- Market presence across multiple geographical footprints – Strong/Active/Niche/Trivial – Buy the report!
Companies Mentioned
- Apple Inc.
- BBK Electronics Corp Ltd
- Haier Smart Home Co. Ltd.
- Hisense International Co. Ltd.
- Koninklijke Philips NV
- LG Electronics Inc.
- Logitech International SA
- MIRC Electronics Ltd.
- Panasonic Holdings Corp.
- Roku Inc.
- Samsung Electronics Co. Ltd.
- Sharp Corp.
- Skyworth Group Ltd
- Sony Group Corp.
- TCL Electronics Holdings Ltd
- TOSHIBA CORP
- Videocon Industries Ltd.
- VIZIO Holding Corp
- Westinghouse Electric Corp.
- Xiaomi Inc.
Vendor Offering
- Apple Inc. – The company offers smart TV called Apple TV 4K with Apple TV Plus, Apple Music, and Apple Arcade together with all streaming apps in HD picture and audio quality.
- LG Electronics Inc. – The company offers smart TV such as AI smart HD TV, smart HD TV, AI smart full HD TV, and smart FHD TV.
- Samsung Electronics Co. Ltd. – The company offers smart TV such as QLED 4K screen, Crystal 4K pro, Neo QLED screen 8K screen, and FDH smart TVs.
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Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
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