NEWARK, DELL, Aug 12, 2022 (GLOBE NEWSWIRE) — The global smart TV market is projected to reach US$3.5 billion by the end of 2031, with 24.7% revenue growth over the 2021 forecast period is growing at an astounding CAGR. The smart TV market registered an 18.8% growth in global revenue in 2021. Rapid technological advancement and increasing residential use are responsible for the projected market growth.
Features such as better picture quality, wider color gamut, higher resolution, and lower installation costs are driving the demand for smart TVs. Therefore, the inclusion of 4K Ultra High Definition (UHD) resolution could increase smart TV sales worldwide. Additionally, improvements in camera technology by content producers and Telecasters have significantly increased investment in ultra-high-definition (UHD) resolution technology. This is expected to create lucrative market opportunities for smart TVs.
Moreover, 4K Ultra High Definition (UHD) smart TVs are increasingly being adopted in commercial application segments such as hospitality, hotels, and education due to their sharp viewing experience, and the demand for smart TVs is expected to grow in the coming years. expected.
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An FMI analyst said, “Progressive advances in technology, pricing, size, and the addition of new features to smart TVs will further drive the market growth during the forecast period.”
- Store-based retail sales channels account for 58% of the smart TV market
- The North American smart TV market is driven by the US market.
- 45-50 inch screens account for 24% share of total sales.
- In Germany, the QLED and XLED segments of the market are driving growth.
Samsung Group, Panasonic Corporation, LG Electronics, Inc., Apple, Inc., Sony Corporation, Koninklijke Philips NV, Videocon Industries Limited, Haier Electronics Group Co, Ltd., TCL Corporation., Hisense Group, Sansui Electric Co., Ltd. , Micromax Informatics, Sharp Corporation, VIZIO, Inc., Toshiba Corporation, Hitachi, etc. are some of the key players in the smart TV market profiled in the full report.
Key market players are focusing on strategic collaborations and partnerships with other manufacturers to expand their knowledge and expertise. These companies are also focusing on expanding their global manufacturing facilities to increase their international presence.
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More Insights into Smart TV Market Report
In its latest report, FMI offers an unbiased analysis of the global smart TV market, providing historical data from 2016-2020 and forecast statistics from 2021-2031. Display technology (LED, QLED, HDR, OLED, LCD, IPS LCD, XLED), screen type (flat, curved, foldable), screen size (32 inches and below, 33-44 inches, 45-50 inches, 51-55 inch) inch, 56-65 inch, 66+ inch), Application (Residential, Commercial (Hotels, Restaurants, Corporate Offices, Cafeterias, Others)), Price Range (Under US$500, US$500-1000, US$1,000-2,000 US$, US$2,000-3,000, US$3,000 and above), distribution channels (hypermarkets/supermarkets, specialty stores, multi-brand stores, online retailers, wholesalers, others), and regions.
Based on regional growth, China is expected to hold around 42.2% of the East Asian market share in 2021 and continue to dominate the market over the forecast period, according to the latest FMI report. The huge presence of tech giants, the availability of low-cost manufacturing resources, and the rise of Over the Top viewing platforms are responsible for the continued demand for smart TVs in the country. Additionally, the availability of ancillary content for these devices, including his HD devices and HD set-top boxes in games, acted as a catalyst for demand creation. In addition, Chinese manufacturers are introducing innovative products into the market at affordable prices, further boosting the demand for smart TVs during the forecast period.
The Indian smart TV market is likely to witness market demand growing at a CAGR of around 40.7% during the evaluation period. India has become a very attractive market due to the spread of the Internet. Television is a major source of entertainment for Indian households, and as technology advances, there is a growing preference for smart homes and smart offices. This has led to higher adoption rates for smart TVs.
Additionally, the ‘Make in India’ campaign has increased audiovisual content produced in native languages. Therefore, the demand for smart TVs from small towns in the country is also expected to grow rapidly.
Based on segmentation, the flat screen segment leads the market, accounting for 87% of market revenue in 2021.
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Smart TV Market by Category
By display technology type:
- Organic EL
- liquid crystal
- IPS liquid crystal
By screen type:
By screen size:
- 32 inches or less
- 33 to 44 inches
- 45 to 50 inches
- 51 to 55 inches
- 56 to 65 inches
- 66 inches or more
By application type:
- main office
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table of contents
1.1.Global market outlook
1.2. Summary of key statistics
1.3.Summary of key findings
1.4. FMI analysis and recommendations
2. Market overview
2.1. Market classification
2.2. Market definition
3. Major market trends
3.1. Embedded system for facial recognition
3.2. Motion control with your hands and some special gestures
3.3. Innovative Bbox Smart TV replaces setup box with connected TV
3.4. Growing popularity of video-on-demand services
3.5.The market is moving towards a new generation of video codecs
4. Market Outlook of TV Industry
4.1. Television Industry Market Overview, 2019
4.2. Market Key Players
4.3. Key Market Trends
Continued on the table of contents..!
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