Smart TV Market Synopsis

Smart TV Market Size Was Valued at USD 237.49 Billion in 2023, and is Projected to Reach USD 1359.23 Billion by 2032, Growing at a CAGR of 21.39% From 2024-2032.

A Smart TV, referred to as connected TV or hybrid TV, describes a trend of integration of the Internet into television sets and set-top boxes, as well as the technological convergence between computers, television sets and set-top boxes. Smart TVs are available as stand-alone products, but regular televisions can also be made “smart” through set-top boxes that enable advanced functions; for example, Google TV, Apple TV. These devices are mostly IP devices, which enable streaming content over Internet without the need for cable or satellite.

• Smart TVs provide access to external hard drives, digital cameras, mobile phones or Internet applications. A Smart TV allows the viewers to connect to the Internet and browse the web as on a computer without the need for additional peripherals. Smart TVs include a wide range of applications which can be used for different means. Viewers can use applications to search and find videos, music, photos and other content on the web, a local cable TV channel, a satellite TV channel or a local storage device.
• The surge in popularity of streaming platforms such as Netflix, Amazon Prime Video, Disney+, and Hulu can be credited to their diverse content offerings, which include exclusive shows and films that are readily available on smart televisions. Modern televisions have voice control, seamless home automation, a variety of apps, and improved picture quality featuring 4K, 8K resolutions, and HDR technology to meet customer needs. Smart TVs function as entertainment centres with fast internet connections, allowing for web browsing, social media engagement, and smooth content streaming.
• Technological advancements lowered manufacturing costs for smart TVs, increasing affordability and demand for consumers. Smart TVs play a vital role in smart home configurations, connecting with devices such as speakers and security systems to create a seamless user experience. They provide services for instant content and individualized watching, providing a variety of customization choices.

Smart TV Market Trend Analysis

Rising the Content Creators

• The capability to access content anytime and anywhere is what draws more subscribers to OTT platforms. Numerous TV content creators are introducing new content in various genres to appeal to the wide range of viewer preferences. Industry growth is anticipated to be driven by this factor. Content creators are partnering with different OTT platforms to create an exclusive partnership. Subsequent this trend, popular streaming platforms such as Amazon Prime, Netflix, Disney Hotstar, and others have developed dedicated applications for smart televisions to offer their streaming offerings.
• The rise in smart TV popularity is attributed to their range of advanced features, such as voice command, screen mirroring/sharing, and video calling, which enhance the overall user experience. Smart TV operating systems enable users to utilize different functions such as downloading apps, streaming videos, and purchasing content directly on the television. Manufacturers are creating exclusive operating systems for their smart TVs in order to rival the commonly-used operating systems. Smart TVs can connect with smart home systems to understand user habits and preferences, offering personalized suggestions and reminders for individual users or households as they learn over time.
• Samsung Electronics Co. Ltd has created the Tizen operating system for their smart TV range, enabling users to watch TV shows through streaming apps. Additionally, LG offers its proprietary operating systems that allow for distinctive functionalities such as magic remote, voice command, and other capabilities. Smart TVs play a vital role in smart home configurations, connecting with devices such as speakers and security systems to create a seamless user experience. They provide services for instant content and individualized watching, providing a variety of customization choices.

Opportunity

Integration with Smart Home Ecosystem

• Smart TVs equipped with smart home systems can act as a central command centre for multiple interconnected devices in the household, including lighting, temperature controls, security measures, and surveillance cameras. This enables users to manage numerous devices through one interface, typically displayed on the TV screen or a corresponding app. Users have the ability to make personalized automation sequences, prompting activities on various gadgets according to particular conditions or timing. For instance, you could turn off the lights, set the thermostat, and secure the doors before going to bed when switching off the TV for the night.
• Combining smart TV features with smart home systems provides a smooth user experience, removing the necessity to switch between different applications or interfaces to manage different devices. Voice assistants that are built into smart TVs allow users to control both TV functions and smart home devices without needing to use their hands. Users have the ability to adjust settings, play content, or carry out home automation tasks simply by using voice commands.
• Integration of smart TVs with smart home systems allows for engaging interactions, including showing security camera feeds, checking doorbell notifications, and monitoring smart door lock statuses on the TV screen. Users have the ability to get notifications and alerts from their smart home devices on the TV screen, giving them instant updates on events such as motion detection, doorbell rings, or changes in environmental conditions. Smart TVs have the ability to use information from connected smart home gadgets in order to provide relevant suggestions for content. For instance, modifying lighting settings according to what is being watched or proposing meal ideas based on the contents of a smart fridge.

Smart TV Market Segment Analysis:

Smart TV Market is Segmented on the basis of Resolution Type, Technology, Screen Size, Distribution Channel, End-User, Screen Type and Region.

By Resolution Type, Full HD Segment Is Expected to Dominate the Market During the Forecast Period

• Full HD TVs are generally more affordable than higher-resolution counterparts like 4K or 8K TVs. This makes them accessible to a larger segment of the market, including budget-conscious consumers. The manufacturing costs for Full HD panels are lower compared to higher resolutions, which contributes to their competitive pricing. A significant amount of content is produced in Full HD. Streaming services, cable TV providers, and Blu-ray discs widely support Full HD, ensuring that consumers can easily access a variety of content without requiring higher resolutions. Full HD content requires less bandwidth than 4K or 8K, making it more practical for consumers with average internet speeds. This is particularly important in regions where high-speed internet is not ubiquitous.
• Full HD resolution is ideal for smaller to medium-sized TVs (typically up to 55 inches). At typical viewing distances, the pixel density of Full HD is sufficient to provide a sharp and clear picture. For many viewers, the visual difference between Full HD and higher resolutions like 4K is less noticeable at regular viewing distances, especially on smaller screens. Full HD has been the standard for many years, leading to widespread adoption and familiarity among consumers. Many households already have Full HD TVs and are satisfied with their performance. Consumers do not upgrade their TVs as frequently as other electronics. Many who purchased Full HD TVs in the past few years may not yet feel the need to upgrade to higher resolutions. In developing countries, Full HD TVs are more popular due to their affordability and adequate performance. As these markets grow, the demand for Full HD TVs continues to be strong.
• Economic constraints and priorities in various regions make Full HD an attractive option for a broad consumer base. Modern Full HD TVs come equipped with the same smart features as higher-resolution models, such as internet connectivity, streaming apps, and voice control. This means consumers do not miss out on smart functionality by choosing a Full HD model. For many consumers, Full HD provides a satisfactory viewing experience with clear, vibrant images that meet their entertainment needs. Many consumers perceive Full HD as a balanced choice that offers good quality at a reasonable price, without the need for higher resolution content or the associated higher costs. Factors such as room size, viewing habits, and content types (like sports, movies, gaming) play a role in consumers’ preference for Full HD, which often meets their practical needs.

By End-User, Residential Segment Held the Largest Share In 2023

• The rise in smart TV demand is a result of the growing popularity of home entertainment. These TVs are popular because they allow for streaming from platforms such as Netflix and YouTube. Younger consumers are attracted to gaming services and apps that are built into smart TVs. Prices have decreased, resulting in smart TVs becoming more budget-friendly. The cost of smart TVs has decreased over the years, making them more accessible to a broader audience. Technological advancements and increased competition among manufacturers have contributed to this price reduction. A wide range of smart TVs is available at various price points and feature sets, catering to different consumer needs and budgets.
• Modern smart TVs offer intuitive user interfaces and voice control features, enhancing the user experience and making these devices more appealing to a broad audience. Smart TVs can connect and interact with other smart home devices, adding convenience and functionality for users who already have smart homes or are planning to build one. Manufacturers and retailers aggressively market smart TVs, highlighting their advanced features and benefits over traditional TVs. Consumers are more aware of the benefits and capabilities of smart TVs due to the extensive marketing efforts and word-of-mouth recommendations.
• The COVID-19 pandemic increased the amount of time people spend at home, boosting demand for home entertainment devices, including smart TVs. Smart TVs are also used for remote work and education purposes, as they can be used for video conferencing and accessing educational content online. Growing urban populations and rising disposable incomes in developing countries contribute to the adoption of smart TVs in residential settings. There is a global shift towards smarter, more connected home environments, with smart TVs being a central component of this trend.

Smart TV Market Regional Insights:

Asia Pacific is Expected to Dominate the Market Over the Forecast Period

• The Asia-Pacific area, including nations such as China, India, and Indonesia, is experiencing population and economic expansion, leading to a significant demand for smart TVs. The increasing middle class with greater earnings is more inclined to purchase home entertainment gadgets such as smart TVs. The fast   growth of cities in countries like China and India has driven the demand for modern technologies such as smart TVs. Urban areas provide improved internet connectivity, which is essential for utilizing smart TV capabilities. Due to a technologically adept younger population influencing the market, nations such as China, South Korea, and Japan are significant manufacturers of smart TVs.
• Companies like Samsung, LG, Sony, TCL, and Hisense have extensive production facilities in these countries. Producing smart TVs within the area reduces costs by benefiting from economies of scale and inexpensive labour, leading to lower prices for consumers. Regional governments provide assistance to electronics and consumer goods industries through measures such as tax incentives and funding for infrastructure projects. They also support digital transformation and initiatives for smart cities, increasing the need for smart products such as smart TVs in integrated home systems.
• The emergence of OTT platforms like Netflix and regional services such as iQIYI and Hot-star has created a demand for smart TVs that offer convenient access to streaming content. Local content production on regional platforms enhances the attractiveness of smart TVs. Companies in the Asia-Pacific region are at the forefront of innovation in display technology, AI integration, and smart features. Brands like Samsung and LG regularly introduce cutting-edge technologies in their smart TV models. The rollout of 5G networks in the region enhances the streaming capabilities of smart TVs, offering a seamless viewing experience and boosting demand.
• From this graph, it is shown that the revenue of smart streaming devices in the Asia Pacific region experienced steady growth from 2019 to 2023. Starting at $1168.39 million in 2019, it increased to $3327.02 million in 2023. This growth can be attributed to the rising demand for smart TVs and streaming services across the region.

Smart TV Market Active Players

• Samsung Electronics Co., Ltd. (South Korea)
• LG Electronics Inc. (South Korea)
• Sony Corporation (Japan)
• Panasonic Corporation (Japan)
• Vizio Inc. (USA)
• TCL Corporation (China)
• Hisense Co., Ltd. (China)
• Philips (TP Vision) (Netherlands)
• Sharp Corporation (Japan)
• Skyworth Digital Holdings Ltd. (China)
• Toshiba Corporation (Japan)
• Sanyo Electric Co., Ltd. (Japan)
• Insignia Systems, Inc. (USA)
• Haier Group Corporation (China)
• Mitsubishi Electric Corporation (Japan)
• Westinghouse Electric Corporation (USA)
• JVC (Japan Victor Company) (Japan)
• Hitachi, Ltd. (Japan)
• Changhong Electric Co., Ltd. (China)
• Element Electronics (USA)
• Funai Electric Co., Ltd. (Japan)
• Vestel Group (Turkey)
• Konka Group Co., Ltd. (China)
• Loewe Technology GmbH (Germany)
• Bang & Olufsen (Denmark)
• Metz Consumer Electronics GmbH (Germany)
• Seiki Digital (USA)

Key Industry Developments in the Smart TV Market:

• In May 2024, SKY Perfect JSAT Corporation, NTT DOCOMO, INC., the National Institute of Information and Communications Technology (NICT), and Panasonic Holdings Corporation (Panasonic HD) jointly announced today that they have successfully conducted a 5G communication verification test in the 38GHz band from an altitude of approximately 4km using a small Cessna aircraft operated by Kyoritsu Air Survey Co., Ltd. simulating the eventual use of High-Altitude Platform Stations (HAPS). The demonstration was the first of its kind in the world.
• In Jan 2023, Samsung Electronics Co., Ltd., announced it will open 29 interactive Galaxy Experience Spaces around the world in locations such as San Francisco, London, Paris, Singapore and Dubai, following the February 1 Galaxy Unpacked event. These venues will allow visitors and fans to see and interact with the newly unveiled devices and innovations. 
• In March 2023, Sony Electronics Inc. announced its 2023 BRAVIA XR™ TV Lineup, with Cognitive Processor XR™, for the ultimate home entertainment experience. There are five new models in the BRAVIA XR line: X95L and X93L Mini LED, X90L Full Array LED, A95L QD-OLED and A80L OLED. All models are equipped with features to provide consumers with an immersive experience for watching movies, streaming apps1, gaming and more.

1. INTRODUCTION
   1. RESEARCH OBJECTIVES
   2. RESEARCH METHODOLOGY
   3. RESEARCH PROCESS
   4. SCOPE AND COVERAGE
      1. Market Definition
      2. Key Questions Answered
   5. MARKET SEGMENTATION
2. EXECUTIVE SUMMARY
3. MARKET OVERVIEW
4. GROWTH OPPORTUNITIES BY SEGMENT
5. MARKET LANDSCAPE
   1. PORTER’S FIVE FORCES ANALYSIS
      1. Bargaining Power of Supplier
      2. Threat Of New Entrants
      3. Threat Of Substitutes
      4. Competitive Rivalry
      5. Bargaining Power Among Buyers
   2. INDUSTRY VALUE CHAIN ANALYSIS
   3. MARKET DYNAMICS
      1. Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   4. MARKET TREND ANALYSIS
   5. REGULATORY LANDSCAPE
   6. PESTLE ANALYSIS
   7. PRICE TREND ANALYSIS
   8. PATENT ANALYSIS
   9. TECHNOLOGY EVALUATION
   10. MARKET IMPACT OF THE RUSSIA-UKRAINE WAR
       1. Geopolitical Market Disruptions
       2. Supply Chain Disruptions
       3. Instability in Emerging Markets
   11. ECOSYSTEM
6. SMART TV MARKET BY RESOLUTION TYPE (2017-2032)
   1. SMART TV MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. FULL HD TV
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017-2032F)
      3. Historic And Forecasted Market Size in Volume (2017-2032F)
      4. Key Market Trends, Growth Factors and Opportunities
      5. Geographic Segmentation Analysis
   4. HD TV
   5. 4K UHD TV
   6. 8K TV
7. SMART TV MARKET BY TECHNOLOGY (2017-2032)
   1. SMART TV MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. LED
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017-2032F)
      3. Historic And Forecasted Market Size in Volume (2017-2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. OLED
   5. QLED
8. SMART TV MARKET BY SCREEN SIZE (2017-2032)
   1. SMART TV MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. BELOW 32 INCHES
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017-2032F)
      3. Historic And Forecasted Market Size in Volume (2017-2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. 32 TO 45 INCHES
   5. 46 TO 55 INCHES
   6. 56 TO 65 INCHES
   7. ABOVE 65 INCHES
9. SMART TV MARKET BY DISTRIBUTION CHANNEL (2017-2032)
   1. SMART TV MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. SUPERMARKET AND HYPERMARKET
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017-2032F)
      3. Historic And Forecasted Market Size in Volume (2017-2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. SPECIALITY STORES
   5. ONLINE SHOPS
10. SMART TV MARKET BY END-USER (2017-2032)
    1. SMART TV MARKET SNAPSHOT AND GROWTH ENGINE
    2. MARKET OVERVIEW
    3. RESIDENTIAL
       1. Introduction And Market Overview
       2. Historic And Forecasted Market Size in Value (2017-2032F)
       3. Historic And Forecasted Market Size in Volume (2017-2032F)
       4. Key Market Trends, Growth Factors And Opportunities
       5. Geographic Segmentation Analysis
    4. COMMERCIAL
11. SMART TV MARKET BY SCREEN TYPE (2017-2032)
    1. SMART TV MARKET SNAPSHOT AND GROWTH ENGINE
    2. MARKET OVERVIEW
    3. FLAT
       1. Introduction And Market Overview
       2. Historic And Forecasted Market Size in Value (2017-2032F)
       3. Historic And Forecasted Market Size in Volume (2017-2032F)
       4. Key Market Trends, Growth Factors And Opportunities
       5. Geographic Segmentation Analysis
    4. CURVED
12. COMPANY PROFILES AND COMPETITIVE ANALYSIS
    1. COMPETITIVE LANDSCAPE
       1. Competitive Benchmarking
       2. Smart TV Market Share By Manufacturer (2023)
       3. Industry BCG Matrix
       4. Heat Map Analysis
       5. Mergers & Acquisitions
    2. SAMSUNG ELECTRONICS CO., LTD. (SOUTH KOREA)
       1. Company Overview
       2. Key Executives
       3. Company Snapshot
       4. Role of the Company in the Market
       5. Sustainability and Social Responsibility
       6. Operating Business Segments
       7. Product Portfolio
       8. Business Performance (Production Volume, Sales Volume, Sales Margin, Production Capacity, Capacity Utilization Rate)
       9. Key Strategic Moves And Recent Developments
       10. SWOT Analysis
    3. LG ELECTRONICS INC. (SOUTH KOREA)
    4. SONY CORPORATION (JAPAN)
    5. PANASONIC CORPORATION (JAPAN)
    6. VIZIO INC. (USA)
    7. TCL CORPORATION (CHINA)
    8. HISENSE CO., LTD. (CHINA)
    9. PHILIPS (TP VISION) (NETHERLANDS)
    10. SHARP CORPORATION (JAPAN)
    11. SKYWORTH DIGITAL HOLDINGS LTD. (CHINA)
    12. TOSHIBA CORPORATION (JAPAN)
    13. SANYO ELECTRIC CO., LTD. (JAPAN)
    14. INSIGNIA SYSTEMS, INC. (USA)
    15. HAIER GROUP CORPORATION (CHINA)
    16. MITSUBISHI ELECTRIC CORPORATION (JAPAN)
    17. WESTINGHOUSE ELECTRIC CORPORATION (USA)
    18. JVC (JAPAN VICTOR COMPANY) (JAPAN)
    19. HITACHI, LTD. (JAPAN)
    20. CHANGHONG ELECTRIC CO., LTD. (CHINA)
    21. ELEMENT ELECTRONICS (USA)
    22. FUNAI ELECTRIC CO., LTD. (JAPAN)
    23. VESTEL GROUP (TURKEY)
    24. KONKA GROUP CO., LTD. (CHINA)
    25. LOEWE TECHNOLOGY GMBH (GERMANY)
    26. BANG & OLUFSEN (DENMARK)
    27. METZ CONSUMER ELECTRONICS GMBH (GERMANY)
    28. SEIKI DIGITAL (USA)
13. GLOBAL SMART TV MARKET BY REGION
    1. OVERVIEW
    2. NORTH AMERICA
       1. Key Market Trends, Growth Factors and Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Resolution Type
       4. Historic And Forecasted Market Size By Technology
       5. Historic And Forecasted Market Size By Screen Size
       6. Historic And Forecasted Market Size By Distribution Channel
       7. Historic And Forecasted Market Size By End-USer
       8. Historic And Forecasted Market Size By Screen Type
       9. Historic And Forecasted Market Size By Country
          1. USA
          2. Canada
          3. Mexico
    3. EASTERN EUROPE
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Russia
          2. Bulgaria
          3. The Czech Republic
          4. Hungary
          5. Poland
          6. Romania
          7. Rest Of Eastern Europe
    4. WESTERN EUROPE
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Germany
          2. United Kingdom
          3. France
          4. The Netherlands
          5. Italy
          6. Spain
          7. Rest Of Western Europe
    5. ASIA PACIFIC
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. China
          2. India
          3. Japan
          4. South Korea
          5. Malaysia
          6. Thailand
          7. Vietnam
          8. The Philippines
          9. Australia
          10. New-Zealand
          11. Rest Of APAC
    6. MIDDLE EAST & AFRICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Turkey
          2. Bahrain
          3. Kuwait
          4. Saudi Arabia
          5. Qatar
          6. UAE
          7. Israel
          8. South Africa
    7. SOUTH AMERICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Brazil
          2. Argentina
          3. Rest of South America
14. INVESTMENT ANALYSIS
15. ANALYST VIEWPOINT AND CONCLUSION
    1. Recommendations and Concluding Analysis
    2. Potential Market Strategies
       1. 1. Thailand
          2. Vietnam
          3. The Philippines
          4. Australia
          5. New-Zealand
          6. Rest Of APAC
    3. MIDDLE EAST & AFRICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Turkey
          2. Bahrain
          3. Kuwait
          4. Saudi Arabia
          5. Qatar
          6. UAE
          7. Israel
          8. South Africa
    4. SOUTH AMERICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Brazil
          2. Argentina
          3. Rest of South America
16. INVESTMENT ANALYSIS
17. ANALYST VIEWPOINT AND CONCLUSION
    1. Recommendations and Concluding Analysis
    2. Potential Market Strategies