Smart TV Market - Global Trends, Size and Analysis 2030

Coverage: Smart TV Market covers analysis By Technology (4K and UHD Smart TV, High Dynamic Range (HDR) Smart TV, Three Dimensional (3D) Smart TV); Dimensions (Below 32 inches, 32 to 45 inches, 46 to 55 inches, 56 to 65 inches); Operating System (Android Smart TV, Firefox Smart TV, Tizen Smart TV, LG WebOS, Others); Application (Residential Smart TV, Corporate Smart TV, Industrial Smart TV) , and Geography (North America, Europe, Asia Pacific, and South and Central America)

Publication Month : Apr 2024

  • Report Code : TIPTE100000274
  • Category : Electronics and Semiconductor
  • Status : Upcoming
  • No. of Pages : 150
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[Research Report] The smart TV market size is expected to grow from US$ 189.21 billion in 2022 to US$ 640.99 billion by 2030; it is estimated to grow at a CAGR of 16.5% from 2022 to 2030.

Analyst Perspective:

The smart TV market has promising growth potential due to several factors, such as increasing demand for smart TVs with rising disposable incomes of consumers and improving the standard of living. Rising demand for home entertainment in the pandemic, a wide variety of affordable launches, an increase in broadband and internet penetration, and multiple discounts and offers from retailers are some of the factors expected to boost the market growth over the forecast period.

Smart TV Market Overview:

Smart TVs are connected TVs with integrated internet and interactive web 2.0 features that permit access to online digital entertainment and related content to stream music and videos, browse the internet, and view photos. Smart TVs consist of both high-definition or HDTVs, as well as 4K TVs and 8K TVs. Smart TV provides many features such as internet availability, global positioning system, storage capacity, interconnection with smart devices, and other entertainment features such as games, music, and others. Smart TV, incorporated with an internet connection, offers access to several popular applications such as Netflix, YouTube, Amazon Prime, Hulu, and others. These are much like smartphones and smart home devices, which offer internet connectivity and support for a range of apps. Smart TVs are gaining more integrated smart home features and are among the best smart home devices. Furthermore, this market is undergoing many technological transformations and innovations, such as motion control, gesture control, and others.

Strategic Insights

Smart TV Market Driver:

High Demand For Smart TVs With The Rising Disposable Income Of Consumers to Drive Growth of the Market

The transformation and evolution of TV sets are some of the most prominent aspects of the technological revolution in past years. The introduction of several affordable smart HD TVs by major Chinese providers in recent years has unlocked an entirely new era for middle-class TV users. The rise in the population’s disposable income and ongoing digital transformation encourage consumers to shift from traditional TVs to Smart TVs. Furthermore, the launch of several streaming devices, such as the Apple TV, Amazon Fire TV, Google Chromecast, and others, has completely transformed the TV viewing experience of consumers. The rise of OTT services by these brands has also led to an infusion of online programs and movies. As a result, Smart TV providers were increasingly collaborating with OTT content and device providers to offer convenient built-in features in their products. These features help Smart TVs be easier to use and fulfill consumers' needs with the trend. The popularity of Smart TVs in households worldwide has rapidly and significantly increased. For instance,

  • According to the Kagan first-quarter 2022, approximately three-quarters of US internet households own at least one smart TV. Moreover, nearly all TVs currently sold in the US are smart.
  • According to Hub Entertainment Research, 76% of surveyed TV households own a smart TV.
  • More than eight out of every ten televisions brought by Indians were Smart TVs in the year 2021. Sales of smart TVs grew by 55% for the whole year of 2021, attributed to a rise in demand for entertainment during the lockdown and new launches at affordable prices.

Thus, the high demand for smart TVs with the rising disposable income of consumers is driving the market growth.

Smart TV Market Report Segmentation and Scope:

The "Smart TV Market" is segmented based on Resolution, Screen Size, Technology, Platform, and geography. Based on Resolution, the smart TV market is segmented into 4K UHD TV, HDTV, Full HD TV, and 8K TV. Based on screen size, the market is segmented into below 32 inches, 32 to 45 inches, 46 to 55 inches, 56 to 65 inches, and above 65 inches. Based on technology, the market is segmented into OLED, QLED, LED, Plasma, and others. Based on the platform, the market is segmented into Android, Roku, webOS, Tizen O.S., iOS, and others. The, based on geography, is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Smart TV Market Segmental Analysis:

Based on Resolution, the smart TV market is segmented into 4K UHD TV, HDTV, Full HD TV, and 8K TV. The full HD TV segment is expected to dominate the smart TV market owing to HD picture quality and a wide variety of supporting content. Full HD TVs provide a Resolution of 1920 x 1080 pixels, which has been the industry standard for years, as large amounts of existing content support this Resolution. However, the 8K TV segment is expected to grow with the highest CAGR over the forecast period due to its super high-resolution picture quality. 8K resolution TVs provide detailed image resolution and support ~33 million pixels.

Report Coverage & Deliverables

Smart TV Market Regional Analysis:

The North American market was valued at US$ XX billion in 2022 and is projected to reach US$ XX billion by 2030; it is expected to grow at a CAGR of XX% during the forecast period. North America holds significant market shares. High technology adoption trends amongst consumers in the North American region have fueled the growth of the smart TV market. Factors such as increased internet spending and consumption and high technological spending by consumers are some of the primary factors influencing the market positively in the North American region. Moreover, the rise in the traction of various over-the-top (OTT) platforms and the huge availability of various affordable subscription-based plans are expected to drive the North American smart TV market growth. In addition, the US has a large number of market players who have been increasingly focusing on developing innovative solutions. Some of the key players in the market are Google LLC, SHARP CORPORATION, VIZIO, Inc., INSIGNIA SYSTEMS, Apple Inc. and others.

Smart TV Market Key Player Analysis:

The smart TV market analysis consists of players such as Haier Inc., Intex Technologies, Koninklijke Philips N.V; LG Electronics Inc; Panasonic Corporation; Samsung Electronics Co. Ltd; Sansui Electric Co. Ltd; Sony Corporation; TCL Electronics Holdings Limited; and Toshiba Visual Solutions. are among the key market players profiled in the report.

Recent Developments: 

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the market. A few recent key market developments are listed below: 

  • In April 2023, Xiaomi India announced the launch of a new range of smart TVs. The new Xiaomi Smart TV X Pro series includes three variants - 43-inch, 50-inch, and 55-inch. These X Pro models offer improved colors, contrast, saturation, and brightness across a wide color gamut.
  • In September 2023, TV9 Network announced a partnership with Samsung TV Plus India to extend its reach in the Connected TV market. This partnership reinforces TV9 Network's commitment to delivering honest news content to an ever-expanding audience base through the dynamic platform of Connected TVs.
  • In November 2022, Videotex International announced a partnership with Korean electronics firm LG. This partnership helped LG to bring its latest software features to TVs of various retail brands with Videotex.

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Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

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to segments covered.

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

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to country scope.

The List of Companies

1. Apple Inc.
2. Hitachi Ltd
3. Haier Inc
4. Koninklijke Philips N.V.
5. LG Electronics
6. TCL
7. Panasonic Corporation
8. SAMSUNG
9. Sony Corporation
10. Toshiba Visual Solutions Corporation

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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