Smart TV Market– Statistics And Analysis & Forecast To 2028

Posted by Mrudula Anil Karmarkar on March 9th, 2022

The global smart TV marketdemand is expected to reach 1.18 billion units by 2028, registering a CAGR of 20.8% from 2021 to 2028, according to a new report by Grand View Research, Inc. Growing consumer inclination toward QLED and OLED displays and the regular launch of 4K and 8K resolution television sets by new and established vendors are the factors expected to favor the global demand for smart TVs over the forecast timeframe. Smart TVs are integrated with internet connectivity features and offer a range of advanced computing and connectivity options that enable users to search, browse, download, and share content online. Industry players are focusing on further enhancing the viewing experience, which is poised to help the market gain immense traction in the near future.

Price optimization of new products has opened a range of new growth opportunities for industry participants in countries such as India and China, where a large portion of potential customers is from the low and middle-level income groups. Additionally, streaming media devices, including Google Chrome cast, Amazon Fire TV, and Apple TV, are rapidly transforming viewing patterns and experiences. As a result, numerous manufacturers, such as TCL Corporation, are collaborating with OTT device and content providers to offer inbuilt features in their television sets, eliminating the need for a set-top box.

The COVID-19 pandemic momentarily hampered the production of new smart TVs in the first couple of quarters of 2020, negatively impacting the industry supply chain. Furthermore, factors such as economic uncertainty, curbs on cross-border trade, and strict norms mandating the temporary closure of manufacturing facilities led to several challenges before market players in 2020. Nevertheless, the gradual resumption of production processes is anticipated to help the market gain traction owing to the significant increase in individuals spending more time at homes, resulting in an increased demand for online streaming services.

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Smart TV Market Report Highlights

• The pandemic has drastically influenced the routines and lifestyles of consumers globally. The Work From Home (WFH)mandates and stay-at-home orders have further led to an unparalleled increase in the consumption of in-home online videos
• In terms of technology, the 4K UHD TV segment is projected to dominate over the next seven years. This can be primarily attributed to the declining prices of smart TVs, which are attracting customers from emerging economies
• QLED TVs have gained immense prominence owing to their benefits, such as affordability, convenience in choosing color filters, efficient reduction in power consumption with enhanced brightness, and improved viewing angles in comparison with OLED screens
• Asia Pacific is poised to exhibit the highest CAGR of over 13% over the next seven years, thanks to increased consumer spending capacity and rising adoption of OTT VoD platforms, such as Netflix and Amazon Prime Video. Also, the availability of large volumes of supporting content, such as HD videos and games, is further catalyzing the growth of the regional market

List of the Key Players in the Smart TV Market

• LG Electronics Inc.
• Samsung Electronics Co. Ltd.
• Sony Corporation
• VIZIO Inc.
• Videocon Industries Ltd.
• Sansui Electric Co. Ltd.
• Toshiba Corporation
• Haier Electronics Group Co., Ltd.