The smart TV market has witnessed significant growth over the past few years due to the rising adoption of various connectivity technologies such as Wi-Fi and Bluetooth. Smart TV provides seamless access to multiple applications and over-the-top media services to the viewers along with traditional television viewing. It offers options to watch live television, connect to the internet, and stream multimedia content from various apps like YouTube, Netflix, and Amazon Prime Video. The products provide enhanced features such as accessibility to web browser, inbuilt Wi-Fi/Bluetooth connectivity, audio/video streaming via DLNA and other connectivity protocols.
The Global Smart TV Market is estimated to be valued at US$190 billion in 2024 and is expected to exhibit a CAGR of 16% over the forecast period 2024 to 2031.
Key Takeaways
Key players: Key players operating in the smart TV market are Samsung Electronics, LG Electronics, Sony Corporation, Panasonic Corporation, and Xiaomi Corporation.
Key opportunities: Smart TV Market Growth is increasing disposable income and rising adoption of online video streaming services in developing regions offer significant growth opportunities. Additionally, adoption of new technologies such as artificial intelligence is expected to boost market growth.
Global expansion: Major players are focused on expanding their manufacturing and distribution network globally to increase market share. Growing internet penetration worldwide has accelerated the adoption of smart TVs across regions.
Market Drivers
Rising internet penetration has been a major market driver. High-speed internet connectivity has enabled seamless access to online content via Wi-Fi and boosted the demand for smart TVs. Additionally, declining internet tariffs globally have further supported market growth. The availability of low-cost smart TVs along with lucrative discounts and cashback offers by e-commerce platforms is another key factor augmenting demand. Changing viewer preferences towards on-demand content and advanced features are also propelling the sales of smart TVs.
PEST Analysis
Political: Increasing focus of governments across regions on development of smart infrastructure and promoting digitalization is positively impacting the growth of smart TV market.
Economic: Rising disposable incomes and growing adoption of connectivity devices are fueling the sales of smart TVs globally.
Social: Rapid digital transformation and increasing preference of modern generation towards smart home devices is driving the demand for smart TVs.
Technological: Continuous advancement in screen technology, integration of advanced features like voice control and AI assistants in smart TVs is augmenting their adoption rate.
The Smart Tv Market Regional Analysis is highly concentrated in North America and Asia Pacific region in terms of value. North America currently accounts for the largest share owing to early adoption of technologically advanced products and high spending ability of consumers in countries like United States and Canada.
Fastest growing region
Asia Pacific region is poised to witness the fastest growth in the smart TV market during the forecast period. This growth can be attributed to rising consumer electronics spending, growing digital literacy and proliferation of low cost smart TVs particularly in developing Asian countries like India, Indonesia and Vietnam. Increasing disposable incomes, expanding middle class segment and supportive government initiatives for digital infrastructure development are some of the key factors driving the demand for smart TVs in Asia Pacific.
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