Global Smart TV Market Report and Forecast 2024-2032

Global Smart TV Market Outlook

The global smart TV market size reached around USD 245.51 billion in 2023. The market is projected to grow at a CAGR of 9.6% in the forecast period of 2024-2032 to attain a value of USD 559.58 billion by 2032.

Key Takeaways

• Advancements in display technologies like LED, OLED, and QLED have significantly enhanced the picture quality of flat TVs.

• Android-based smart TVs are gaining prominence as many users are familiar with the Android interface as a result of increased penetration of Android smartphones.

• There is a noticeable shift in consumer preference towards larger screens and smart features that enhance the user experience.

A smart TV comes equipped with integrated internet, built-in operating system, and Web 2.0 to allow users to stream videos, access photos, and play music, among other functionalities. Unlike traditional television sets, smart TVs support a wider range of features as compared to standard TVs. In addition to being able to passively accept cable or satellite or air (OTA) transmission, smart televisions have various forms of hardware and interfaces, along with a GUI TV operating system.

The growing penetration of high-speed internet is one of the major factors driving the smart TV market growth, with online content consumption increasing significantly. Consumers are increasingly favouring on-demand content over traditional broadcast and cable TV, making smart TVs a preferred choice for accessing these services directly. The reduced prices of smart TVs have further made them accessible among the general population. The proliferation of streaming platforms like Netflix, Amazon Prime Video, Hulu, and Disney+ is driving up the demand for smart TVs.

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Key Trends and Developments

Integration with smart home devices; 4K and 8K resolution; increased focus on user interface (UI) and user experience (UX); and enhanced connectivity features are the major trends impacting the smart TV market expansion

Smart TV Market Trends

The integration of smart TVs with smart home devices is a key trend in the consumer electronics market. Smart TVs offer a unified interface through which users can control various smart home devices, including lights, thermostats, security cameras, smart locks, and more. This integration simplifies the management of the smart home ecosystem, making it more accessible and user-friendly. Many smart TVs are equipped with voice assistants like Amazon Alexa, Google Assistant, or Samsung Bixby, which allow users to control smart home devices using voice commands directly through the TV, enhancing convenience, and consequently boosting the smart TV market development.

Smart TV providers are offering innovative television products with high-end functionalities to consumers. In August 2023, Samsung released its Crystal Vision 4K UHD TV in India which is an extension of the Crystal UHD TV series. The TV supports various voice assistants, allowing users to control it using voice commands through their preferred service and facilitates video calls directly from the TV, due to the inclusion of the SlimFit Cam, which is designed to blend seamlessly with its design.

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Market Segmentation

“Smart TV Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

By screen technology, LED TVs account for a major smart TV market share due to their energy-efficient performance and sleek design

LED TVs hold a significant share of the market due to a combination of factors related to technology, cost, and consumer preferences. LED TVs are more energy-efficient than traditional LCD and plasma TVs. They consume less power, which not only benefits the environment but also reduces electricity costs for consumers and this energy efficiency is a significant selling point for many buyers.

The use of LEDs allows for much thinner TV designs compared to older technologies and this slim profile is aesthetically pleasing and suits modern interior design trends. It also makes these TVs easier to mount on walls and integrate into various living spaces.

Meanwhile, LCD technology, among other types, is versatile and can be adapted to a wide range of screen sizes, from small portable units to large home cinema screens. This versatility, combined with the extensive availability of LCD TVs from various manufacturers, ensures that consumers have a broad selection of products to choose from, catering to different preferences and budget levels.

The residential sector maintains its dominance in the market owing to the rising demand for smart entertainment systems as well as growing popularity of streaming services

The residential sector occupies a substantial share of the smart TV market. As global standards of living improve, there is a growing demand for sophisticated home entertainment systems and smart TVs offering a multitude of features and connectivity options, that fit well into this modern, tech-savvy lifestyle.

With the widespread availability of high-speed internet and the popularity of streaming services like Netflix, Amazon Prime, and Hulu, consumers are increasingly looking for televisions that can seamlessly integrate with these services. Smart TVs, with built-in Wi-Fi and pre-loaded streaming apps, cater perfectly to this demand.

In the commercial sector, smart TVs are widely used for digital signage and advertising across numerous settings, including retail stores, malls, airports, and restaurants. Their ability to display dynamic content, such as advertisements, information, and promotions, makes them an effective tool for engaging customers and communicating with the public.

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Competitive Landscape

The market players are launching novel products with cutting-edge technology to meet the evolving customer demands

Other prominent players in the smart TV market are Koninklijke Philips N.V., Sony Corporation, TCL, Haier Group Corporation, and Vizio Inc., among others.

Smart TV Market Analysis by Region

The demand for smart TVs in the Asia Pacific region is influenced by several unique factors specific to this diverse and rapidly evolving market. Many countries in the Asia Pacific region, particularly China, India, and Southeast Asian nations, have experienced significant economic growth. This growth has led to increased consumer spending power, making smart TVs more accessible to a broader segment of the population. The expanding middle class in these regions is a key market driver as this demographic typically has significant disposable income and a desire for higher-quality products, including advanced consumer electronics like smart TVs.

The North America smart TV market has been growing due to the widespread availability of high-speed internet and Wi-Fi in North American households. Enhanced connectivity allows for seamless streaming of high-definition content and the use of multiple online services directly from the TV.

Key Highlights of the Report

Smart TV Market Report Snapshots

Smart TV Market Size

Smart TV Market Trends

Smart TV Market Regional Analysis

Smart TV Companies