08 March 2023
Visiongain has published a new report entitled Smart TV Market Report 2023-2033: Forecasts by Screen Shape (Curved TV, Flat TV), by Resolution (UHD TV, HDTV, Other), by Screen Size (Below 32 in, 32 to 45 in, 46 to 65 in, Above 65 in), by Technology (OLED, QLED, LED, Plasma, Other), by Operating System (Tizen, WebOS, Android TV, Roku TV, FireFox OS, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global smart TV market was valued at US$224 billion in 2022 and is projected to grow at a CAGR of 10.9% during the forecast period 2023-2033. And in terms of volume the market is projected to reach 320.4 million units by 2033.
Internet Connectivity in Smart TV’s is Driving the Demand in the Market
Internet connectivity is a crucial aspect of Smart TVs as it allows users to access online streaming services, browse the web, and connect to other devices. With an internet connection, users can enjoy a wide range of content options, including movies, TV shows, live sports, and music, without the need for additional devices.
One of the primary advantages of internet connectivity in Smart TVs is the ability to access online streaming services. Services such as Netflix, Amazon Prime Video, and Hulu offer a vast library of content, including original programming that can be streamed directly to the TV. This eliminates the need for a separate streaming device and provides a convenient, all-in-one solution for in-home entertainment.
In addition to streaming services, Smart TVs also offer web browsing capabilities. Users can browse the web, check their email, and access social media directly from their TV. This eliminates the need for a separate computer or device and provides a convenient way to stay connected while watching TV.
How has COVID-19 had a significant negative impact on the Smart TV Market?
COVID-19 pandemic has had a significant negative impact on the Smart TV market due to several reasons. The global supply chain of components and parts has been severely disrupted due to restrictions on movement and transportation. This has made it difficult for manufacturers to source essential components required to manufacture Smart TVs. The global economic slowdown caused by the pandemic has led to reduced consumer spending on non-essential items, including Smart TVs. This has resulted in a decline in the demand for Smart TVs, affecting the revenue of manufacturers.
The pandemic has caused delays in the production of Smart TVs as many manufacturing units were forced to shut down or operate with limited capacity due to lockdowns and social distancing measures. The distribution channels of Smart TVs have also been disrupted due to the closure of many retail stores or a reduction in their hours of operation. This has made it difficult for manufacturers to reach their customers and has led to a decline in sales.
Overall, the pandemic has also increased the competition for Smart TVs from streaming devices, which have become increasingly popular during the pandemic due to the rise of home entertainment. As a result, the demand for Smart TVs has declined, affecting the revenue of manufacturers in the market.
How will this Report Benefit you?
Visiongain’s 352-page report provides 150 tables and 237 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global smart TV market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Smart TV. Get financial analysis of the overall market and different segments including screen shape, resolution, screen size, technology, operating systems and company size, and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing smart TV market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Increased Content Availability is a Critical Feature of Smart TV’s
Increased content availability is a major driver of the popularity of Smart TVs, providing users with access to a vast array of content options. With an internet connection, Smart TVs offer a convenient and efficient solution for in-home entertainment, making it a popular choice for many consumers.
One of the primary benefits of increased content availability in Smart TVs is access to online streaming services. Services like Netflix, Amazon Prime Video, and Hulu offer a vast library of movies, TV shows, and original programming that can be streamed directly to the TV. This eliminates the need for a separate streaming device and provides a convenient way to watch content. These services also offer a wide range of options for customization, allowing users to create personalized watchlists, save their favorite content, and get recommendations based on their viewing history.
Voice and Gesture Control Provide a Convenient and Intuitive Way to Interact with Smart TV’s
Voice and gesture control are two innovative features that have become increasingly popular in Smart TVs, providing users with convenient and intuitive ways to interact with their TV.
Voice control allows users to control their TV using voice commands. This eliminates the need for a remote control and provides a hands-free way to navigate the TV and access content. With voice control, users can easily search for and launch specific content, adjust volume and playback settings, and even control other connected devices. Some Smart TVs use virtual assistants like Amazon Alexa or Google Assistant to enhance voice control capabilities and provide additional features like voice-activated shopping and home automation control.
Where are the Market Opportunities?
Enhanced Viewing Experience of Smart TV
Smart TVs offer an enhanced viewing experience that goes beyond traditional television sets. With features such as high-definition display, advanced sound systems, and on-demand streaming services, they provide a more immersive and interactive viewing experience.
One of the key benefits of Smart TVs is the high-definition display, which provides a crisp and clear picture that is unmatched by traditional TVs. The display technology used in Smart TVs, such as OLED, QLED, and HDR, enhances the viewing experience by providing deeper blacks, more vivid colours, and increased contrast levels.
Additionally, Smart TVs also come with advanced sound systems that deliver high-quality audio. With features such as Dolby Atmos, DTS-HD, and virtual surround sound, users can enjoy a more immersive audio experience that is closer to a cinema-like experience.
Growing Trend Towards Cord-Cutting and Non-Traditional TV Viewing Habits
There has been a growing trend towards cord-cutting and non-traditional TV viewing habits in recent years. Cord-cutting refers to the practice of cancelling traditional cable or satellite TV subscriptions and relying on streaming services and other alternatives for video content.
This trend has been driven by several factors, including the increasing availability of high-speed internet, the growing popularity of streaming services such as Netflix, Amazon Prime Video, and Hulu, and the rising costs of traditional cable and satellite TV subscriptions.
Many consumers are finding that they can save money and have greater control over their viewing habits by cutting the cord and using streaming services or over-the-air antennas to access their favorite TV shows and movies.
The major players operating in the smart TV market are Google LLC, Haier Inc., Hisense Co., Ltd., Hitachi, Ltd., Intex Technologies, Koninklijke Philips N.V., LG Electronics Inc., Panasonic Holdings Corporation, Samsung Group, Sansui Electric Co., Ltd, Sharp Corporation, Skyworth Group Co., Ltd, Sony India Private Limited, TCL Electronics Holdings Limited, Toshiba Corporation, . These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
• 10 Oct 2022, Samsung Electronics entered into a collaboration with leading international ODM (Original Development Manufacturing) companies such as Atmaca, HKC, and Tempo, allowing non-Samsung smart TV models to use Tizen OS for the first time.
• 16 Aug 2022, Sony India has introduced a new 216 cm (85) television in its BRAVIA XR X95K Mini LED series. The TV includes the XR Backlight Master Drive, which precisely controls the latest generation Mini LED backlight for incredible brightness. It is powered by the Cognitive Processor XR. The newly released television has an unprecedented dynamic range, with dazzling lights and deep blacks that authentically convey the creator's true intent.
Notes for Editors
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