Smart TV Industry Size, Share of Key Players, SWOT Analysis, and Report

Smart TV Market Size:

The global smart TV market size reached US$ 274.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 464.3 Billion by 2032, exhibiting a growth rate (CAGR) of 5.8% during 2024-2032. The growing demand for connected and interactive entertainment experiences, rising convergence of devices to eliminate the need for separate devices, and increasing penetration of the internet represent some of the key factors propelling the market.

Smart TV Market Analysis:

• Major Market Drivers: According to the global smart TV industry research report, the popularity of smart TVs is growing due to the escalating demand for streaming services and internet features.
• Key Market Trends: One important smart TV industry marketing strategies includes the incorporation of artificial intelligence and voice recognition technologies in Smart TVs, enhancing user engagement and ease of use.
• Geographical Trends: The smart TV market report indicates that the Asia-Pacific region due to its strong manufacturing potential and quick acceptance of new technologies, especially in China and South Korea holds the smart TV industry share. North America and Europe are also witnessing significant growth due to high consumer spending and the presence of key tech companies.
• Competitive Landscape: Key players in the market are constantly innovating and expanding their product offerings, making the market extremely competitive. These companies vie for market dominance by emphasizing features, pricing, and global branding, while also prioritizing strategic partnerships and acquisitions for growth.
• Challenges and Opportunities: According to the smart TV market insights, the expensive price of cutting-edge technology is limiting the ability to enter markets in underdeveloped areas. Nonetheless, this also provides a chance for expansion by creating affordable models and entering new markets with tailored content options.
   

Smart TV Market Trends:

Growing internet penetration positively influences the smart TV market value

The availability of high-speed internet connections is propelling the smart TVs demand. A reliable internet connection also allows users to experience more interactive features and media streaming. Users can easily watch their favorite programs with on-demand TV services from multiple online platforms. Online penetration is also helping in the growth of more OTT online platforms. There are several solutions, including movies, series, documentaries, and sporting events. According to the smart TV market statistics, India’s top 5 metro cities account for 55% of users, with 34% of viewers in tier one cities. Further, the integrated platforms provide more accessible access to OTT solutions which is creating a positive smart TV industry outlook.

Convergence of devices propelling market growth

Smart TV is a key component in a multimedia entertainment hub. The devices offer multifunctional features, incorporating traditional TV broadcasting, internet connectivity, gaming devices, and app connections. Additionally, smart TVs have voice recognition capabilities that enable people to control their TV devices with their voices. Smart TVs’ voice assistants make it even more convenient for people to operate. A recent smart TV market research found that when purchasing a smart home machine or device, 89% of consumers looked for similar voice assistant capabilities or operation before making a purchase. Moreover, 85% of respondents say the kind of smart device they own influenced their choice of assistant, positively influencing the smart TV market statistics. One can use their voice commands to browse for programs, modify their TV settings, and even change the channel.

Technological advancements in smart TVs

One of the major factors driving the smart TV market growth rate is the accelerating demand for advanced features including higher screen resolutions, high dynamic range, better audio systems, and artificial intelligence features. Additionally, these advancements are enhancing TV picture quality, immersive audio experience, and increased smart functionality. This is influencing the demand for the newest entertainment technology. Moreover, smart TVs are compatible with a wide range of other devices, including smartphones, tablets, and personal computers, among others. Users can cast or mirror content from the devices to the screen. It creates a connected and synchronized home ecosystem. Therefore, this is significantly supporting the smart TV market revenue.

Smart TV Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global smart TV market report, along with forecasts at the global and regional levels from 2024-2032. Our report has categorized the market based on resolution type, screen size, screen type, technology, platform, distribution channel, and application.

Breakup by Resolution Type:

• 4K UHD TV
• HD TV
• Full HD TV
• 8K TV
   

4K UHD TV dominates the market

The report has provided a detailed breakup and analysis of the market based on the resolution type. This includes 4K UHD TV, HD TV, full HD TV, and 8K TV. According to the report, 4K UHD TV represented the largest segment.

4K UHD TV offers a significantly higher resolution compared to traditional full HD TV. The 4K Ultra High Definition is deemed as the largest resolution type segment in the competitive and ever-evolving landscape of the smart TV market. Due to 4K’s improved image quality and viewing experience, it is the most popular resolution measurement. Furthermore, during the review period, a growing number of streaming services began making 4K content. Manufacturers have expanded their product lines to cover a broad range of 4K UHDs including HDR and more precise color performance in response to the smart TV market price analysis and trends to attract a larger buyer market share. Hence, 4K UHDs are playing an important role in efficiently and innovatively pushing smart TV product growth.

Breakup by Screen Size:

• Below 32 Inches
• 32 to 45 Inches
• 46 to 55 Inches
• 56 to 65 Inches
• Above 65 Inches
   

32 to 45 inches hold the biggest market share

A detailed breakup and analysis of the market based on the screen size have also been provided in the report. This includes below 32 inches, 32 to 45 inches, 46 to 55 inches, 56 to 65 inches, and above 65 inches. According to the report, 32 to 45 inches accounted for the largest market share.

Smart TVs in the 35 to 42 inches range often offer a good balance between features and price. TVs within this range are more affordable than those in bigger sizes. Also, TVs of this size are the best choice for regular living rooms or bedrooms. The image will appear just right in size, making TVs within this range the most comfortable for the majority of viewers. Similarly, these sizes of transmission are more suitable for small rooms or apartments.

Breakup by Screen Type:

• Flat
• Curved
   

Flat accounts for the majority of the market share

A detailed breakup and analysis of the market based on the screen type has also been provided in the report. This includes flat and curved. According to the report, flat accounted for the largest market share as flat-screen TVs have a sleek and slim profile compared to older bulky cathode ray tube (CRT) televisions. According to the report, flat screens accounted for the largest market share.

According to the smart TV market insights, most consumers prefer flat screens to curved screens due to their flexibility in diverse environments. Additionally, flat screens exhibit a sleek, modern and unobtrusive design that ensures it integrates seamlessly with most living space themes. Further, a flat screen is not only stunning but offers excellent viewing angles. Further, the flat screen does not produce the geometric distortions when viewed at certain angles as curved screens do. Moreover, a flat screen can use a wide range of mounting systems, which hints that it can be used in several rooms of various sizes and layouts. The seamless balance between performance and style increases consumers’ preference for feature-rich and stylish flat TV screens. Moreover, the integration of new technology features such as higher resolution, superior connectivity, and smart capabilities implies that flat screens will remain dominant globally.

Breakup by Technology:

• Liquid Crystal Display (LCD)
• Light Emitting Diode (LED)
• Organic Light Emitting Diode (OLED)
• Quantum Dot Light Emitting Diode (QLED)
   

LED (light emitting diode) represents the largest segment

A detailed breakup and analysis of the market based on the technology has also been provided in the report. This includes LCD (liquid crystal display), LED (light emitting diode), OLED (organic light emitting diode), and QLED (quantum dot light emitting diode). According to the report, LED (light emitting diode) accounted for the largest market share.

The LED (light emitting diode) technology provides vibrant colors, high contrast ratios, and enhanced image clarity. LED backlights offer better brightness and color accuracy compared to older technologies such as LCD TVs. LEDs are thinner and lighter as compared to older TV models, making them easier to mount on walls or move around. In addition, they are widely available with multiple connectivity options, including HDMI, USB, Wi-Fi, and Bluetooth.

Breakup by Platform:

• Android
• Roku
• WebOS
• Tizen OS
• iOS
• MyHomeScreen
• Others
   

Android holds the largest market share

A detailed breakup and analysis of the market based on the platform has also been provided in the report. This includes android, Roku, webOS, Tizen OS, iOS, MyHomeScreen, and others. According to the report, android accounted for the largest market share.

Android is mostly preferred due to the availability of different options of android smart TVs in terms of size, features, and price that make it easier for consumers to find a TV that fits their requirements and budget. Moreover, android smart TVs typically receive regular software updates, ensuring access to the latest features, security patches, and improvements. In addition, they come with built-in Google Assistant support. This enables voice control functionality, allowing users to search for content, adjust settings, launch apps, and control smart home devices using voice commands.

Breakup by Distribution Channel:

• Offline
• Online
   

Offline dominates the market

A detailed breakup and analysis of the market based on the distribution channel has also been provided in the report. This includes offline and online. According to the report, offline accounted for the largest market share.

The smart TV market sales analysis suggests that offline channels continue to dominate the distribution aspect of the smart TV market. Offline channels have an advantage over online platforms as they offer consumers tangible benefits. For example, consumers can physically see, test, and compare different smart TV brands and models in real time. All electronics stores and big-box retailers have sales experts who interact directly with consumers and offer advice according to their needs or preferences as soon as they select a particular smart TV. Besides, having stores means that consumers can choose a smart TV of their choice and take it home immediately, unlike online purchases, where they have to wait for a few days for shipping. Most importantly, being a physical store means that consumers can return a TV they consider faulty without bureaucratic procedures. In conclusion, physical stores provide consumers with real benefits; thus, they will dominate the smart TV industry for a long.

Breakup by Application:

• Residential
• Commercial
   

Residential accounts for the largest market share

A detailed breakup and analysis of the market based on the application has also been provided in the report. This includes residential and commercial. According to the report, residential accounted for the largest market share.

The largest application segment within the smart TV market is the residential sector. The rising adoption of sophisticated home entertainment solutions is a significant factor in driving the demand for smart TVs within the residential segment. Moreover, home consumers are increasingly inclined to use various streaming services, internet-based content, and interactive media, all of which can be accessed on their preferred Smart TVs. Some of the integrated capabilities include Wi-Fi connectivity, high-definition streaming, and the ability to run a wide array of applications and connect to multiple devices, thereby enhancing the in-home viewing experience. Additionally, the pattern towards more omniconnected and smart homes has proven highly advantageous for the residential adoption of smart TVs and influences the smart TV market forecast. Smart TVs are no longer simply rare home entertainment systems; instead, they function as central components for home connection ecosystems. The residential shares therefore dominate the smart TV market as the increasing inclination of advanced technological integration in homes creates high popularity and significance.

Breakup by Region:

• Asia Pacific
• North America
• Europe
• Middle East and Africa
• Latin America
   

Asia Pacific exhibits a clear dominance, accounting for the largest smart TV market share

The report has also provided a comprehensive analysis of all the major regional markets, which include Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. According to the report, Asia Pacific accounted for the largest market share.

Asia Pacific holds the biggest market share due to the inflating disposable incomes and increasing willingness of individuals to spend on modern technology, including smart TVs. Moreover, with the widespread availability of high-speed internet and the increasing traction of streaming services, there is a growing smart TV market demand that can seamlessly connect to the internet and provide access to online content. In addition, the region has a strong culture of entertainment consumption, including a preference for watching movies, TV shows, and sports.

Competitive Landscape

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• LG Electronics, Inc.
• Samsung Electronics Co. Ltd.
• Sony Corporation
• Panasonic Corporation
• Vizio Inc.
• Apple Inc.
• Hisense Group Co. Ltd.
• Koninklijke Philips NV
• TCL Corporation
• Insignia Systems Inc.
• Haier Group Corporation
• Hitachi Ltd.
• Westinghouse Electric Corporation
   

Key market participants are integrating voice assistants into their devices, enabling users to activate any kind of content or channel through voice and freeing them from the necessity of using a remote controller. According to the smart TV market latest news, top developers of TVs are launching the webOS platform, which provides users with an easy-to-use display and fast access to streaming services. Samsung Electronics confirmed that it has maintained its leading position in the worldwide television industry for the 18th year in a row. The global smart TV market share by brand Samsung Electronics is 30.1% in 2023. It is maintaining its position at the top of the global smart TV market revenue. The smart TV industry competitive analysis suggests that the development of OLED technology allows high-quality images with deep blacks and sharp colors.

Smart TV Market News:

• In June 2023, Apple Inc. expanded self-service repair and updated System Configuration process for the iPhone 14 lineup and additional Mac models, including the 13-inch MacBook Air and MacBook Pro powered by M2.
• In June 2022, Haier ranked in Kantar BrandZ Top 100 most valuable global brands for 4 Years straight as the one and only IoT ecosystem brand.
• In 2023, Hisense’s smart refrigerators and washing machines received ETSI EN 303 645 certification by TÜV Rheinland.

Smart TV Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the smart TV market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global smart TV market.
• The study maps the leading, as well as the fastest-growing, regional markets.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the smart TV industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.