The latest report by IMARC Group, titled “Smart TV Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global smart TV market reached a value of US$ 256.9 Billion in 2022. A smart television, or TV, is a next-generation device equipped with the internet and Web 2.0 features. It consists of an ethernet connection and built-in Wi-Fi that eliminates the need for a separate set-top box. Smart TV contains additional hardware and connections, along with a TV operating system and graphical user interface (GUI). Through a smart TV, viewers have access to web browsing, internet radio services, social networking sites, video-on-demand and streaming platforms. It also provides the capabilities of searching, chatting, browsing, sharing, and downloading content.
Global Smart TV Market Trends:
The global smart TV market is primarily driven by the improving standards of living and easy availability of high-speed internet due to rapid urbanization across the globe. A continuous rise in the use of streaming devices and opportunities in the over-the-top (OTT) space that distributes original content via the internet is also fueling the market growth. Furthermore, smart TV offers various features, including the capability of connecting with wireless devices like smartphones, screen sharing, web browsing, improved viewing experience, enhanced color accuracy and bright color. Due to this, manufacturers are increasingly investing in the development of smart TVs. For instance, LG introduced 4K LED smart TVs that support 4K active HDR and X sound technology. Similarly, Samsung Electronics, a South-Korea-based multinational conglomerate, has launched the QLED 8K televisions, which feature artificial intelligence (AI) upscaling, pixel-less imagery and offer 16 times the resolution of Full HD televisions. Looking forward, the market is expected to exhibit a CAGR of
5.9% during 2023-2028.
- Based on the resolution type, the market has been segmented into 4K UHD, HD, Full HD, and 8K TVs.
- On the basis of the screen size, the market has been classified as below 32, 32 to 45, 46 to 55, 56 to 65, and above 65 inches. Among these, 32 to 45 inches represent the most preferred screen size among consumers.
- The market has been bifurcated based on the screen type into flat and curved. Currently, flat-screen TVs hold the largest market share.
- On the basis of the technology, the market has been divided into liquid crystal display (LCD), light emitting diode (LED), organic light emitting diode (OLED), and quantum dot light emitting diode (QLED). Amongst these, LED accounts for the majority of the total market share.
- Based on the platform, the market has been categorized into Android, Roku, WebOS, Tizen OS, iOS, MyHomeScreen, and others. At present, Android dominates the market, holding the largest market share.
- The market has been segregated based on the distribution channel into offline and online. The offline segment currently represents the most popular distribution channel.
- On the basis of the application, the residential sector accounts for the majority of the overall market share.
- Region-wise, the market has been divided into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being 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. and Westinghouse Electric Corporation.
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