Global Smart TV Market to Reach US$ 379.1 Billion by 2028, Propelled by Growing Demand for Enhanced Audio-Visual Experiences

March 28, 2023 | Technology & Media

According to the latest report by IMARC Group, titled “Smart TV Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global smart TV market size reached US$ 256.9 Billion in 2022. Smart TVs are next-generation televisions that can connect to the internet. They offer a wide range of online services and applications through built-in internet connectivity, which allows users to access and stream online content, such as Netflix, Hulu, or Amazon Prime, and browse the web, social media, and gaming applications. Smart TVs offer a user-friendly interface that is easy to navigate and provides access to various features and applications, including voice control, built-in cameras, and microphones for video conferencing and virtual assistant functionality. Consequently, they are extensively adopted across the residential and commercial sectors to provide personalized viewing experiences to consumers.

Global Smart TV Market Trends:

The rising demand for high-quality audio-visual experiences and the significant growth of online video streaming platforms are some of the key factors driving the market growth. Besides this, rapid urbanization, improving living standards, inflating disposable incomes of individuals, and the widespread availability of high-speed internet connectivity are supporting the market growth. Moreover, the rising adoption of internet-connected devices, such as smartphones, tablets, and smart home devices, are propelling the demand for smart TVs that can offer seamless integration with these devices. In addition to this, the escalating product popularity on account of its numerous appealing features, such as screen sharing, mirror casting, and web browsing, is presenting remunerative growth opportunities for the market. Furthermore, continuous advancements in display technologies, such as organic light-emitting diode (OLED) and quantum light-emitting diode (QLED), to provide improved viewing experience and better picture quality and color accuracy are contributing to the market growth. Other factors, such as increasing demand for 4k and high dynamic range (HDR) content, extensive consumer spending on home entertainment systems, expanding popularity of online gaming, and the rising installation of smart TVs in commercial settings, such as hotels, restaurants, and bars, are aiding in market expansion. Looking forward, the market value is projected to reach US$ 379.1 Billion by 2028, expanding at a CAGR of 5.9% during 2023-2028.

Market Summary:

Based on the resolution type, the market has been segregated into 4K UHD, HD, Full HD, and 8K TVs. At present, 4K UHD smart TVs dominate the global market.
On the basis of the screen size, the market is categorized into below 32 inches, 32 to 45 inches, 46 to 55 inches, 56 to 65 inches, and above 65 inches. Among these, 32 to 45-inch TVs hold the largest market share.
Based on the screen type, the market has been bifurcated into flat and curved. Between these, smart TVs with flat screens account for the largest market share.
On the basis of technology, the market is classified into liquid crystal display (LCD), light emitting diode (LED), organic light emitting diode (OLED), and quantum dot light emitting diode (QLED). Currently, light-emitting diode (LED) smart TVs represent the majority of the market share.
Based on the platform, the market has been differentiated into Android, Roku, WebOS, Tizen OS, iOS, MyHomeScreen, and others. Presently, Android TV represents the largest platform.
On the basis of the distribution channel, the market is divided into offline and online. Between these, the offline distribution channel dominates the market.
Based on the application, the market has been bifurcated into residential and commercial. Among these, the residential sector represents the majority of the market share.
On the basis of the region, the market is segmented into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. At present, the Asia Pacific enjoys the leading position in the market.
The competitive landscape of the market has also 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.

Report Scope:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Billion
Segment Coverage	Resolution Type, Screen Size, Screen Type, Technology, Platform, Application, Distribution Channel, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered	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
Customization Scope	10% Free Customization
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Global Smart TV Market to Reach US$ 379.1 Billion by 2028, Propelled by Growing Demand for Enhanced Audio-Visual Experiences

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