According to the latest report by IMARC Group, titled "Smart TV Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global smart TV market size reached US$ 183.6 Billion in 2019. Smart televisions (TVs) are new generation TVs that are integrated with the internet and Web 2.0 features. They can connect to various input devices wirelessly to enhance usability and offer an interactive experience to the users. These devices are utilized to stream over-the-top (OTT) media services, such as Netflix, Hulu and Amazon Prime Video, that offer a vast online library of movies, documentaries and TV shows. Apart from this, various free media platforms, including Vimeo and YouTube, as well as social media sites, such as Twitter, Facebook and Instagram, can be accessed through these TVs. Nowadays, manufacturers are also integrating gesture and voice recognition features, like Google Assistant and Amazon Alexa, in advanced smart TV models to expand their consumer base.
Global Smart TV Market Trends:
The global market is primarily driven by improving purchasing power and living standards of consumers across the globe. Consequently, there has been a rise in the sales of smart TV sets that support a wide range of applications. They also provide various entertainment options, ranging from streaming online video content to playing games and checking social media, which, in turn, is contributing significantly to the market growth. Furthermore, manufacturers are investing in extensive research and development (R&D) activities for introducing advanced product variants. For instance, Samsung, the South Korea-based multinational corporation, launched the world’s first QLED 8K TV, which is projected to be a breakthrough innovation in the ultra-premium TV sets and home entertainment segment. On account of the aforementioned factors, the market is expected to reach a value of US$ 321.6 Billion by 2025, expanding at a CAGR of 8.8% during the forecast period (2020-2025).
- On the basis of the resolution type, the market is divided into 4K UHD, HD, Full HD and 8K TVs.
- Based on the screen size, the market is classified into below 32, 32 to 45, 46 to 55, 56 to 65 and above 65 inches. Among these, 46 to 55 inches is the most preferred screen size.
- On the basis of the screen type, the market has been bifurcated into flat and curved, wherein flat-screen TVs currently exhibit a clear dominance in the market.
- Based on the technology, the market has been categorized into Liquid Crystal Display (LCD), Light Emitting Diode (LED), Organic Light Emitting Diode (OLED) and Quantum Dot Light Emitting Diode (QLED). At present, LED accounts for the majority of the total market share.
- On the basis of the platform, the market has been segregated into Android, Roku, WebOS, Tizen OS, iOS, MyHomeScreen and others. Android currently represents the dominant segment.
- The market has been bifurcated based on the distribution channel into offline and online. Presently, the offline segment accounts for the majority of the overall market share.
- On the basis of the application, the residential sector exhibits a clear dominance in the market, followed by the commercial sector.
- Region-wise, Asia Pacific holds the leading position in the market. Other regions include North America, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the market. Some of these players include LG Electronics, Inc., Samsung Electronics Co. Ltd., Sony Corporation, Panasonic Corporation, Vizio Inc., Apple Inc., Hisense Group Co. Ltd., Koninklijke Philips N.V., TCL Corporation, Insignia Systems, Inc., Haier Group Corporation, Hitachi, Ltd., and Westinghouse Electric Corporation.
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