According to the latest report by IMARC Group, titled “Smart TV Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global smart TV market reached a value of US$ 157 Billion in 2018. Smart televisions (TVs) refer to a new generation of TVs which are integrated with the internet and Web 2.0 feature and offer an interactive experience to users. They are equipped with an Ethernet port and built-in Wi-Fi to acquire home networking access and stream music, videos, games and 4K content from different online streaming applications and websites such as YouTube, Netflix and Amazon Prime. Most of the smart TV models available in the market also include voice recognition applications including Google Assistant and Amazon Alexa.
Smart TVs not only receive over the air (OTA) transmissions but have inbuilt hardware for connecting to wireless devices including smartphones and tablets. The adoption of 4K resolution television sets and growing penetration of consumer electronics, especially in developing economies, is strengthening the growth of the market. Apart from this, increasing consumption of online content in confluence with the emerging demand for high-speed internet is encouraging consumers to adopt smart TVs. Further, technological advancements and inflating income levels of consumers are also anticipated to bolster the market growth in upcoming years. By 2024, the market is projected to reach a value of US$ 278 Billion, expanding at a CAGR of 10% during 2019-2024.
- Based on the resolution, the market has been segmented into 4K UHD TV, HD TV, full HD TV and 8K TV.
- On the basis of the screen size, the market has been divided into below 32 inches, 32 to 45 inches, 46 to 55 inches, 56 to 65 inches and above 65 inches. Currently, the 46 to 55 inches segment accounts for the majority of the total market share.
- Based on the screen type, the market has been bifurcated into flat and curved screen TVs. Presently, flat screen TVs represent the most popular type, holding the dominant segment.
- The market has been segmented on the basis of the technology which includes Liquid Crystal Display (LCD), Light Emitting Diode (LED), Organic Light Emitting Diode (OLED) and Quantum Dot Light Emitting Diode (QLED). Amongst these, LED exhibits dominance in the global market.
- On the basis of the platform, Android represents the largest segment. Other major platforms include Roku, Web OS, Tizen OS, iOS and MyHomeScreen.
- Based on the distribution channel, the market has been classified into offline and online segments. At present, offline represents the most popular distribution channel around the world.
- On the basis of the application, the residential sector exhibits a clear dominance in the market, followed by the commercial sector.
- Region-wise, the market has been segmented into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. Amongst these, Asia Pacific is the leading region, accounting for the majority of the market share.
- 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.
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