Smart TV Market Analysis Report By Resolution, By Screen Size, By Screen Type, By Region And Segment Forecasts From 2021 To 2028

Synopsis

The global smart tv market was 268.9 million units in 2020. It is estimated to witness 20.8% CAGR from 2021 to 2028.

Drivers

As contrast to usual televisions, the smart TVs are ready with sophisticated functions, in addition to the features. A constant growth in the utilization of streaming apparatuses, together with the increasing infiltration of the internet is steering the enlargement of the market for smart TV. Furthermore, during current years, the change in customer liking has considerably added to revenue creation.

The stepped up demand for smart TVs has created direction for the profitable openings, in favor of content suppliers, to dare into the Over the Top (OTT) area. This is permitting them to deliver unique content, by means of the internet. Besides, several business players are working together with streaming media companies to enlarge their collection and increase their visibility. Every one of these features is expected to add to the expansion of the smart tv market, during the near future.

The business is likely to arrive at ripeness during the near future, permitting companies to present modern products for example, 8K, 4K, OLED, and QLED, TVs. In addition, dropping prices of the product have caused a rising figure of the clienteles choosing for these technically sophisticated television sets.

Effect of Covid-19

Temporarily, the Covid-19 pandemic hindered the manufacture of fresh smart TVs, during the initial sections of 2020, adversely affecting the supply chain of the industry. Besides, the factors like stringent rules instructing the momentary closing of the manufacturing amenities, limitations on across the border deal, and financial insecurity, initiated a number of challenges ahead of the companies, during 2020.

However, the slow recommencement of the manufacturing procedure is expected to assist the market to increase grip, due to the major growth in persons, spending additional period at residence, causing an augmented requirement for the online streaming services.

Screen Type Insight

In 2020, the flat screen type section held the major, above 95.0% share of the smart TV market together in terms of revenue as well as quantity. The section is expected to maintain its supremacy, during the forecast period also. The slighter prices of the flat-panel TV sets, as contrast to their curved equivalents, can be credited to the greater revenue creation.

The demand for curved screens is likely to considerably develop, during the forecast period, showing a more than 7.0% CAGR. Curved panels present superior screening angles along with an extra immersive experience.

Resolution Insight

The smart TV market is classified into 8K TV, Full HD TV, HDTV, and 4K UHD TV, on the basis of the resolution. The 4K HDTV section recorded the maximum; approximately 40.0% quantity share in 2020. It is projected to maintain its domination, during the forecast period.

The 8K TV division is likely to record the highest enlargement, showing roughly 19.0% CAGR, during the forecast period. This can be credited to the increasing buyer demand for the TVs, presenting pictures with high-resolution quality.

Key companies are concentrating on introducing their 8K TVs, ready with sophisticated features, for instance, Dolby Atmos, Dolby Vision support, Active Voice Amplifier and pop-up camera in emergent nations like India, finally composed to increase the grip and adding to the expansion of the division.

Screen Size Insight

The 46 to 55 inches grouping held above 38.0% revenue share of the market for smart TV, in 2020. The fast addition of 4K technology, by means of appealing features and dropping prices of the product are the factors, pushing customers to buy TVs having bigger screen dimensions. The augmented accessibility of a growing quantity of the products, within the market, is likely to assist in expanding the client basis, by this means adding to the enlargement of the section.

The more than 65 inches sector is projected to record the highest, above 14.0% CAGR, during the forecast period. The significant figure of the consumers, intended to buy 55-inch TV sets, do not think twice to spend a bit extra and decide on for the TV sets having more than 65-inch presentations, because of the comparatively minor difference in prices, amid the two types.

The figure of the customers, doing expenditure on the next-generation outsized screen television sets, is expected to increase through Asia Pacific and Middle East regions during the near future, mainly due to the growing capability for the expenditure.

Regional Insight

In 2020, Asia Pacific held the leading, above 38.0% share of the global smart TV market. It is projected to carry on its domination, during the forecast period also. Moreover, the region is prepared to reveal the highest enlargement, during the forecast period. The increasing acceptance of smart televisions in fast rising nations, like India, is considerably adding to the expansion of the local market.

As a result of the growing customer liking for the sleek design along with enhanced picture class, demand for 4K display technology is increasing. This is expected to encourage more the revenue making openings, within the region.

China has a large amount of the regional market, maintained by the fresh contestants, like TCL Corporation and Hisense Co., Ltd., setting up their existence and creating the intense competition for the foremost companies.

By means of showing above 12.0% CAGR, Middle East and Africa section is expected to develop considerably, during the forecast period. Remarkable growth in the maturity of attractive content as well as the progressions through the OTT space is the factors, bringing about the fast growth in the acceptance of smart TVs, within the region.

Changing consumer concentration to online content, because of the rising accessibility of flawless, speedy internet connections, is additionally supporting the demand for the product. As indicated by the fresh survey, performed by Grand View Research, the demand for HDTVs and HD content is constantly increasing in Africa. African nations like Kenya and Nigeria are concentrating for bringing on a revolution in the presentation arena, in this manner raising the acceptance of smart TVs through the region.

Companies

By means of negligible domination of some specific company, the smart TV business is fairly split. However, during the previous few years, the market has achieved substantial grip. It keeps on offering profitable development openings, in favor of the market contestants.

Even if the supply chain was unenthusiastically affected throughout the early months of the Covid-19 pandemic, companies are placing huge efforts for taking back on track their operational capacity.

Investments in the most recent technologies and presentation of new products are between the important approaches taken on by the companies, to achieve a reasonable advantage.

Some of the companies for smart tv market are:

    • Toshiba Corporation
    • Videocon Industries Ltd.
    • Sony Corporation
    • LG Electronics Inc.
    • Haier Electronics Group Co., Ltd.
    • Sansui Electric Co. Ltd.
    • VIZIO Inc.
    • Samsung Electronics Co. Ltd.

Report Scope

Segments Covered in the Report

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For this study, Million Insights has segmented the global smart TV market report based on resolution, screen type, screen shape, and region:

• Resolution Outlook (Volume, Million Units; Revenue, USD Billion, 2016 - 2028)
    • 4K UHD TV
    • HDTV
    • Full HD TV
    • 8K TV

• Screen Size Outlook (Volume, Million Units; Revenue, USD Billion, 2016 - 2028)
    • Below 32 Inches
    • 32 to 45 Inches
    • 46 to 55 inches
    • 56 to 65 Inches
    • Above 65 Inches

• Screen Type Outlook (Volume, Million Units; Revenue, USD Billion, 2016 - 2028)
    • Flat
    • Curved

• Regional Outlook (Volume, Million Units; Revenue, USD Billion, 2016 - 2028)
    • North America
        • U.S.
        • Canada
    • Europe
        • U.K.
        • Germany
    • Asia Pacific
        • China
        • India
        • Japan
    • Latin America
        • Brazil
        • Mexico
    • Middle East & Africa (MEA)