Smart TV Global Market Report 2024

The smart tv market size has grown strongly in recent years. It will grow from $200.18 billion in 2023 to $214.4 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The historical surge owes itself to technological progress, the rise of content streaming, user-friendly interfaces, high-caliber displays, and improved internet accessibility. These factors have significantly contributed to the expansion and popularity of smart TVs.

The smart tv market size is expected to see strongly grown in the next few years. It will grow to $279.59 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. In the upcoming period, the growth is anticipated due to the integration of 5G connectivity, content collaborations, incorporation into smart home systems, and the emergence of gaming and cloud services. Notable trends expected include the prominence of HDR and Dolby Vision, advancements in OLED and QLED technologies, the integration of AI and voice control, as well as further development in smart home integration.

The surge in popularity of video-on-demand (VoD) services stands as a significant driver behind the expanding smart TV market. VoD, an innovative feature of Internet Protocol TV (IPTV), provides users with a vast array of available videos to stream via the Real-Time Streaming Protocol. Recent years have witnessed a tremendous upswing in VoD's popularity, directly influencing higher adoption rates of smart TVs. For instance, data from Netflix Inc. Revealed a notable rise in paid memberships, soaring from 221,844,000 in 2021 to 230,747,000 in 2022, highlighting the escalating trend of video-on-demand services fueling the smart TV market.

Moreover, the escalation in internet penetration emerges as a driving force propelling the growth of the smart TV market. Smart TVs leverage the internet to stream content, access applications, and offer interactive features, augmenting the viewing experience with a diverse array of digital entertainment options. Reports from the International Telecommunication Union (ITU) highlighted a global surge in internet users, climbing from 4.9 billion in 2021 to 5.3 billion in 2022, reinforcing the significant impact of increased internet penetration on the smart TV market. An emerging trend in the smart TV market is the advent of 8K TV technology. With 33 million pixels, 8K TV sets deliver clearer and more precise images compared to their 4K counterparts, offering resolution that is 16 times that of full HD. Notably, Samsung Electronics Co. Ltd. Unveiled its 98-inch class Samsung Neo QLED 8K TV in September 2023, featuring stunning picture quality and advanced audio technologies like Dolby Atmos and Cinema Object Tracking Sound, marking a significant advancement in the realm of smart TVs.

Major players in the smart TV market are prioritizing the development of a fusion between mini-LED and Quantum Dot technology to gain a competitive edge. This amalgamation enhances display quality and color accuracy, resulting in a more immersive viewing experience. For instance, in June 2021, launched its Mini LED QLED 4K and Video Call QLED 4K TVs, harnessing the precision of mini-LED backlight display technology for striking contrast control, brightness, and HDR performance, underscoring the drive for innovation in the smart TV sector.

In March 2021, UCFunnel Co. Ltd., a Taiwan-centered company offering comprehensive media marketing solutions, formed a strategic partnership with Express LUCK Technology Ltd. The aim of this alliance is to elevate interactive user engagements and deliver tailored content to audiences. Express LUCK Technology Ltd., a manufacturer of smart TVs based in China, is the collaborative partner in this endeavor.

Major companies operating in the smart tv market include Sony Corporation, LG Corporation, TCL Corporation, Koninklijke Philips NV, Haier Electronics Group Co. Ltd., Panasonic Corporation, Samsung Electronics Co. Ltd., Apple Inc., Toshiba Corporation, Insignia Systems Inc., Hisense Group Co. Ltd., Intex Technologies Ltd., Vizio Inc., Haier Group Corporation, Intel Corporation, Microsoft Corporation, Boxee Inc., Cable Television Laboratories Inc., Logitech International SA, Nyxio Technologies Corp., Sharp Corporation, Sichuan Changhong Electric Co. Ltd., Funai Electric Co. Ltd., JVC Kenwood Holdings Inc., Loewe Technology GmbH, Mitsubishi Electric Corporation, NEC Corporation, Onida Electronics, Sanyo Electric Co. Ltd., Seiki Digital, Skyworth Group Ltd., Vestel Elektronik Sanayi ve Ticaret AS, Xiaomi Inc., Grundig Intermedia GmbH, Hisense Kelon Electrical Holdings Co. Ltd.

Asia-Pacific was the largest region in the smart TV market in 2023. North America was the second-largest region in the smart TV market. The regions covered in the smart tv market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa The countries covered in the smart tv market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

These TVs come in various types such as 4K UHD, Full HD, HDTV, and 8K TV. 4K Ultra HD offers a resolution four times higher than Full HD (1080p) TVs. These TVs employ different panel technologies like LCD, LED, OLED, and QLED, serving the needs of households, offices, educational institutions, and other end-users.

The smart TV market research report is one of a series of new reports provides smart TV market statistics, including smart TV industry global market size, regional shares, competitors with a smart TV market share, detailed smart TV market segments, market trends and opportunities, and any further data you may need to thrive in the smart TV industry. This smart TV market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The smart TV market consists of sales of 4K ultra-high-definition (UHD) TV, full high-definition (HD) TV, high-definition television (HDTV), and other smart TV. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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