Smart TV Market Report and Forecast 2023-2028

According to the report the global smart TV market reached a value of USD 223.8 billion in 2022. Aided by the escalating demand for superior viewing experiences and the growth of internet penetration worldwide, the market is projected to further grow at a CAGR of 9.70% between 2023 and 2028 to reach a value of USD 386.4 billion by 2028.

A Smart TV, often colloquially termed as connected TV, integrates internet connectivity and interactive web features. This contemporary innovation offers a blend of computer-like capabilities and traditional television functionalities. Besides broadcasting regular TV shows, these televisions allow users to stream videos, browse the internet, play games, and access manifold applications.

One of the key smart TV market trends driving the market is the burgeoning consumer inclination towards online content, namely, streaming platforms like Netflix, Hulu, and Amazon Prime. With viewers progressively opting for on-demand content over traditional broadcasting, there's a palpable shift towards Smart TVs, recognised for their seamless streaming potential.

Furthermore, the heightened proliferation of high-speed internet and widespread adoption of advanced technological gadgets have immensely contributed to the smart TV market growth. As the world undergoes rapid digital transformation, more households are transitioning to Smart TVs, valuing their multifunctional capabilities that transcend the boundaries of traditional televisions.

Adding another dimension to the growth is the technological advancements in display resolutions, such as 4K and 8K. Enhanced clarity, improved colour accuracy, and superior audio systems integrated into these televisions amplify the overall viewing experience. Consequently, as movie aficionados and general consumers chase top-notch cinematic experiences within their homes' comfort, the demand for high-resolution Smart TVs sees an uptick, thereby, bolstering the smart TV market demand.

The integration of artificial intelligence (AI) and voice assistants like Alexa, Google Assistant, and Siri has further revolutionised the user experience. Modern Smart TVs, furnished with AI, can recommend content based on users' preferences, enhancing personalisation and viewer satisfaction. Voice command features offer convenience, allowing users to change channels, adjust volume, and access content without relying on traditional remote controls.

Geographically, regions with rapidly expanding urban populations and growing purchasing power, particularly in Asia-Pacific countries like China and India, are projected to be pivotal in the growth trajectory of the smart TV market. The booming e-commerce sector, with its frequent sales, discounts, and varied offerings, further facilitates the accessibility and adoption of Smart TVs, making it more widespread.

Market Segmentation

The market can be divided based on resolution type, screen size, screen type, screen technology, platform, distribution channel, application, and region.

Market Breakup by Resolution Type

• HD TV
• Full HD TV
• 4K UHD TV
• 8K TV
• Others

Market Breakup by Screen Size

• Below 32 Inches
• 32 to 45 Inches
• 46 to 55 Inches
• 56 to 65 Inches
• Above 65 Inches
• Others

Market Breakup by Screen Type

• Flat
• Curved

Market Breakup by Screen Technology

• LCD (Liquid Crystal Display)
• LED (Light Emitting Diode)
• OLED (Organic Light Emitting Diode)
• QLED (Quantum Dot Light Emitting Diode)

Market Breakup by Platform

• Android
• Roku
• WebOS
• Tizen OS
• iOS
• MyHomeScreen
• Others

Market Breakup by Distribution Channel

• Offline
• Online

Market Breakup by Application

• Residential
• Commercial

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global smart TV market. Some of the major players explored in the report are as follows:

• Samsung Electronics Co., Ltd.
• LG Electronics
• Apple Inc.
• Panasonic India
• Koninklijke Philips N.V.
• Sony Corporation
• TCL
• Haier Group Corporation
• Vizio Inc.
• Others

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*The publisher always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.