Smart TV Market size exceeded USD 368.9 Mn in 2020 and is poised to expand at CAGR 368.9% CAGR from 2021 to 2030

Precedence Research

Published

September 15, 2021

Smart TV Market report provides detailed information regarding various insights of the industry. Some of them are growth drivers, hindrances, competitive landscape, regional analysis, and challenges.

global Smart TV market was evaluated at USD 368.9 Mn in 2020 and is speculated to accrue USD 32.7 billion by 2030, growing at 25.8% CAGR between 2021-2030.

Growth Factors

Factors such as ability to provide OTT content, IoT enabled smart homes, changing home entertainment concept, and penetration of broadband are some of the primary factors driving the global market.

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Smart TV sticks are providing the consumers with entertainment content of their choice from the leading providers such as Netflix, HULU, and Amazon Prime. In U.S., smart TV sticks/box holds 70.0% share among other streaming devices such as smart TVs, game console, set top box, and internet blue ray player.

North America is an early adopter of technology, therefore it occupies a large share in the global industry. Increased adaptation of smart connecting devices, broadband penetration, and OTT content have been some of the driving factors in this region. On an average, a single U.S. home has viewership of approximately 49 hours across the month, which is the highest of all countries. Prominent penetration of this market has been boosting the growth of the U.S. smart television stick industry.

Report Highlights

Based on the resolution, the smart TV market is segmented into 4K UHD TV, HDTV, Full HD TV, and 8K TV. The 4K HDTV segment registered the highest volume share of around 50% in 2020 and is expected to retain its dominance over the forecast period. 4K TVs have gained substantial traction over the past few years owing to their continuously declining prices. According to the Consumer Technology Association (CTA), the sales of these televisions have outpaced those of HDTVs.

The flat screen type segment dominated the industry in 2020 and accounted for the lion’s share of more than 95% both in terms of volume and revenue. The segment is poised to retain its dominance over the forecast period as well. The high revenue generation can be attributed to the lesser cost of flat-panel TV sets compared to their curved counterparts. The majority of consumers prefer flat screens as they are easier to mount on the wall. The higher preference for flat screens can also be attributed to the mirror effect created by the curve, where the light coming off the display covers the image.

The 46 to 55 inches category dominated the market in 2020, capturing more than 38% of the revenue share. The declining product prices and the rapid integration of 4K technology with attractive features are encouraging consumers to purchase TVs with larger screen sizes. The 4K display is generally suggested for larger TV screens to experience superior picture quality, which smaller screen sizes might not offer. To cater to the growing customer demand, leading vendors have introduced an extensive range of 4K televisions with a screen size between 55 to 85 inches in recent years. The increased availability of an increasing number of products in the market is expected to help widen the customer base, thereby contributing to the growth of the segment.

The Asia Pacific region accounted for the largest market share of more than 38% in 2020 and is expected to continue to dominate over the forecast period as well. The region is also poised to exhibit the fastest growth from 2021 to 2030. The rising adoption of smart televisions in rapidly developing economies, including India, is significantly contributing to the growth of the regional market. Additionally, surging demand for 4K display technology due to consumer inclination toward better picture quality and sleek design is projected to further add to revenue generation opportunities in the region. China holds a substantial chunk of the regional market, supported by new entrants, such as Hisense Co., Ltd., and TCL Corporation, establishing their presence and making the competition fiercer for major players.

Report Coverage	Details
Market Size	US$ 32.7 billion by 2030
Growth Rate	CAGR of 25.8% From 2021 to 2030
Base Year	2020
Forecast Period	2021 to 2030
Segments Covered	Resolution ,Screen Size, Screen Type, Region
Companies Mentioned	LG Electronics Inc., Samsung Electronics Co. Ltd., Sony Corporation, VIZIO Inc., Videocon Industries Ltd., Sansui Electric Co. Ltd., Toshiba Corporation, Haier Electronics Group Co., Ltd.

Key Players

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

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Market Segmentation

Resolution Outlook

- 4K UHD TV
- HDTV
- Full HD TV
- 8K TV
Screen Size Outlook
- Below 32 Inches
- 32 to 45 Inches
- 46 to 55 inches
- 56 to 65 Inches
- Above 65 Inches
Screen Type Outlook
- Flat
- Curved
Regional Outlook
- North America
  - U.S.
  - Canada
- Europe
  - U.K.
  - Germany
- Asia Pacific
  - China
  - India
  - Japan
- Latin America
  - Brazil
  - Mexico
- Middle East & Africa (MEA)

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Why to Buy this Report?

This market report is the perfect presentation of the qualitative and quantitative analysis of the market according to categorization considering economic and non-economic factors.
It also provides provision of market value (USD Million) data for every segment and sub-segment.
This report further focuses on prominent regions and segmentation of the market, which is anticipated to record the rapid growth and dominate the market.

Key Coverage of the Report

Key Trends (Drivers, Constraints, Opportunities, Threats, Challenges, and Recommendations)
Strategic recommendations for major business segments based on accurate estimations
Competitive landscape mapping key trends in the regions
Company profiling with strategic initiatives, financial standing, and recent events
The report evaluated key market features, including revenue, price, capacity utilization, gross margin, production and consumption, demand and supply, import/export, along with market share and CAGR. In addition, the study offers a comprehensive analysis of these factors, along with pertinent market segments and sub-segments.
Detailed SWOT analysis.
Opportunities and threats faces by the existing vendors in Global Smart TV Market
Trending factors influencing the market in the geographical regions.
Strategic initiatives focusing the leading vendors.

PEST analysis of the market in the five major region.

Key Points Covered in Smart TV Market Study: