Overview and Scope
A smart TV is a digital TV that is connected to the internet and can stream various content from different applications, access streaming services, and can connect to other wireless devices. Smart TV is used in homes, offices, and education sectors.
Sizing and Forecast
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 growth in the historic period can be attributed to technological advancements, content streaming, user-friendly interfaces, high-quality displays, internet accessibility.
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%. The growth in the forecast period can be attributed to 5g connectivity, content partnerships, smart home integration, gaming and cloud services. Major trends in the forecast period include hdr and dolby vision, oled and qled technology, ai and voice control, smart home integration.
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Segmentation & Regional Insights
The smart tv market covered in this report is segmented –
1) By Product Type: 4K UHD TV, Full HD TV, HDTV, 8K TV
2) By Panel Type: LCD, LED, OLED, QLED
3) By End User: Home, Offices, Education Institutions, Other End-Users
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
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Major Driver Impacting Market Growth
The rising popularity of video-on-demand services is a key factor driving the growth of the smart TV market. Video on Demand (VoD) is one of the innovative features that Internet Protocol TV (IPTV) gives. VoD gives consumers a range of available videos to choose from. The video is transmitted via the Real-Time Streaming Protocol. In recent years VOD has gained tremendous popularity, and this has resulted in higher smart TV adoption rates. For instance, in January 2023, according to Netflix Inc., a US-based provider of subscription video-on-demand over-the-top streaming service, the total number of paid memberships in 2021 was 221,844,000, and in 2022, it climbed to 230,747,000. Therefore, the rising trend of video-on-demand services is expected to drive the smart TV market growth.
Key Industry Players
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.
The smart tv market report table of contents includes:
1. Executive Summary
2. Smart TV Market Characteristics
3. Smart TV Market Trends And Strategies
4. Smart TV Market – Macro Economic Scenario
5. Global Smart TV Market Size and Growth
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31. Global Smart TV Market Competitive Benchmarking
32. Global Smart TV Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Smart TV Market
34. Smart TV Market Future Outlook and Potential Analysis
35. Appendix
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