Pune, June 14, 2021 (GLOBE NEWSWIRE) – Attractive features that drive market growth
The smart TV market is expected to reach $ 195.47 billion at a CAGR of 10.9% over the forecast period, according to the latest Smart TV market research report by Market Research Future (MRFR). According to the MRFR report, there are numerous factors driving smart TV market share. Some of these concern the presence of electrical component suppliers around the world exporting products worldwide, the growing importance of online streaming, high internet connectivity, technological advances, a shift in consumer preference towards online content, an improvement in the standard of living, an increasing disposable income and a significant decrease in the price of smart TV. Additional factors driving market growth include the various alluring features of these televisions such as convenience, web browsing, screen sharing, and smartphone compatibility, including the growing admiration for OTT streaming and the advent of OLED and UHD 4K technologies, which better features provide a viewing experience.
On the other hand, the high repair costs, the increasing use of external devices with regular TVs like Chromecast and Firestick that make them smart, and the increasing sales of streaming devices can limit the global growth of the smart TV market over the forecast period.
COVID-19 analysis
During the COVID-19 outbreak, the government-imposed lockdowns forced people to stay indoors and employees to work remotely. The increasing number of people locked in their homes has automatic online streaming of audio and video, conference meetings on Microsoft Teams and Zoom, downloads, etc., among other things. Watching live broadcasts on bigger screens has also increased the demand for smart TVs. On the contrary, the pandemic has adversely affected the consumer electronics market as the temporary cessation of production has resulted in a significant slowdown in production.
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Businesses focus on lowering operating costs in order to maximize profits. Major manufacturers such as Samsung and LG and others have ceased production activities in Europe, South Korea, China and India, which has drastically affected the production of new smart TVs. The outbreak has impacted consumer buying behavior, which has reduced smart TV sales. People only spend on essentials instead of internet-enabled devices. The postponed or canceled product launches of new smart TVs are also hampering market growth. The continuation of the lockdowns is likely to result in the permanent shutdown of a few manufacturing companies due to significant lost sales, supply chain disruptions and unavailability of workers. On the contrary, the resumption of smart TV production is forecast to rapidly fuel market growth after the lockdown period due to the increasing need for online content streaming over the internet.
Industry updates
April 2021 – Mediatek and Samsung have introduced the world’s first smart TV, Samsung 8K QLED Y21 with Wi-Fi 6E.
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Market segmentation
The MRFR report sheds a light on a comprehensive analysis of the Smart TV market based on application, sales channel, platform size, technology, and resolution.
By resolution, the smart TV market is divided into 8K, 4K, 1080p, 720p, and others. Of these, the 4K segment will lead the market for increased demand for high definition content in the forecast period.
By technology, the smart TV market is divided into QLED, OLED, Plasma, LED and LCD. Of these, the LED segment will dominate the market in the forecast period due to the price of audibility.
By platform, the smart TV market is divided into Tizen, Roku, WebOS, Android, and others. Of these, the Android segment will lead the market in the forecast period due to its simple integration, compatibility with smartphones and a large customer base.
According to sales channels, the smart TV market is divided into offline and online. Of these, the online segment will have the lion’s share of the market for the emerging e-commerce sector in the forecast period.
Depending on the application, the smart TV market is divided into residential and commercial. Of these, the residential segment will dominate the market in the forecast period and with a high CAGR.
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Regional analysis
North America leads the smart TV market
Geographically, the global smart TV market is divided into Europe, the Asia-Pacific region (APAC), the Middle East and Africa (MEA), North America and South America. Of these, North America will lead the market in the forecast period. The huge amount of Internet access around the world giving smart TV manufacturers the chance to innovate, offer features and internet-based functions, support video streaming services, and the increasing sales of smart TVs due to high availability Internet connections in the US are contributing to the global growth of the smart TV market in the region.
Europe has the second largest share of the smart TV market
In Europe, the smart TV market is expected to hold the second largest share in the forecast period. The lack of better local content and low advertising and promotional campaigns from TV brands are contributing to the global growth of the smart TV market in the region.
APAC with positive growth in the smart TV market
In the APAC region, the global smart TV market is forecast to grow favorably during the forecast period. Regional demand for 4K televisions, demand for slim design and better picture quality, the growing need for these devices has opened up opportunities for content providers to offer better resolutions and recording options that can support 4K technology, leading to the acceptance of such televisions in various sectors for The growing need for televisions with improved sound and picture quality as well as a smooth design, the increasing disposable income, the improved standard of living of the people and the growing inclination towards OTT VOD platforms such as Netflix all contribute to the global growth of the smart TV market during the forecast period at. China holds the largest market share for the emergence of new entrants.
In South America and the MEA, the global smart TV market is forecast to experience solid growth in the forecast period for the digital transition in these regions.
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Competitive landscape
Notable Players Operating in the Global Smart TV Market Include:
- Konka
- Changhong
- Roku
- Hitachi Ltd
- Haier Group Corporation
- Insignia Systems Inc
- TCL Corporation
- Royal Philips NV
- Hisense Group Co Ltd
- Apple Inc
- Vizio Inc
- Panasonic Corporation
- Sony Corporation
- Samsung Electronics Co. Ltd
- LG Electronics Inc
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