Smart TV Market Size, Share & Industry Analysis, By Resolution (4K UHD TV, HDTV, Full HD TV, 8K TV), By Screen size (Below 32 Inches, 32 to 45 Inches, 46 to 55 inches, 56 to 65 Inches, Above 65 Inches), By Screen type (Flat, Curved) And Regional Forecast, 2024-2032

Smart televisions (TVs) are integrated with internet connectivity providing a wide range of features to the users. The features include video-on-demand(VOD) content from different applications, streaming services, and the capability to connect with other wireless devices. With the advent of the latest technology, viewers can access and control the features of these connected devices and streaming content from internet services. With the influx of high-speed internet, there is an increase in the consumers' spending on online video streaming channels, such as YouTube Premium, Netflix, Hulu, Hotstar, and Amazon Prime Video. Manufacturers also upgrade their offerings by adding new features to their more recent models for customer's convenience, leading to increased demand.

So with the growing customer demand, the smart television market is expected to boom rapidly in the upcoming years. Smart TVs are loaded up with advanced features and applications compared to conventional televisions. To withstand the fierce competition from various streaming device providers, like Apple and Roku, leading players like Samsung and LG specialize in developing their own operating systems. In addition, the latest TV models are equipped with voice command tools that allow users to switch channels without pressing the remote button.

The COVID-19 has led to an increased online video streaming due to the confinement of people to their homes. This has led to a notable increase in the demand for smart TVs. In addition, the presence of internet-connected viewers and the rising demand for online streaming channels & programs have increased, which has driven the growth of the smart TV market.

Smart TV’s are feature-loaded due to the growing internet penetration. However, despite the innovations in technology, the smart TV requirement becomes a challenge for a significant section of the population due to its high cost. Moreover, smart TVs require high-speed internet to access their services and applications, but it acts as a barrier with low internet bandwidth across regions and ultimately hampers the demand.

Key players covered:

LG Electronics Inc., Sony Corporation, Samsung Electronics Co. Ltd., Videocon Industries Ltd., Sansui Electric Co. Ltd., Toshiba Corporation, Haier Electronics Group Co., Ltd. are the prominent players within the market.

The global smart TV market is segmented based on resolution, screen size, screen type, and geography.

Based on the resolution, the market is segmented into 4K UHD TV, HDTV, Full HD TV, 8K TV. 4K TVs have gained immense customer attraction over the past few years due to their competitive pricing and discounted offers in the market. According to the Consumer Technology Association (CTA), the demand and sales of 4K series smart TVs have outpaced HDTVs' growth. Additionally, The 8K TV segment is also expected to register the fastest growth during the forecasted period. This can be attributed to rising consumer preferences for TVs offering high-resolution picture quality. 8K TVs have around 33 million pixels, much higher than the 8 million pixels provided by a 4K HDTV. In addition, companies are increasingly expanding their 8K series production, offering enhanced AI capabilities to deliver dynamic sound and fine picture quality.

Based on Screen Size, the market is segmented into the following: Below 32 Inches, 32-45 Inches,46-55 Inches,56-65 Inches, Above 65 Inches. The 46 to 55 inches category is expected to dominate the segment during the forecast period. The declining product prices and integration of 4K technology with attractive features encourage consumers to purchase TVs with larger screen sizes. In addition, the 4K display gives a superior picture quality with larger tv screen sizes, including 46-55 category, instead of the small-sized ones. From music streaming to gaming, it provides a user-friendly experience.

Based on on-screen type, the market is segmented into flat and curved screen TV. The majority of users prefer flat screens as they are easier to mount on the wall. Therefore, the segment is predicted to retain its dominance over the forecast period. The Flat TV is expected to grow significantly during the upcoming years. Flat panels provide an immersive experience and wide-angle viewing and are gaining noticeable growth in the segment. Manufacturers also introduce flexible TV panels, which will convert flat panels to curved, resulting in significant growth prospects for the segment.

Regional analysis:

Asia-Pacific is projected to hold a considerable share in the global smart TV market owing to the increasing demand for TVs that offer enhanced image and sound quality. Moreover, improving people's living standards and rising inclination towards on-demand content from apps like YouTube, Disney Plus, Hotstar, and Hulu and online streaming services like Netflix and Amazon Prime are fostering regional growth. Furthermore, technological advancements in smart TV software and display resolutions have encouraged the world’s leading smart TV manufacturers like Sony, Samsung, and Panasonic to specialize in developing feature-loaded and high-resolution smart TVs. The innovation in advanced display features such as QLED and OLED has enabled many top smart TV brands to reduce the overall weight and thickness. Increasing internet penetration and the presence of low-cost manufacturers are expected to innovate smart TVs based on the latest features at competitive price offerings to meet the diverse needs of customers.

The European region is also expected to be the fastest-growing region during the forecasted period for high-end TV such as 4K & 8K TVs. Several factors are currently driving the European smart TV market. The growing industry has been incorporating various technological innovations, like voice control and AI, with smart TVs, thus inducing the demand. In addition, the rising per capita incomes of consumers and easy availability of products in the region have fueled smart TVs' demand. For instance, in 2021, Philips has launched its 2021 line-up of 4K TVs. And its latest OLED TV comes up with Dolby Vision ultra-vivid imaging and Dolby Atmos immersive sound, transforming the 4K UHD Philips LED Smart TVs into an entertainment powerhouse.

Segmentation

Key Industry Developments

• In July 2020, Samsung Electronics Co. introduced its range of QLED smart TVs, which have achieved a first-class energy efficiency rating.


• In April 2020, Sony Corporation announced the availability and pricing of its LED and OLED models featuring Google assistant for easy access to entertainment and device controls.