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A smart TV is an internet-connected television with a wide range of online features, such as on-demand content from various apps, access to streaming services such as Amazon Prime, Netflix, and the ability to connect with several other wireless devices such as smartphones and tablets. Moreover, companies operating in the global smart TV market are focusing on implementing various strategies such as collaborations and partnerships with other manufacturers to expand their manufacturing facilities globally to maintain their global presence. For instance, in 2020, LG Electronics, a South Korea based electronics company launched eight LG OLED models with two new series, which includes  77 and 65-inch class and Real 8K 88- inch ZX series. All these factors are projected to contribute to market growth in the near future.

The global smart TV market is expected to witness significant growth during the forecast period (2021–2028). Growing demand for high-definition (HD) channels and video on demand (VOD) is expected to drive growth of the global smart TV market during the forecast period. This is attributed to its features such as improved image quality, high resolution, extensive color change will provide lucrative opportunities for the market players. Since there is an increased demand for HD content globally, smart TV providers are enhancing their HD offerings, in order to increase their market presence. For instance, in April 2021, Xiaomi, a China based electronics company announced its plan to launch a new smart TV known as Mi QLED TV with 4K resolution in India in order to expand its business in the market. Furthermore, producers and telecasters are also focusing on making investments in Ultra-High Definition (UHD) resolution technology due to improvements in camera technology. Moreover, proficient film producers are shifting their preference towards Ultra-High Definition (UHD) by utilizing UHD cameras and camcorders. Furthermore, due to rise in viewing experience, the demand for 4K UHD smart TVs have increased in various commercial applications such as hospitality, hotels, and educational institutions which would further play a significant role in driving the demand for smart TVs in the near future. For instance, according to Coherent Market Insight analysis, the paid subscribers of Netflix have reached 203.3 million in 2020 from 167.1 million in 2019 worldwide.

Global Smart TV Market - Impact of Coronavirus (Covid-19) Pandemic

COVID-19 has significantly disrupted almost all the industries including infrastructure, transportation, oil and gas, manufacturing, and others. To combat COVID-19 pandemic, most of the countries had implemented lockdown restrictions, which are now being eased slowly on phase-wise and industry-wise basis. However, most of the people are staying at home and following social distancing in order to contain spread of COVID-19. As people are staying at home and curious to know more updates on Coronavirus has increased the demand for the news channel. For instance, in April 2020, according to Broadcast Audience Research Council (BARC), total TV viewership increased to 21% from 7%, as most of the people watched news channel to get updates of the COVID-19. Streaming service providers such as Netflix, Amazon Prime Video, and Zee5 are used by people for entertainment and  are fueling the demand for smart TVs in the market. Due to the rising demand for high network connectivity increases the demand for smart TV in the market. The COVID-19 has also increased the demand for video on demand and over the top services, which ultimately increases the demand for smart TVs in the market. For instance, according to Coherent Market Insight analysis, global video streaming market has reached US$ 50.1 billion in 2020 and is expected to reach US$ 224.2 billion in 2028 with a CAGR of 21.1% during the forecast period.

North America is expected to hold dominant position in the global smart TV market during the forecast period.

Statistics:

North America held dominant position in the global smart TV market in 2020, accounting for 43.2% share in terms of value, followed by Asia Pacific and Europe.

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Smart TV Market Report Coverage

Report Coverage Details
Base Year: 2020 Market Size in 2021: US$ 143.6 Bn
Historical Data for: 2017 to 2019 Forecast Period: 2021 to 2028
Forecast Period 2021 to 2028 CAGR: 15.3% 2028 Value Projection: US$ 436.2 Bn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East and Africa: GCC Countries, South Africa, and Rest of Middle East and Africa
Segments covered:
  • By Resolution Type: HD TV , Full HD TV, 4K UHD TV, 8K TV, and Others
  • By Screen Type: Flat and Curved
  • By Screen Size: Below 32 Inches, 32 to 45 Inches, 46 to 55 Inches, 56 to 65 Inches, Above 65 Inches, and Others
  • By Screen Technology: LCD (Liquid Crystal Display), LED (Light Emitting Diode), OLED (Organic Light Emitting Diode), and QLED (Quantum Dot Light Emitting Diode)
  • By Distribution Channel: Offline and Online
  • By Application: Residential and Commercial
Companies covered:

Samsung, Panasonic Corporation, LG Electronics, Inc., Apple, Inc., Sony Corporation, Koninklijke Philips N.V., Videocon Industries Limited, Haier Electronics Group Co, Ltd., TCL Corporation, Hisense Group, Sansui Electric Co., Ltd., Micromax Informatics, Sharp Corporation, VIZIO, Inc., Toshiba Corporation, Hitachi Ltd., Insignia Systems Inc., and Westinghouse Electric Corporation 

Growth Drivers:
  • The increasing popularity of audio and video streaming 
  • The rising demand for smartphones
Restraints & Challenges:
  • High repairing cost of smart TVs

Figure 1: Global Smart TV Market Share (%), By Region, 2020

Smart TV  | Coherent Market Insights

Among regions, North America held dominant position in the global smart TV market in 2020 and is expected to retain its dominance throughout the forecast period. The rapid technological advancements, large number of smart home product and service providers in the region are expected to drive the North America market growth during the forecast period. For instance, according to the Coherent Market Insights analysis, there were 288.1 million internet users in the U.S. in 2020. Additionally, according to the Coherent Market Insights analysis, in the U.S., in 2016, the installed base Internet of Things (IoT) devices in households was 228 million and increased to 240 million in 2017.

Asia Pacific is also expected to exhibit significant growth during the forecast period. The rising adoption of IoT, increasing penetration of smartphones, rapid urbanization, and increasing demand for wireless technology devices that consume less power are expected to drive the Asia Pacific market growth during the forecast period. For instance, according to the Coherent Market Insights analysis, in 2019, approximately 75.2% of the population is using smartphones in Japan.

46 to 50 inches screen size segment is expected to drive the market growth during the forecast period.

Among screen size, 46 to 50 inches screen size segment is expected to hold dominant position in the global smart TV market during the forecast period. Most of the customers recommend 4K UHD display technology for larger TV sets. The increasing purchasing power of consumers has further increased the demand for smart TVs in the market. Furthermore, increase in consumer income and price trends for UHD televisions are also expected to boost growth in the 46-55 inch screen size segment during the forecast period. Moreover, according to the U.S. Bureau of Economic Analysis (BEA), disposable personal income in the U.S. increased to US$ 16,706.40 billion in December 2019 from US$ 16,675.80 billion in November 2019.

Figure 2: Global Smart TV Market Value (US$ Bn) Analysis and Forecast and Y-o-Y Growth (%), 2017 - 2028

Smart TV  | Coherent Market Insights

The global smart TV market was valued at US$ 143.6 Bn in 2020 and is expected to reach US$ 436.2 Bn by 2028 at a CAGR of 15.3% between 2021 and 2028.

Major players operating in the global smart TV market include Samsung, Panasonic Corporation, LG Electronics, Inc., Apple, Inc., Sony Corporation, Koninklijke Philips N.V., Videocon Industries Limited, Haier Electronics Group Co, Ltd., TCL Corporation, Hisense Group, Sansui Electric Co., Ltd., Micromax Informatics, Sharp Corporation, VIZIO, Inc., Toshiba Corporation, Hitachi Ltd., Insignia Systems Inc., and Westinghouse Electric Corporation

Smart TV also known as connected TV is a digital television with integrated internet and interactive smart features. Smart TV is a combination of computer and social TV which allows users to use all the features of smartphones or computers on these smart TVs. In addition to this, smart TVs consists hardware and connections along with a TV operating system (OS) and a graphical user interface (GUI). Moreover, smart TVs come up with both Ethernet connection and built-in Wi-Fi which eradicates the need for a separate set-top box (STB) in the market. Smart TVs provide several functions such as web browsing, video-on-demand (VOD), and video streaming from services such as YouTube & Netflix which increases the demand for smart TVs in the market.

Market Dynamics

Rapid technological advancements along with the digital transformation of the broadcasting industry are the major factors propelling the market growth during the forecast period. The rise in adoption of internet of things (IoT) has increased the demand of smart connected devices which uses UHD (ultra-high-definition) screens. For instance, according to Coherent Market Insight analysis, the number of IoT-connected devices is expected to reach 37.5 billion by 2028 from 11.2 billion in 2020 worldwide. The UHD TVs with 4k resolution deliver superior definition images, and availability in large screen sizes of more than 50 inches have created the lucrative opportunities for the market growth. For instance, in July, 2020,  Shinco, a China based company which manufacturer air conditioner/heat pumps, TVs, DVD-Players, GPS, and washing machines has launched latest television, the S43UQLS 43-inch 4K HDR LED Smart TV in India. This smart TV consist purpose-built interface known as Uniwall UI which supports the official versions of a number of popular apps and streaming services includes Hotstar, Zee5, Sony Liv, Jio Cinema, and Alt Balaji. Thus, in turn, increases the demand of smart TVs in the market.

Key features of the study:

  • This report provides in-depth analysis of the global smart TV market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2021– 2028), considering 2020 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, regional outlook, and competitive strategies adopted by the leading  market players
  • It profiles leading players in the global  smart TV market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, market capital, key developments, strategies, and future plans
  • Companies covered as a part of this study include Samsung, Panasonic Corporation, LG Electronics, Inc., Apple, Inc., Sony Corporation, Koninklijke Philips N.V., Videocon Industries Limited, Haier Electronics Group Co, Ltd., TCL Corporation, Hisense Group, Sansui Electric Co., Ltd., Micromax Informatics, Sharp Corporation, VIZIO, Inc., Toshiba Corporation, Hitachi Ltd., Insignia Systems Inc., and Westinghouse Electric Corporation
  • Insights from this report would allow marketers and management authorities of companies to make informed decisions regarding future product launches, product upgrades, market expansion, and marketing tactics
  • The global smart TV market report caters to various stakeholders in this industry including investors, suppliers, managed service providers, third-party service providers, distributors, new entrants, and value-added resellers
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global smart TV market

Detailed Segmentation

  • Global Smart TV Market, By Resolution Type:
    • HD TV
    • Full HD TV
    • 4K UHD TV
    • 8K TV
    • Others
  • Global Smart TV Market, By Screen Type:
    • Flat
    • Curved
  • Global Smart TV Market, By Screen Size:
    •  Below 32 Inches
    •  32 to 45 Inches
    •  46 to 55 Inches
    •  56 to 65 Inches
    •  Above 65 Inches
    • Others
  • Global Smart TV Market, By Screen Technology:
    • LCD (Liquid Crystal Display)
    • LED (Light Emitting Diode)
    • OLED (Organic Light Emitting Diode)
    • QLED (Quantum Dot Light Emitting Diode)
  • Global Smart TV Market , By Distribution Channel:
    • Offline
    • Online
  • Global Smart TV Market , Application:
    • Residential
    • Commercial
  • Global Smart TV Market , By Region:
    • North America
      • By  Resolution Type:
        • HD TV
        • Full HD TV
        • 4K UHD TV
        • 8K TV
        • Others
      • By Screen Type:
        • Flat
        • Curved
      • By Screen Size:
        • Below 32 Inches
        • 32 to 45 Inches
        • 46 to 55 Inches
        • 56 to 65 Inches
        • Above 65 Inches
        • Others
      • By Screen Technology:
        • LCD (Liquid Crystal Display)
        • LED (Light Emitting Diode)
        • OLED (Organic Light Emitting Diode)
        • QLED (Quantum Dot Light Emitting Diode)
      • By Distribution  Channel:
        • Offline
        • Online
      • By Application:
        • Residential
        • Commercial
      • By Country:
        • U.S.
        • Canada
    • Europe
      • By  Resolution Type:
        • HD TV
        • Full HD TV
        • 4K UHD TV
        • 8K TV
        • Others
      • By Screen Type:
        • Flat
        • Curved
      • By Screen Size:
        • Below 32 Inches
        • 32 to 45 Inches
        • 46 to 55 Inches
        • 56 to 65 Inches
        • Above 65 Inches
        • Others
      • By Screen Technology:
        • LCD (Liquid Crystal Display)
        • LED (Light Emitting Diode)
        • OLED (Organic Light Emitting Diode)
        • QLED (Quantum Dot Light Emitting Diode)
      • By Distribution  Channel:
        • Offline
        • Online
      • By Application:
        • Residential
        • Commercial
      • By Country:
        • Germany
        • U.K.
        • France
        • Italy
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By  Resolution Type:
        • HD TV
        • Full HD TV
        • 4K UHD TV
        • 8K TV
        • Others
      • By Screen Type:
        • Flat
        • Curved
      • By Screen Size:
        • Below 32 Inches
        • 32 to 45 Inches
        • 46 to 55 Inches
        • 56 to 65 Inches
        • Above 65 Inches
        • Others
      • By Screen Technology:
        • LCD (Liquid Crystal Display)
        • LED (Light Emitting Diode)
        • OLED (Organic Light Emitting Diode)
        • QLED (Quantum Dot Light Emitting Diode)
      • By Distribution  Channel:
        • Offline
        • Online
      • By Application:
        • Residential
        • Commercial
      • By Country:
        • China
        • India
        • Japan
        • Australia
        • South Korea
        • ASEAN
        • Rest of Asia Pacific
    • Latin America
      • By  Resolution Type:
        • HD TV
        • Full HD TV
        • 4K UHD TV
        • 8K TV
        • Others
      • By Screen Type:
        • Flat
        • Curved
      • By Screen Size:
        • Below 32 Inches
        • 32 to 45 Inches
        • 46 to 55 Inches
        • 56 to 65 Inches
        • Above 65 Inches
        • Others
      • By Screen Technology:
        • LCD (Liquid Crystal Display)
        • LED (Light Emitting Diode)
        • OLED (Organic Light Emitting Diode)
        • QLED (Quantum Dot Light Emitting Diode)
      • By Distribution  Channel:
        • Offline
        • Online
      • By Application:
        • Residential
        • Commercial
      • By Country:
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Middle East and Africa
      • By  Resolution Type:
        • HD TV
        • Full HD TV
        • 4K UHD TV
        • 8K TV
        • Others
      • By Screen Type:
        • Flat
        • Curved
      • By Screen Size:
        • Below 32 Inches
        • 32 to 45 Inches
        • 46 to 55 Inches
        • 56 to 65 Inches
        • Above 65 Inches
        • Others
      • By Screen Technology:
        • LCD (Liquid Crystal Display)
        • LED (Light Emitting Diode)
        • OLED (Organic Light Emitting Diode)
        • QLED (Quantum Dot Light Emitting Diode)
      • By Distribution  Channel:
        • Offline
        • Online
      • By Application:
        • Residential
        • Commercial
      • By Country/Region:
        • GCC Countries
        • South Africa
        • Rest of Middle East and Africa
  • Company Profiles
    • Samsung *
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments/ Updates
    • Panasonic Corporation
    • LG Electronics, Inc.
    • Apple, Inc.
    • Sony Corporation
    • Koninklijke Philips N.V.
    • Videocon Industries Limited
    • Haier Electronics Group Co, Ltd.
    • TCL Corporation
    • Hisense Group
    • Sansui Electric Co., Ltd.
    • Micromax Informatics
    • Sharp Corporation
    • VIZIO, Inc.
    • Toshiba Corporation
    • Hitachi Ltd.
    • Insignia Systems Inc.
    • Westinghouse Electric Corporation

 “*” marked represents similar segmentation in other categories in the respective section.

Frequently Asked Questions

The global smart TV market is expected to reach US$ 436.2 billion by 2028.
The market is expected to witness a CAGR of 15.3% during the forecast period (2021-2028).
The increasing demand for video on demand (VOD) and over the top (OTT) services is expected to drive growth of the market during the forecast period.
The 4K UHD TV segment held the largest market share among resolution type in 2020.
North America region held the largest share in the market in 2020, accounting for 43.2% share in terms of value.
Key players operating in the market include Samsung, Panasonic Corporation, LG Electronics, Inc., Apple, Inc., Sony Corporation, Koninklijke Philips N.V., Videocon Industries Limited, Haier Electronics Group Co, Ltd., TCL Corporation, Hisense Group, Sansui Electric Co., Ltd., Micromax Informatics, Sharp Corporation, VIZIO, Inc., Toshiba Corporation, Hitachi Ltd., Insignia Systems Inc., and Westinghouse Electric Corporation

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