The global smart TV market was valued at US$ 143.6 Billion in 2020 and is expected to surpass US$ 436.2 Billion by 2028, registering a CAGR of 15.3% during the forecast period (2021-2028), according to the Global Smart TV Market Report, 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), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa), published by Coherent Market Insights.
The increasing usage of high-speed internet, improving living standards, and rising disposable income of the developed and developing countries such as Japan and India are the major factors driving the market growth during the forecast period. For instance, according to the World Bank report, the population of India reached US$ 1,341.0 million in March 2020, from 1,327.0 million in March 2019. In addition to this, according to GSM Association, Asia Pacific had 1.7 billion internet users in 2018 and the number is expected to reach 2.9 billion in 2025. Major players based in countries such as Japan and South Korea, are focusing on developing 5G technologies. The growing adoption of over the top (OTT) streaming are some other factors fueling the smart TV market growth across the globe. For instance, according to Coherent Market Insight analysis, over the top (OTT) market is expected to reach US$ 295.2 billion by 2028 from US$ 85.2 billion in 2020 with a CAGR of 13.5% during the forecast period (2021-2028). Furthermore, the emergence in the UHD 4K and OLED technologies, which has helped in getting a better viewing experience to the consumers, is a significant factor surging the growth of the global smart TV market growth. However, high repairing cost of smart TVs is the major factor hindering market growth during the forecast period.
Global Smart TV Market - Impact of Coronavirus (Covid-19) Pandemic
Globally, most of the countries are affected by COVID-19 pandemic and have announced lockdown. Key manufacturers such as LG Electronics Inc. and Samsung, also suspended their manufacturing operations in countries across the Asia Pacific and Europe, drastically impacting the production of new TVs. Due to the pandemic, most of the companies are offering work from home option and after office hour’s people can save most of their time. As consumers are forced to stay at home, that have increased the demand for popular over-the-top (OTT) service providers such as Netflix, Amazon Prime, and others. The increasing demand for paid subscription is driving the demand for smart TVs during the pandemic. For instance, according to the International Federation of the Phonographic Industry (IFPI), there were 443 million users of paid subscription accounts at the end of 2020. Thus, in turn, increases the demand for global smart TV in the market.
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Key Trends and Analysis of the Global Smart TV Market:
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