Technavio Forecasts Global Smart TV Market to Reach USD 293.32 million units between 2019 and 2024 | Technavio
NEW YORK, Jan. 27, 2022 /PRNewswire/ -- According to the latest research report, "Smart TV Market by Distribution Channel and Geography - Forecast and Analysis 2020-2024", the global smart TV services industry is changing and is likely to grow at a moderate rate over the next several years. The smart TV market share is expected to increase by 293.32 million units from 2019 to 2024, and the market's growth momentum will accelerate at a CAGR of over 21%. The market is fragmented, with a large number of international and regional road freight transportation companies competing.
Vendors will try to incorporate various solutions to enhance their services and increase their market shares, especially because of the technological advances in TV resolution particularly in countries such as China and Japan.
Smart TV Plastics Market Report Highlights:
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Regional Market Analysis
With 46% of the growth originating from APAC, this region will record a fast growth rate during the forecast period. China and Japan are the key markets for the smart TV market in the region.
The growing demand for high-end smart TVs in APAC has been fueled by an increase in customer willingness to spend on smart TV goods in recent years, notably in emerging economies such as India and other Southeast Asian countries such as Thailand, Vietnam, and Hong Kong. The availability of a broad range of technologically advanced smart TVs, as well as an increase in the number of OTT content subscriptions, has assisted the expansion of the smart TV market in the region.
Apart from the rapid economic growth, the other key reasons for the increasing smart TV market's growth in APAC is:
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Key Vendors and Vendor Strategies
Sony, Samsung, LG Electronics, Panasonic, Koninklijke Philips NV, Haier Consumer Electronics Group, Vizio, Hong Kong Skyworth Digital Holdings, Logitech International are a few of the key vendors in the smart TV market.
The vendors in the market are constantly focusing on broadening their product portfolio through expanding their product offerings. Additionally, vendors are focusing on expanding their presence in new regions.
Download our free sample report to get a brief understanding of various other vendors and the vendor's strategies.
Key Market Drivers
Our analysts have extensively outlined the information on the key market drivers and their impact on the smart TV market.
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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