Smart TV Market size to grow by USD 69.33 billion from 2022 to 2027; The growing prominence of online sales drives the market - Technavio
NEW YORK, Aug. 17, 2023 /PRNewswire/ -- The smart TV market size is set to grow by USD 69.33 billion from 2022 to 2027 and register a CAGR of 10.81%, according to Technavio's latest market research report estimates. With a focus on identifying dominant industry influencers, Technavio's reports present a detailed study by the way of synthesis, and summation of data from multiple sources. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. The report is segmented by Distribution Channel, Type, and Geography. Read our Sample Report
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The smart TV market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Apple Inc., BBK Electronics Corp Ltd, Haier Smart Home Co. Ltd., Hisense International Co. Ltd., Koninklijke Philips NV, LG Electronics Inc., Logitech International SA, MIRC Electronics Ltd., Panasonic Holdings Corp., Roku Inc., Samsung Electronics Co. Ltd., Sharp Corp., Skyworth Group Ltd, Sony Group Corp., TCL Electronics Holdings Ltd, TOSHIBA CORP, Videocon Industries Ltd., VIZIO Holding Corp, Westinghouse Electric Corp., and Xiaomi Inc. are some of the major market participants.
Smart TV Market 2023-2027: Segmentation
The market share growth of the offline segment will be significant during the forecast period. The offline segment encompasses consumer electronics stores, hypermarkets and supermarkets, as well as specialized retail establishments catering to smart TV sales. These conventional distribution channels remain at the forefront of the market. Notably, the surge in internet accessibility and the widespread adoption of OTT streaming services, particularly in key regions such as the US, India, and China, have fueled the demand for sophisticated smart TV offerings. Furthermore, the continuous evolution of technology and product design has led to a global decrease in the cost of smart TVs, rendering them more accessible to a broader consumer base. The offline retail landscape maintains its appeal to consumers due to its experiential purchase options. Many consumers still rely on in-store demonstrations and expert guidance to facilitate well-informed buying choices. Therefore, the offline segment is anticipated to experience moderate growth during the forecast period, albeit at a slower rate than the online channel.
Smart TV Market 2023-2027: Company Analysis and Scope
To help businesses improve their market position, Technavio's report provides a detailed analysis of around 15+ vendors operating in the market. Some of these vendors include Apple Inc., BBK Electronics Corp Ltd, Haier Smart Home Co. Ltd., Hisense International Co. Ltd., Koninklijke Philips NV, LG Electronics Inc., Logitech International SA, MIRC Electronics Ltd., Panasonic Holdings Corp., Roku Inc., Samsung Electronics Co. Ltd., Sharp Corp., Skyworth Group Ltd, Sony Group Corp., TCL Electronics Holdings Ltd, TOSHIBA CORP, Videocon Industries Ltd., VIZIO Holding Corp, Westinghouse Electric Corp., and Xiaomi Inc.
The growing prominence of online sales is notably driving the smart TV market growth. While conventional physical retail stores like consumer electronics shops continue to play a vital role in smart TV distribution, there's a noticeable trend among consumers towards online purchasing platforms. Leading manufacturers such as LG, Apple, and Samsung offer a variety of smart TV models directly through their official websites. Notably, regional vendors with a limited offline presence, like Xiaomi, are increasingly targeting premium customers in emerging economies such as India through online retail channels. Moreover, the availability of price incentives from both manufacturers and third-party retailers has significantly propelled the online sales of smart TVs in recent years. Factors like swift delivery services, effortless product feature comparison, and a diverse range of options online have greatly contributed to the increasing popularity of online smart TV retail. Overall, the upward trajectory of online smart TV sales is anticipated to serve as a catalyst for market expansion during the forecast period.
Rising demand for smart TV in emerging countries is the primary trend in the smart tv market. The rising popularity of smart TVs in the APAC region has resulted in an uptick in smart TV shipments across nations like India and the Philippines, as well as in other Southeast Asian APAC countries such as Hong Kong and Thailand. The robust internet penetration rates in these regions, coupled with a steady elevation in per capita income, have played a pivotal role in driving the heightened demand for smart TVs in recent years. Additionally, the diminishing price difference between smart and conventional TVs has further contributed to the increased adoption of smart TVs in these markets. Notably, there has been a discernible increase in the preference for upscale OLED smart TVs across APAC. In response, several manufacturers are proactively investing in the expansion of their production facilities to meet the escalating demand for OLED TVs. Overall, the growing demand for smart TV in emerging countries is expected to continue to fuel the growth of the smart tv market during the forecast period.
Threat from alternate products is the major challenge hindering smart tv market growth. Smart TVs are facing notable competition from alternative viewing devices, prominently smartphones. The widespread presence of internet-enabled smartphones on a global scale has prompted various OTT content providers and VOD services to offer an array of streaming content that seamlessly aligns with mobile screens. Moreover, smartphones provide simplified user interfaces compared to smart TVs, which often come with multiple remote controls for varying functionalities. This facilitates user inputs through typing and pointing directly onto mobile screens. Furthermore, due to discernible disparities in processing power between smart TVs and smartphones, applications tailored for smart TV interfaces frequently lack the design and performance quality found in their smartphone counterparts. Another significant challenge to smart TVs emerges from the competition posed by set-top boxes and streaming media sticks, which can be connected to standard TVs. Importantly, the more budget-friendly price points of set-top boxes and streaming media sticks make them financially viable substitutes for consumers. Therefore, the escalating influence of substitute products is expected to impede market growth during the forecast period.
Smart TV Market 2023-2027: Key Highlights
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The 4K TV market size is estimated to grow at a CAGR of 19.19% between 2022 and 2027. The market size is forecast to increase by USD 183.45 billion. This report extensively covers market segmentation by type (52-65 inches type, below 52 inches type, and above 65 inches type), application (residential, commercial, and industrial), and geography (APAC, North America, Europe, Middle East and Africa, and South America). The rising popularity of large-display televisions is notably driving market growth.
Table of contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide 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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