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Smart TV Market to grow at a CAGR of 10.81% from 2022 to 2027|The growing prominence of online sales is a key factor driving market growth - TechnavioNEW YORK, Nov. 8, 2023 /PRNewswire/ -- The smart tv market is set to grow by USD 69.33 billion from 2022 to 2027, progressing at a CAGR of 10.81% during the forecast period. The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. The growing prominence of online sales is a key factor driving market growth. The consumer shift toward online purchase platforms is increasing the sales of smart tv. Furthermore, many manufacturing vendors, such as LG, Apple, and Samsung are offering a wide range of smart TV models through their company websites. The price discounts offered by manufacturers and third-party retailers are encouraging customers to do online shopping. The advantages of online purchasing are quick shipping services, easy comparison of product features, and large online product diversity are also key factors for the growth of the smart tv market. Hence, these factors are expected to boost the development of the market during the forecast period. -Here is an Exclusive report talking about Market scenarios with a historical period (2017-2021) and a forecast period (2023-2027). Download Sample Report in minutes!
Smart TV Market 2023-2027 - Market Dynamics Major Trends Rising demand for smart TV in emerging countries is a major trend shaping the market. The rising popularity of smart tv in emerging countries in the APAC region, such as India and the Philippines, along with other Southeast APAC countries, such as Hong Kong and Thailand. The key factors driving the growth in these countries are High internet penetration and a steady rise in per capita income. For example, in December 2021, Xiaomi, under its brand Redmi, launched the smart TV model Redmi TV X 75-inch in China. Hence, these factors in emerging countries are expected to drive market growth during the forecast period. Significant Challenges The threat from substitute products is the major challenge restricting market growth. The key challenge for the market is alternate viewing devices, such as smartphones. Many OTT content providers and VOD services offer a range of streaming content compatible with mobile screens due to the high penetration of internet-enabled smartphones. Furthermore, applications that are designed for smart TV often lack the interface design and performance of their smartphone counterparts. The lower prices of set-top boxes and streaming media sticks are also a major challenge for smart tv vendors. Hence, the growing threat of substitute products is expected to restrict the growth of the market during the forecast period. Smart TV Market 2023-2027: Market Segmentation The smart tv market i segmented by distribution channel (offline and online), type (below 32 inches, 32 to 45 inches, 46 to 55 inches, 56 to 65 inches, and above 65 inches), and geography (APAC, Europe, North America, South America, and the Middle East and Africa).
This report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters- View Sample Report What's New? -
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Gain instant access to 17,000+ market research reports. Technavio's SUBSCRIPTION platform Related Reports: 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. Table of Contents 1 Executive Summary About US Contact
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