Smart TV Market

Key Points Covered in Smart TV Market Survey

• Market estimates and forecast 2016-2031
• Key drivers and restraints impacting market growth
• Segment-wise, Country-wise, and Region-wise Analysis
• Competition Mapping and Benchmarking
• Brand share and Market Share Analysis
• Key Product Innovations and Regulatory Climate
• COVID-19 Impact on Smart TV Market and how to Navigate
• Recommendation on Key Winning Strategies

2016-2020 Smart TV Market Outlook Compared to 2021-2031 Forecast

Smart TVs are transforming lifestyle and entertainment industry. Frequent improvements of technology in smart homes across the world are propelling smart TV sales. The smart TV global revenue will rise at 24.7% CAGR between 2021 and 2031 in comparison to the 16.5% CAGR registered during 2016-2020.

Besides registering sales in the residential sector, connected TVs are being adopted in medical institutes, hotels, restaurants, and educational institutions, in addition to other commercial spaces such as corporates offices, and shopping complexes. A high pace of appropriation in different application areas is anticipated to propel the smart TV market for the foreseeable future.

Manufacturing giants operating in the smart TV market such as LG Electronics, Inc., Panasonic Corporation, Samsung Electronics Co. Ltd., Sony Corporation, and Videocon Industries Limited are focusing on advancement in technology, pricing, size, and adding new features which would improve customer experience.

The advent of new display technologies such as HDR, XLED, QLED, and object-based audio are encouraging customers to purchase smart TVs. Moreover, the proliferation of high-speed Internet in many parts of the world is accelerating smart TV sales.

Aspects such as the growing influence of smart devices and personalized promotional strategies are driving the demand for smart TVs through the upcoming decade.

How is the Incorporation of 4K UHD Aiding the Proliferation of Smart TVs?

The demand for 4K Ultra-High Definition (UHD) resolution is driven by its improved image quality, extensive color range, higher resolution, and reduction in the cost of implementation which would create opportunities for the key players.

Content producers and telecasters are making significant investments in Ultra-High Definition (UHD) resolution technology owing to improvements in camera technology. Also, proficient film producers are shifting their preference towards Ultra-High Definition (UHD) by utilizing UHD cameras and camcorders.

Moreover, with a sharp viewing experience, 4K Ultra-High Definition (UHD) smart TVs are being adopted in commercial applications areas including hospitality, hotels, and educational institutions which would further play a significant role in driving the demand for smart TVs in the near future.

What is the Impact of the COVID-19 Crisis on the Smart TV Market?

The COVID-19 outbreak has disrupted the production of smart TVs, as operations have been suspended through lockdown restrictions. Leading players in the smart TV market such as Samsung, Xiaomi and LG have also suspended their manufacturing operations in China, India, South Korea, Germany, and the U.K. due to stringent government regulations creating a huge gap between the demand and supply for the same.

Additionally, uncertainty about the possible length of the lockdown makes it difficult to pinpoint how and when recovery will occur. On the other hand, consumers have resorted to making purchases online which influencing promotion and sales opportunities.

Country-wise Insights

What is Driving the Smart TV Sales in China?

China is expected to continue holding its position of dominance over the forecast period accounting for 42.2% of the East Asia market in 2021. The growth in the number of tech giants, and availability of manufacturing resources at low cost is another significant factor for continued demand in this country.

Furthermore, the growth is also attributed to the growing popularity of Over the Top (OTT) Video on Demand (VOD) platforms such as Netflix, Amazon Prime Video, and HOOQ. Auxiliary content availability for these devices, such as games HD device, and HD set-top boxes, served as a catalyst in demand generation.

In spite of the presence of major and well-known brands, Chinese manufacturers are entering the market with innovative products at affordable prices which will propel demand for smart TVs in the near future.

Why is the Demand for Smart TVs Increasing in India?

Demand in the Indian market is expected to rise at nearly 40.7% CAGR over the forecast period. India has become a very attractive market driven by an increasing internet penetration rate of 40% in 2020.

Television is a major source of entertainment for Indian households and with enhancements in technology, there is growing preference for smart homes and smart offices, which has resulted in higher adoption rates.  

Further, the Atmanirbhar Bharat campaign has encouraged home grown brands to invest in research and development to design products in India. This sentiment will provide Indian manufacturers with opportunities to strengthen their production capacities.

Moreover, the inspiration for 'Make in India' has increased the audio-visual content produced in vernacular languages. Hence, the demand for smart TVs from smaller towns is also expected to increase rapidly.

What are the Opportunities for Smart TV Sales in the U.S?

In North America, the U.S. holds the leading market share of over 79% in the smart TV market in 2020. The demand for smart televisions has increased as customer opt for UHD TVs due to their attractive design and superior image quality.

The growing demand for these television sets has created opportunities for content providers to provide high resolution content and recording facilities that supports 4K visual technologies.

What are the key Trends Affecting Smart TV Sales in Germany?

Smart TVs have become very popular among German consumers. The introduction of new display technologies such as QLED and XLED has significantly reduced the demand for LCD alternatives.

Additionally, the reduction in the prices of 4K UHD resolution technology has led to a change in consumer screen size preferences. Attractive prices and features have gradually attracted consumers to move to larger display screens.

Moreover, millennials are critical demographic that has largely influenced industry trends in Germany. Millennials have become conscious about new display technologies in the market.

Download a Comprehensive Report Snapshot

Category-wise Insights

How are Flat Screen Smart TV Offerings Set to Fare?

The flat screen segment is estimated to hold the largest revenue share of more than 87% of the market in 2021 owing to the higher costs of curved panels. Also, viewers prefer flat screens over curved alternatives owing to visual mirror effects, allowing the light emitted from the display to cover the content.

However, companies are also focusing on promoting curved panels owing to a superior immersive customer experience and superior angles of viewing as compared to flat counterparts.

What Sales Channel Exhibits Faster Growth?

Store based retailing remains a preferred option, especially in terms of multi-brand stores and specialty stores, which cumulatively account for over 58% of the smart TV market.

However, the growth of online sales has been accelerated by the convenience of e-commerce sales platforms. COVID-19 has further increased the use of e-commerce websites.

In June 2020, Samsung launched new TVs in India through platforms such as Flipkart and Amazon with many offers and discounts to attract consumers. The move includes smart TV offerings.

Which Screen Size is Preferred by Consumers?

In terms of screen size, 45-to-50-inch screens accounts for a notable share of 24%of overall sales. Customers recommend 4K display technology for larger TV sets. Small screen sizes may not allow for noticeable improvement of picture quality.

Increased purchasing power of consumers has further fueled the demand for smart TVs, especially in the 51–55-inch segment. However, the worldwide increase in consumer income and price trends for UHD televisions are also expected to boost growth in the 65-inch screen size segment.

Competitive Landscape

Companies operating in the Smart TV market are aiming for strategic collaborations and partnerships with other manufacturers to expand knowledge and expertise sharing operations. Manufacturers are also focusing on the expansion of manufacturing facilities globally to maintain their global presence.

• In April 2020 - Sony Electronics Inc. revealed new 2020 LED and OLED television models announced at the CES 2020. Sony's processors power the 2020 TV line-up by upgrading to better color and TRILUMINOS displays. The TVs are also equipped with Google Assistant.
• In March 2021, Apple announced the next generation of Apple TV 4K, delivering high frame rate HDR with Dolby Vision, connecting customers to their favorite content with the highest quality standards. 
• In March 2020 - LG Electronics (LG) announced sales of its 2020 TV line up, which included 14 OLED models, including the GX Gallery series, the Genuine 8K ZX models and the 4K Ultra HD TV.

Scope of Report

Key Questions Answered in the Smart TV Market Report

• What is smart TV market size?

  Driven by the growth of e-commerce and the proliferation of the UHD technology, the global smart TV market size will surpass US$ 388.7 Mn in 2021, and it is expected to reach US$ 3.5 Bn in 2031.

• At what rate did the smart TV market expand in the last five years?

  According to FMI’s analysis, smart TV sales have grown at 17% CAGR between 2016 and 2020.The market’s valuation stood at over US$ 327.3 Mn in 2020.

• What are the key trends shaping the smart TV market?

  There is an increasing focus on UHD and 4K display technologies in the market. Companies are currently focusing on curved screen offerings. Besides this, e-commerce sales will result in increasing demand for the foreseeable future.

• What are the key factors driving smart TV demand?

  Key drivers fuelling the demand for smart TV include lower costs of new display technologies, increasing use of e-commerce channels, and higher growth in lifestyle standards and disposable incomes in emerging economies.

• What is the North America smart TV market outlook?

  Demand in North America will continue to rise, backed by increasing sales in the U.S. and Canada. As per FMI, North America currently holds more than 24.4% of the global smart TV market in 2021. The market will rise at 10.3% between 2021 and 2031.

• Which Countries are Key Producers of Smart TVs?

  Leading producers of smart TVs include South Korea and China, followed by Japan and the U.S.

• What is the cumulative share of top five companies in the smart TV market?

  The cumulative share of the top 5 smart TV companies including Samsung Electronics Co. Ltd., LG Electronics Inc., Sony Corporation, TCL Corporation, and Sharp Corporation equals 66.5% in the global market.

• Who are the Key Exporters of Smart TVs?

  Crystal Export Co., Limited., Funai Electronics Co., Ltd., Express Luck Technology Ltd., Thai Samsung Electronics Co. Ltd., TCL, and Shanghai Audren Electric Technology Co., LTD. are the leading exporters of smart TVs.

• Which are the top countries driving demand for smart TVs?

  Denmark, Germany, the U.K., the U.S., and Sweden have emerged as leading countries aiding the demand for smart TVs.

• What are the key statistics for smart TV market in Japan and South Korea?

  Japan and South Korea are estimated to hold a market value share of 35% and 22.8% in the East Asia smart TV market in 2021.

Enquiry before Buying

• Is this research conducted by Future Market Insights?

  Yes, the research has been conducted by expert analysts of Future Market Insights, through a combination of primary research and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

• What research methodology is followed by Future Market Insights?

  Future Market Insights follows a methodology that encompasses the demand-side assessment of the market and triangulates the same through supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions. Request a detailed methodology.

• Who are the respondents for primary research?

  Future Market Insights speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.

• What are the sources of secondary research?

  Future Market Insights conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.

• Is a sample of this report available for evaluation?

  Yes, you can request a sample, and it will be sent to you through an email.

• How can I buy this report?

  Future Market Insights provides a secure online payment system to buy reports seamlessly. You can buy the report securely and safely.

Smart TV Market by Category

By Display Technology Type:

• LED
• QLED
• HDR
• OLED
• LCD
• IPS LCD
• XLED

By Screen Type:

• Flat
• Curved
• Foldable

By Screen Size:

• 32 Inches & Under
• 33 to 44 Inches
• 45 to 50 Inches
• 51 to 55 Inches
• 56 to 65 Inches
• 66 Inches & Above

By Application Type:

• Residential
• Commercial
  • Hotels
  • Restaurants
  • Corporate Offices
  • Cafeterias
  • Others

By Price Range:

• Under US$ 500
• US$ 500 – US$ 1000
• US$ 1000 – US$ 2000
• US$ 2000 – US$ 3000
• US$ 3000 & Above

By Sales Channel:

• Hypermarkets/Supermarkets
• Specialty Stores
• Multi-brand Stores
• Online Retailers
• Wholesalers & Wholesalers
• Other Sales Channel

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East and Africa (MEA)