Press release
Smart TV Market Trends, Drivers, Growth Opportunities, Challenges And Forecast 2024-2033
Smart TV Market
The Business Research Company offers in-depth market insights through Smart TV Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The smart tv market size has grown strongly in recent years. It will grow from $200.18 billion in 2023 to $214.4 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to technological advancements, content streaming, user-friendly interfaces, high-quality displays, internet accessibility.
The smart tv market size is expected to see strongly grown in the next few years. It will grow to $279.59 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to 5g connectivity, content partnerships, smart home integration, gaming and cloud services. Major trends in the forecast period include hdr and dolby vision, oled and qled technology, ai and voice control, smart home integration.
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Market Segmentation:
The smart tv market covered in this report is segmented -
1) By Product Type: 4K UHD TV, Full HD TV, HDTV, 8K TV
2) By Panel Type: LCD, LED, OLED, QLED
3) By End User: Home, Offices, Education Institutions, Other End-Users
Major Driver - Growth Of Smart Tv Market Is Fueled By Video-On-Demand Services
The rising popularity of video-on-demand services is a key factor driving the growth of the smart TV market. Video on Demand (VoD) is one of the innovative features that Internet Protocol TV (IPTV) gives. VoD gives consumers a range of available videos to choose from. The video is transmitted via the Real-Time Streaming Protocol. In recent years VOD has gained tremendous popularity, and this has resulted in higher smart TV adoption rates. For instance, in January 2023, according to Netflix Inc., a US-based provider of subscription video-on-demand over-the-top streaming service, the total number of paid memberships in 2021 was 221,844,000, and in 2022, it climbed to 230,747,000. Therefore, the rising trend of video-on-demand services is expected to drive the smart TV market growth.
Competitive Landscape:
Major companies operating in the smart tv market include Sony Corporation, LG Corporation, TCL Corporation, Koninklijke Philips NV, Haier Electronics Group Co. Ltd., Panasonic Corporation, Samsung Electronics Co. Ltd., Apple Inc., Toshiba Corporation, Insignia Systems Inc., Hisense Group Co. Ltd., Intex Technologies Ltd., Vizio Inc., Haier Group Corporation, Intel Corporation, Microsoft Corporation, Boxee Inc., Cable Television Laboratories Inc., Logitech International SA, Nyxio Technologies Corp., Sharp Corporation, Sichuan Changhong Electric Co. Ltd, Funai Electric Co. Ltd., JVC Kenwood Holdings Inc., Loewe Technology GmbH, Mitsubishi Electric Corporation, NEC Corporation, Onida Electronics, Sanyo Electric Co. Ltd., Seiki Digital, Skyworth Group Ltd., Vestel Elektronik Sanayi ve Ticaret AS, Xiaomi Inc., Grundig Intermedia GmbH, Hisense Kelon Electrical Holdings Co. Ltd.
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Top Trend - Development Of 8K Tvs In The Smart Tv Market
The 8K TV is a key trend in the smart TV market. The 8K TV sets have 33 million pixels, compared to 8 million pixels in a 4K package. All those millions of extra pixels provide clearer, more accurate images than the 4 K UHD TVs. The 8K Ultra HD doubles the 4K Ultra HD resolution, and it is 16 times the full HD resolution. For instance, in September 2023, Samsung Electronics Co. Ltd., a South Korea-based major appliance and consumer electronics company, launched its largest-ever 8K smart TV, the 98-inch class Samsung Neo QLED 8K TV (model QN990C), during the CEDIA Expo 2023. This television boasts mesmerizing picture quality and is equipped with Dolby Atmos and Cinema Object Tracking Sound, ensuring clear and balanced audio.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Smart TV Market Characteristics
3. Smart TV Market Trends And Strategies
4. Smart TV Market - Macro Economic Scenario
5. Smart TV Market Size And Growth
…..
27. Smart TV Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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