Global Smart TV Market by Resolution (HDTV, Full HD TV, 8K TV, 4K UHD TV), by Screen Type (Flat, Curved) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global smart TV market demand was 268.9 Million units in 2020. It is expected to grow at a compound annual rate (CAGR of 20.8%) between 2021 and 2028. The market is growing due to a steady rise in streaming devices and increasing internet penetration. The shift in consumer preferences in recent years has also contributed significantly to the revenue generation. The increased demand for smart TVs has opened up lucrative opportunities for content providers to enter the Over the Top (OTT), which allows them to distribute original content over the internet. Many industry players have teamed up with manufacturers of streaming media players to increase their reach and expand their product range. These factors will all contribute to market growth in near future.

In the near future, the industry will mature and manufacturers will be able to offer new products like OLED, QLED 4KTVs, 8K TVs, and other innovative products. In addition, customers are choosing these advanced TVs due to falling product prices. For customer convenience, manufacturers are increasing their product offerings and adding new features to older models. This has led to an increase in demand. The 4K UHD TV segment has seen high penetration, and is now a standard resolution for most manufacturers.

Smart TVs have more features and applications than conventional TVs. Leading players are developing their own operating systems to combat the fierce competition from streaming device providers like Apple and Roku. Tizen by Samsung Electronics Co. Ltd., and WebOS from LG Electronics allow viewers to download apps from the store as well as access streaming services online. Voice recognition tools are included in the latest TV models. This allows users to switch channels easily without having to use a remote.

Android has been used by many smart TV providers to make it simple for users to access major OTT channels such as Netflix, Hulu and YouTube. The Google platform offers access to many Android-based apps, including Facebook, Twitter and Google Play. Android TVs also support voice commands. Users can access them with magic remotes. The Sony One-Flick remote, for example, has an integrated mic that allows users to voice command their favorite channels or shows. Android offers a variety of apps, as well as music and movies.

Due to the COVID-19 pandemic's onset, tight lockdowns by different government authorities resulted in people being restricted to their homes. This significantly increased online video streaming, and eventually led to an increase in demand for smart TVs. The pandemic has had a significant impact on the electronics industry, with temporary suspensions of manufacturing operations leading to a significant production slowdown. To maximize their profits, market players are focusing on reducing operational expenses. The production of new TVs was also affected by key manufacturers like Samsung Electronics Co. Ltd. and LG Electronics Inc. The pandemic also had a negative impact on consumer purchasing behavior. Consumers are more likely to spend on essential items than luxury, which has impacted market growth.

Resolution Insights

The smart TV market can be divided based on resolution into HDTV, Full HDTV, 4K UHD TV and 8K TV. The 4K HDTV segment accounted for 40% of the total volume in 2020. It is expected to continue its dominance during the forecast period. Due to their steadily declining prices, 4K TVs gained significant traction in the last few years. The Consumer Technology Association (CTA) states that 4K TV sales have outsold HDTVs. To improve the quality of their products in this market, key players such as Samsung Electronics Co., Ltd., Sony Corporation, and LG Electronics, Inc., have used quantum dot technology, and nanotechnology. This has further increased their demand.

The fastest growing segment of 8K TVs is expected to show a CAGR approximately 19.0% between 2021 and 2028. This is due to the increasing demand from customers for high-resolution TVs. The 8K TVs are capable of displaying approximately 33 million pixels. This is more than the 8 million pixels available on a 4K HDTV. Companies are expanding their 8K series ranges by offering products with enhanced AI capabilities that offer the best picture quality and dynamic sound. Major companies are also focusing on 8K TVs with advanced features such as Active Voice Amplifier and pop-up camera, Dolby Vision support for developing countries, India, and Dolby Atmos. This will help to grow the segment.

Screen Type Insights

In 2020, the flat screen segment was the dominant in the industry and accounted for more than 95% of the total revenue and volume. This segment will continue to dominate the industry for the foreseeable future. Flat-panel TV sets are cheaper than their curved counterparts, which explains the high revenue generation. Flat screens are preferred by the majority of customers because they are easier to mount on the walls. Flat screens are preferred due to the mirror effect of the curve. The light from the display is reflected onto the image, creating a mirror effect.

Curved screens are expected to be in high demand. The CAGR for 2021-2028 is more than 7.0%. Curved panels offer better viewing angles and more immersive experiences. Curved panels also reduce video degradation when viewing off-center. Flexible TV panels are being introduced by market vendors to convert flat panels into curved panels, which will lead to lucrative growth opportunities for this segment.

Screen Size Insights

In 2020, the 46-55 inch category was the dominant market segment and accounted for more than 38% revenue share. Consumers are increasingly buying TVs with larger screens due to falling product prices and the integration of 4K technology with attractive options. For better picture quality, 4K displays are recommended for larger TV screens. Leading vendors have recently introduced a wide range of 4K TVs that can be used on screens sizes between 55 and 85 inches to meet customer demand. The market will grow as a result of increased product availability.

From 2021 to 2028, the segment above 65 inches is expected to experience the fastest CAGR at over 14%. Many customers who plan to buy 55-inch TV sets will not hesitate to spend more on TV sets with 65-inch displays. This is due to the relatively small price differences between these two types. In the coming years, the Middle East and Asia Pacific regions will see a rise in customers purchasing next-generation large screen TV sets. This is mainly due to an increase in spending capacity.

Regional Insights

Asia Pacific accounted for more than 38% of the global market in 2020. It is expected to continue its dominance over the forecast period. It is expected to experience the fastest growth between 2021 and 2028. The region's market is growing due to increasing adoption of smart TVs in fast-developing economies like India. The region is expected to see a rise in demand for 4K technology, due to consumers' preference for sleek designs and better picture quality. China holds a significant portion of the region's market. New entrants like Hisense Co., Ltd. and TCL Corporation have helped to establish their presence and make the competition fiercer.

The Middle East and Africa region will grow rapidly, with a CAGR exceeding 12% between 2021 and 2028. The region is seeing rapid growth in smart TV adoption due to significant advances in the OTT space as well as a noticeable increase in the creation of engaging content. The increasing availability of high-speed, seamless internet connections is boosting product demand. According to a Up Market Research study, Africa is experiencing a steady increase in demand for HD content and HDTVs. African countries like Nigeria and Kenya are working to transform the display industry, increasing adoption of smart TVs in their region.

Market Share Insights & Key Companies

This industry is relatively fragmented and has little dominance by any one player. The market has seen significant growth over the last few years, and it continues to provide lucrative opportunities for participants. Even though the COVID-19 pandemic had a negative impact on the supply chain, many companies have made great efforts to restore their operational capabilities.

Market players are embracing new product launches and investing in the most recent technologies to maintain their competitive edge. Samsung Electronics Co. launched its QLED smart TVs in July 2020. They have achieved an exceptional energy efficiency rating. Sony Corporation announced in April 2020 the pricing and availability of its OLED and LED models with Google Assistant for simple access to entertainment and device control. The following are some of the major players in the global smart television market:

• LG Electronics Inc.

• Samsung Electronics Co. Ltd.

• Sony Corporation

• VIZIO Inc.

• Videocon Industries Ltd.

• Sansui Electric Co. Ltd.

• Toshiba Corporation

• Haier Electronics Group Co., Ltd.

Up Market Research published a new report titled “Smart TV Market research report which is segmented by Resolution (HDTV, Full HD TV, 8K TV, 4K UHD TV), by Screen Type (Flat, Curved), By Players/Companies LG Electronics, Inc; Panasonic Corporation; Samsung Electronics Co Ltd; Sony Corporation; and Videocon Industries Limited”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Smart TV Market Report Segments:

The market is segmented by Resolution (HDTV, Full HD TV, 8K TV, 4K UHD TV), by Screen Type (Flat, Curved).

Smart TV Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Smart TV Market

Overview of the regional outlook of the Smart TV Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Smart TV Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Smart TV Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. HDTV

                2. Full HD TV

                3. 8K TV

                4. 4K UHD TV

                1. Flat

                2. Curved

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Smart TV Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
• Market Entry Strategies
• Business Expansion Strategies
• Consumer Insights
• Understanding Competition Scenario
• Product & Brand Management
• Channel & Customer Management
• Identifying Appropriate Advertising Appeals

Reasons to Purchase the Smart TV Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.