by The global smart TV market has witnessed robust growth in recent years. Smart TV offers various advantages over traditional televisions such as access to over-the-top media services, web browsing, wireless screen sharing, and ability to stream content directly from compatible smart devices. The increasing popularity of video-on-demand platforms and smart devices has accelerated the demand for smart TVs worldwide. Smart TV allows users to access varied forms of online entertainment from a single platform in a connected environment.
The Global Smart TV Market is estimated to be valued at US$ 253.79 Bn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the smart TV market are Samsung, Panasonic Corporation, LG Electronics, Inc., Apple, Inc., Sony Corporation, Koninklijke Philips N.V., Videocon Industries Limited, Haier Electronics Group Co, Ltd., TCL Corporation, Hisense Group, Sansui Electric Co., Ltd. Key players are focusing on new product launches and innovations to enhance connectivity and streaming capabilities in smart TVs.
The growing demand for OTT platforms and steep rise in media consumption on digital platforms have boosted the Smart TV Market Size in recent years. Wide availability of high-speed internet and affordable data plans are further propelling the market growth.
Major Smart TV Market Demand manufacturers are expanding their geographical presence aggressively to leverage the opportunities in emerging markets. Key players are strengthening their distribution network and engaging in strategic partnerships and joint ventures for global market expansion.
Market key trends
One of the key trends in the Smart Tv Companies is the rising popularity of voice assistants. Major players are integrating virtual voice assistants such as Amazon Alexa, Google Assistant, Apple Siri etc to enable seamless hands-free operations and content discovery. Voice assistant capabilities allow users to search content, control playback, check weather, turn on other smart appliances and more with just their voice commands. This enhanced convenience and connectivity is expected to drive the demand for smart TVs with voice assistant compatibility over the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirement and some technology barriers limit new entrants in the market.
Bargaining power of buyers: Purchasing power of buyers is low as they cannot demand lower prices due to lack of alternatives.
Bargaining power of suppliers: Suppliers have less power as component manufacturing technology is common.
Threat of new substitutes: Substitutes are less likely as there are few alternatives that offer the combination of features of a smart TV.
Competitive rivalry: Intense competition exists among existing players to gain market share through new features and tech upgrades.
Geographical regions
North America currently holds the largest market share in terms of value driven by high disposable incomes and adoption of new technologies. Factors such as rising demand for OTT platforms and presence of key players also contribute to high market concentration.
The Asia Pacific region is expected to witness the fastest growth during the forecast period. Rapid economic development, growing middle class population and increasing digitization are driving smart TV sales across countries like India and China. Rising internet and broadband penetration coupled with low prices of smart TVs compared to other regions will further aid regional market expansion.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
