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The global smart TV market is being driven by the rising demand for televisions with advanced features like built-in Wi-Fi and an ethernet port, allowing consumers to browse, share, download, and stream videos, music, and games. The growing internet penetration and rapid advancement in technology are supporting the industry growth.
The Asia Pacific dominates the industry, accounting for a significant share in the global market. Due to rising disposable income and growing technological awareness among consumers, the region is expected to witness the fastest growth rate over the forecast period. In the past few years, the television segment has transformed significantly. In developing regions like India and China, the growing popularity of online shopping platforms is leading to the rise in sales of smart TVs, as such platforms make the latest models readily available to the buyers. According to Amazon India (subsidiary of Amazon, NASDAQ: AMZN), around 80% of televisions sold in the region via its platform in 2020 were smart TVs, indicating that both customers and television manufacturers see the future in online video streaming.
The growing consumer preference for smart TVs to access online video streaming services such as YouTube Premium, Netflix, and Amazon Prime Video, among others, and other advanced features is leading manufacturers to constantly innovate their products’ range, which is aiding the industry growth.
In June 2020, Samsung Electronics brought world’s first QLED 8K television to India, which features artificial intelligence (AI), delivering 16 times the resolution of full HD televisions and setting a new benchmark in TV technology.
Market Breakup by Resolution Type, Screen Size, Screen Type, Technology, Platform, Distribution Channel, Application, and Region:
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The major players in the global smart TV market are LG Electronics Inc., Sony Corporation, Panasonic Corporation, Apple Inc., Hisense Group Co. Ltd, TCL Corporation, Haier Group Corporation, LG Hitachi Ltd, Koninklijke Philips N.V, and Samsung Electronics Co., Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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