The overall demand for Smart TV is expected to grow at a CAGR of 20.8% between 2022 and 2032, totaling around US$ 1,910.44 Million by 2032.
In 2022, the global smart TV market is expected to be worth US$ 288.71 Million. With increasing internet penetration and consumer demand for web-enabled online platforms, the overall demand for Smart TV is expected to grow at a CAGR of 20.8% between 2022 and 2032, totaling around US$ 1,910.44 Million by 2032.
A steady increase in the use of streaming devices, combined with rising internet penetration, is driving market growth. Furthermore, the recent shift in consumer preferences has significantly contributed to revenue generation. The surge in demand for smart TVs has created lucrative opportunities for content providers to enter the Over the Top (OTT) space, This enables them to distribute original content over the internet.
Furthermore, many industry players are collaborating with streaming media player manufacturers in order to broaden their portfolios and increase their visibility. All of these factors are expected to boost market growth in the near future. Because of falling product prices, an increasing number of customers are opting for these technologically advanced televisions.
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Manufacturers are also upgrading their offerings by adding new features to their newer models for customers’ convenience, leading to increased demand. Moreover, the industry has witnessed high penetration in the 4K UHD TV segment, which has become a standard resolution for most manufacturers.
The accelerated demand for smart TVs has paved way for lucrative opportunities for content providers to venture into the Over the Top (OTT) space, which is allowing them to distribute original content via the internet. Also, numerous industry players are collaborating with streaming media player manufacturers to expand their portfolios and enhance their visibility.
All these factors are projected to contribute to market growth in the near future. The use of Android as an operating system by various smart TV providers has made it easy for users to access major OTT platforms such as Netflix, Hulu, and YouTube. Additionally, the Google platform also provides access to major Android-based applications, such as Facebook, Twitter, and Google Play.
Key Takeaways from the Market Study
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Competitive Landscape
Players in the global Smart TV Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
Know More About What the Smart TV Market Repost Covers
Future Market Insights offers an unbiased analysis of the global Smart TV Market, providing historical data for 2017-2021 and forecast statistics from 2022 to 2032.
To understand opportunities in the Smart TV Market, the market is segmented on the basis of display technology type, screen type, screen size, application type, price range, and sales channel across five major regions.
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Key Segments Covered in the Smart TV Industry Analysis
Smart TV Market by Display Technology Type:
Smart TV Market by Screen Type:
Smart TV Market by Screen Size:
Smart TV Market by Application Type:
Smart TV Market by Price Range:
Smart TV Market by Sales Channel:
Smart TV Market by Region:
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
May 22, 2023