Smart TV Market Strategies, Top Players, Growth Opportunities, Analysis, and Forecast by 2031

The smart TV market size is projected to reach US$ 873.24 billion by 2031 from US$ 247.36 billion in 2023. The market is expected to register a CAGR of 17.1% during 2023–2031. The rise in internet penetration and the improving lifestyle of the population are likely to remain key trends in the market.

Smart TV Market Analysis

The smart TV market has promising growth potential due to several factors, such as increasing demand for smart TVs with rising disposable incomes of consumers and improving the standard of living. Rising demand for home entertainment in the pandemic, a wide variety of affordable launches, an increase in broadband and internet penetration, and multiple discounts and offers from retailers are some of the factors expected to boost the market growth over the forecast period.

Smart TV Market Overview

Smart TVs are connected TVs with integrated internet and interactive web 2.0 features that permit access to online digital entertainment and related content to stream music and videos, browse the internet, and view photos. Smart TVs consist of both high-definition or HDTVs, as well as 4K TVs and 8K TVs. Smart TV provides many features such as internet availability, global positioning system, storage capacity, interconnection with smart devices, and other entertainment features such as games, music, and others. Smart TV, incorporated with an internet connection, offers access to several popular applications such as Netflix, YouTube, Amazon Prime, Hulu, and others. These are much like smartphones and smart home devices, which offer internet connectivity and support for a range of apps. Smart TVs are gaining more integrated smart home features and are among the best smart home devices. Furthermore, this market is undergoing many technological transformations and innovations, such as motion control, gesture control, and others.

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Smart TV Market: Strategic Insights

Smart TV Market

• Market Size 2023
  US$ 247.36 Billion
• Market Size 2031
  US$ 873.24 Billion

Market Dynamics

GROWTH DRIVERS

• Rising Consumer Disposable Income

FUTURE TRENDS

• Demand from industrial sector

OPPORTUNITIES

• Rise in demand from the commercial and residential sectors

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Technology

• 4K and UHD Smart TV
• High Dynamic Range Smart TV
• Three Dimensional Smart TV

Dimensions

• Below 32 inches
• 32 to 45 inches
• 46 to 55 inches
• 56 to 65 inches

Operating System

• Android Smart TV
• Firefox Smart TV
• Tizen Smart TV
• LG WebOS

Application

• Residential Smart TV
• Corporate Smart TV
• Industrial Smart TV

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Smart TV Market Drivers and Opportunities

Rising Consumer Disposable Income to Favor the Market

The transformation and evolution of TV sets are some of the most prominent aspects of the technological revolution in past years. The introduction of several affordable smart HD TVs by major Chinese providers in recent years has unlocked an entirely new era for middle-class TV users. The rise in the population's disposable income and ongoing digital transformation encourage consumers to shift from traditional TVs to Smart TVs. For example, according to the US Bureau of Economic Analysis, the disposable personal income of the population in March 2024 rose by 0.2% compared to the previous month.

Rise in demand from the commercial and residential sectors.

The rise in urbanization across the world has fostered the growth of the commercial and residential sectors. The demand for new office spaces, hotels, and restaurants has also gained traction which propels the smart TV market. For example, according to a report by Jones Lang LaSalle IP, Inc., there is a significant growth of 26% in housing sales across the top seven residential markets in India, indicating a robust market in 2023. Thus, with such a rise in the commercial and residential sectors, the demand for commercial smart TVs and residential smart TVs showcases substantial growth.

Smart TV Market Report Segmentation Analysis

Key segments that contributed to the derivation of the smart TV market analysis are technology, dimension, operating system, and application.

• Based on technology, the smart TV market is divided into 4K and UHD Smart TV, high dynamic range (HDR) smart TV, and three dimensional (3D) smart TV. The three dimensional (3D) smart TV segment is expected to grow with the highest CAGR.
• By dimension, the market is segmented into below 32 inches, 32 to 45 inches, 46 to 55 inches, and 56 to 65 inches. The 32 to 45 inches held a significant share of the market in 2023.
• By operating system, the market is segmented into Android smart TV, Firefox smart TV, Tizen smart TV, LG WebOS, and others. The Android smart TV segment held a significant share of the market in 2023.
• In terms of application, the market is segmented into residential Smart TV, corporate smart TV, and industrial smart TV. The industrial smart TV segment is expected to grow with the highest CAGR.

Smart TV Market Share Analysis by Geography

The geographic scope of the smart TV market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

North America holds significant market shares. High technology adoption trends amongst consumers in the North American region have fuelled the growth of the smart TV market. Factors such as increased internet spending and consumption and high technological spending by consumers are some of the primary factors influencing the market positively in the North American region. Moreover, the rise in the traction of various over-the-top (OTT) platforms and the huge availability of various affordable subscription-based plans are expected to drive the North American smart TV market growth.

Asia Pacific region held the highest market share in 2023. With the growth in population and rising disposable income of the people in the region, the region is becoming a huge market for consumer electronics, which is driving the market growth. In addition, the region homes key market players such as LG Electronics Inc., Samsung Electronics Co. Ltd, Sony Corporation, Panasonic Corporation, and others, which drive the smart TV market in the Asia Pacific region.

Smart TV Market Market Report Scope

Smart TV Market News and Recent Developments

The smart TV market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the smart TV market are listed below:

• Panasonic Entertainment & Communication had agreed to a collaboration with Amazon.com Services LLC, which consists of a license agreement for Fire TV aimed at developing a television that provides an unprecedented visual experience. This collaboration focuses on delivering optimal high-quality images and sound tailored to each family member's viewing environment, ensuring a stress-free and seamless experience that aligns with the diversifying lifestyles and rich variety of content. Consequently, these TVs will enhance how you discover and enjoy the content, offering a personalized home screen that brings together streaming services, apps, live channels, and tailored recommendations. (Source: Panasonic, Press Release, January 2024)

Smart TV Market Report Coverage and Deliverables

The “Smart TV Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Smart TV market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Smart TV market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• smart TV market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the smart TV market
• Detailed company profiles