Smart TV Market Size, Share Global Analysis Report, 2024 – 2032

Industry Insights

[222+ Pages Report] According to Facts & Factors, the global smart TV market size was valued at USD 12.96 billion in 2023 and is predicted to surpass USD 64.16 billion by the end of 2032. The smart TV industry is expected to grow by a CAGR of 17.30% between 2024 and 2032.

To know more about this report | Request Free Sample Copy

Market Overview

Smart TV refers to a digital television that is well integrated with interactive features and internet connectivity. It helps users stream content online, browse the web, and use many other applications directly on the TV without the help of any other external devices like a set-top box.

Smart TVs have preinstalled apps like Amazon Prime Video, Netflix, Disney + Hotstar, and other streaming services, which help users view the content directly. These devices also offer instant access to the App Store, which helps download any applications like news, games, or social media. Additionally, these products are also integrated with Google assistance, Amazon, Alexa, or other voice control systems for hands-free operations.

Key Insights

• As per the analysis shared by our research analyst, the global smart TV market size is estimated to grow annually at a CAGR of around 17.30% over the forecast period (2024-2032).
• In terms of revenue, the global smart TV market size was valued at around USD 12.96 billion in 2023 and is projected to reach USD 64.16 billion by 2032.
• Growing popularity of streaming services is driving the growth of the global smart TV market.
• Based on the technology, the QLED segment is growing at a high rate and is projected to dominate the global market.
• Based on the distribution channel, the offline segment is projected to swipe the largest market share.
• Based on screen shape, the flat TV segment is expected to dominate the global market.
• Based on resolution, the full HDTV segment is anticipated to witness significant developments in the global market.
• Based on operating systems, the Android TV segment is anticipated to grow with the highest CAGR in the global market.
• Based on region, Asia Pacific is expected to dominate the global market during the forecast period.

To know more about this report | Request Free Sample Copy

Growth Drivers

• Growing popularity of streaming services is driving the growth of the global market.

The rise in demand for over-the-top (OTT) platforms like Disney+Hotstar, Amazon Prime, and Netflix is driving strong demand for smart TVs in the market. Moreover, consumers are shifting from their traditional cable TV to internet-based smart TV.

Additionally, the fast expansion of high-speed broadband networks globally is one of the prime factors driving the growth of the industry. Also, the growing access to the internet, even in underserved areas, at affordable prices is further strengthening the demand in the market. The ongoing technological advancements like 4K and 8K resolutions to enhance the viewing experience are further likely to appeal to consumers. Integration of advanced technologies like AI and machine learning for personalized content recommendation is expected to boost the adoption of smart TVs in the market.

All these factors are likely to drive the growth of the global smart TV market during the forecast period. For instance, OnePlus Technology Co. Ltd came up with the OnePlus Y Series 100 cm in 2021. The company is a Chinese consumer electronics manufacturer based in Shenzhen, Guangdong.

Restraints

• Data security and privacy concerns are likely to hamper the growth of the global market.

Smart TV collects different databases on usage patterns, viewing habits, and many others, which is raising concerns regarding data privacy. Moreover, connected devices are more vulnerable to cyber-attacks, which further deter consumers from adopting these smart TVs. Therefore, such a landscape is expected to hinder the growth of the smart TV industry.

Opportunities

• Smart home integration is expected to foster opportunities in the global market.

The capabilities of smart TVs to integrate with other smartphone devices are expected to foster growth opportunities in the global smart TV market. Features like voice assistance help in adding more functionality and convenience, which further attract consumers who want more comprehensive smart home solutions.

The emergence of many budget-friendly smart TV models further makes it accessible to a wider audience, which in turn is also expected to positively impact the growth of the industry. For instance, Google TV came up with 43-inch QLED and 55-inch 4K in 2023. The company's collaboration with online retailer Flipkart is Blaupunkt's offering in the television industry.

Challenges

• Competition from alternative devices is a big challenge in the global market.

The emergence of affordable streaming devices like Amazon Fire Stick and Google Chromecast is likely to slow down the growth of the smart TV industry. Additionally, the introduction of high-end smartphones and tablets that offer high-quality content is further expected to slow down the growth of the industry.

Segmentation Analysis

The global smart TV market can be segmented into technology, distribution channel, screen shape, resolution, operating system, and region.

On the basis of technology, the market can be segmented into LED, QLED, OLED, and others. The QLED segment accounts for the largest share of the smart TV industry during the forecast period. QLED TVs offer improved contrast, color accuracy, and brightness as compared to traditional LED TVs. The high picture quality makes QLED a popular choice among consumers. Technological innovation in QLED technology is another major factor propelling the growth of the segment. Advancements in quantum material and improved manufacturing processes are appealing to people and making QLEDs more affordable for a broader audience.

On the basis of distribution channels, the market can be segmented into online and offline channels. The offline segment is likely to dominate the global smart TV market during the forecast period. There is still a large chunk of consumers who prefer to test the products physically before making purchase decisions, which is a primary factor for the high growth rate of the segment. Consumers want to see the overall build of the TV including its sound and picture quality, along with many other features, before making a decision.

Moreover, retail expertise, like knowledgeable staff, also plays an important role. People prefer to be guided by staff regarding the features & get personalized recommendations and technical assistance. Also, people get immediate delivery of the smart TV from physical stores, which attracts consumers. It is a kind of immediate gratification which helps in dominating the segment.

On the basis of screen shape, the market can be segmented into curved and flat. Flat TV is the fastest-growing segment in the smart TV industry. The flat TV segment includes a wide variety of models ranging from affordable medium-budget to high-end premium devices. This diversity attracts consumers with different budgets.

Moreover, the ongoing developments in display technologies like LED, QLED, and OLED further improve the picture quality, making it more appealing to people. Advancements like higher resolution, color accuracy, and improved energy efficiency are expected to revolutionize the market. Flat TVs come up with modern aesthetics, thin profile, and sleek design, which further appeal to consumers as a part of their beautiful home decor.

On the basis of resolution, the market can be segmented into 4K UHD TV, HDTV, full HDTV, 8K TV, and others. The full HDTV segment is expected to grow significantly during the forecast period. Full HD TV offers a great balance between cost and quality, which is a major factor in the high growth rate of the segment. Also, with the lowering cost of HD panels, consumers can easily afford high-definition picture quality without paying any premium amount.

Also, the 1080p resolution of full HD TVs helps in offering an excellent viewing experience to meet the demands. Full HD TVs broadcast almost all retail channels. Additionally, they offer strong performance by offering high-quality images with appropriate brightness, contrast, and color accuracy. Also, consumers are more attracted to full HD TVs because of the smart features and connectivity capabilities.

On the basis of operating systems, the market can be segmented into Roku, webOS, Tizen, Android TV, and others. The Android TV segment is anticipated to grow with the highest CAGR during the forecast period. Android TV offers access to a wide range of app ecosystems, which is a major factor driving the growth of the segment. This extensive ecosystem improves user experience.

Also, the Android TV platform is quite user-friendly and versatile. People can easily navigate through the different options and integrate their devices with Google services. Android TVs are easy to update as they automatically download the security patches from Google.

Also, the ongoing maintenance helps improve the performance of Android TVs. Android's operating system comes up with more customization and flexibility. The open nature of the Android platform helps people get the most done, like downloading third-party apps, personalizing their home screen, or enhancing their viewing experience. Additionally, many leading TV manufacturers have opted for the Android TV platform in their smart TV offerings, which is another crucial factor likely to foster growth opportunities in the segment.

Report Scope

Report Attribute	Details
Market Size in 2023	USD 12.96 Billion
Projected Market Size in 2032	USD 64.16 Billion
CAGR Growth Rate	17.30% CAGR
Base Year	2023
Forecast Years	2024-2032
Key Market Players	Toshiba Visual Solutions, TCL Electronics Holdings Limited, Sony Corporation, Sansui Electric Co. Ltd., Samsung Electronics Co. Ltd., Panasonic Corporation, LG Electronics Inc., Koninklijke Philips N.V., Intex Technologies, Hisense International, Haier Inc., and Others.
Key Segment	By Technology, By Distribution Channel, By Screen Shape, By Resolution, By Operating System, and By Region
Major Regions Covered	North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa
Purchase Options	Request customized purchase options to meet your research needs. Explore purchase options

Regional Analysis

• Asia Pacific to dominate the global market.

Asia Pacific accounts for the largest share of the global smart TV market during the forecast period. China is the leading market in APAC because of the presence of a strong domestic manufacturing industry. Also, the high adoption rates of smart TVs in the region are likely to further support the growth of the regional market. India is also expected to see significant growth in the market because of the rising urbanization and living standards of the people.

The increasing affordability of smart TVs is further likely to positively impact the growth of the regional market. Japan and South Korea are other emerging markets with a focus on high-end smart TV products. Additionally, emerging markets like Thailand, Malaysia, and Indonesia are likely to contribute significantly to the growth of the regional market in the coming years.

North America is also likely to witness a high growth rate in the smart TV industry in the coming years. The United States is likely to dominate the North American market because of the highest spending power of people. Also, consumers in the US are fast adopters of modern technology, which in turn is also expected to positively impact the growth of the industry. Canada is also likely to witness significant growth in the sales of smart TVs because of the growing demand for advanced home entertainment systems in the region.

All these factors are likely to contribute significantly towards the growth of the market in North America. For instance, Samsung Electronics unveiled its annual Tech Seminar Series in Germany in 2024. Samsung is the world's top TV manufacturer, ruling the industry for 18 years.

Competitive Analysis

The key players in the global smart TV market include:

• Toshiba Visual Solutions
• TCL Electronics Holdings Limited
• Sony Corporation
• Sansui Electric Co. Ltd.
• Samsung Electronics Co. Ltd.
• Panasonic Corporation
• LG Electronics Inc.
• Koninklijke Philips N.V.
• Intex Technologies
• Hisense International
• Haier Inc.

For instance, Samsung Electronics came up with the Neo QLED 8K smart TV range in 2022. It is a 65-inch and 85-inch screen TV. Samsung is running many promotional offers that can help consumers get these TVs at lower costs.

The global smart TV market is segmented as follows:

By Technology Segment Analysis

• LED
• QLED
• OLED
• Others

By Distribution Channel Segment Analysis

• Online
• Offline Channels

By Screen Shape Segment Analysis

• Curved
• Flat

By Resolution Segment Analysis

• 4K UHD TV
• HDTV
• Full HDTV
• 8K TV
• Others

By Operating System Segment Analysis

• Roku
• WebOS
• Tizen
• Android TV
• Others

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America