The global smart TV market is expected to grow significantly over the next few years, driven by increasing demand for high-quality content and improved viewing experiences. The smart TV market size was valued at approximately USD 157.5 billion in 2021 and is expected to reach USD 325.2 billion by 2028, growing at a CAGR of 10.4% during the forecast period of 2023-2028.
Smart TVs are becoming increasingly popular due to their enhanced features such as streaming, connectivity, and interactive services. The rise in the number of internet users and the growing popularity of online video streaming services such as Netflix, Amazon Prime Video, and Hulu are driving the growth of the smart TV market. Additionally, the increasing adoption of technologies such as 4K and OLED has led to the development of more advanced smart TVs.
The Asia-Pacific region dominated the smart TV market in 2021 and is expected to continue its dominance over the forecast period. The increasing disposable income of consumers in emerging economies such as China and India is driving the demand for smart TVs. North America and Europe are also expected to witness significant growth in the smart TV market over the forecast period, driven by the increasing adoption of advanced technologies.
Based on screen size, the market can be segmented into up to 32 inches, 32 to 45 inches, 45 to 55 inches, and more than 55 inches. The 45 to 55 inches segment dominated the smart TV market in 2021 and is expected to continue its dominance over the forecast period. This is due to the increasing demand for larger screen sizes among consumers for better viewing experiences.
Based on resolution, the market can be segmented into 4K UHD TV, HDTV, and full HD TV. The 4K UHD TV segment dominated the market in 2021 and is expected to continue its dominance over the forecast period. This is due to the increasing adoption of 4K technology by consumers, which offers superior picture quality and enhanced viewing experiences.
Based on distribution channel, the market can be segmented into online and offline. The online segment dominated the market in 2021 and is expected to continue its dominance over the forecast period. This is due to the increasing popularity of e-commerce platforms and the convenience of online shopping.
Based on region, the market can be segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The Asia-Pacific region dominated the market in 2021 and is expected to continue its dominance over the forecast period. This is due to the increasing disposable income of consumers in emerging economies such as China and India, which is driving the demand for smart TVs.
Some of the key players operating in the smart TV market include Samsung Electronics Co., Ltd., Sony Corporation, LG Electronics Inc., Vizio Inc., TCL Corporation, Hisense Group Co., Ltd., Skyworth Digital Holdings Limited, Koninklijke Philips N.V., Haier Electronics Group Co., Ltd., and Panasonic Corporation.