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EIN News
/ -- SEATTLE, Aug. 09, 2021 (GLOBE NEWSWIRE) -- Global Smart TV Market is estimated to account for US$ 436.2 Bn by end of 2028, Says Coherent Market Insights (CMI)
Smart TV is an internet-enabled TV equipped with advanced features and applications than conventional TVs, thus eliminating the need for a separate set-top box (STB). This type of TVs includes paid and free streaming apps such as Hotstar, YouTube, Amazon Prime, Netflix, and many others. A smart TV can provide various features such as storage capacity, internet accessibility, GPS system, and other features. On the basis of screen size, the smart TV can be segmented into below 32 inches, 32 to 45 inches, 46 to 55 inches, 56 to 65 inches, above 65 inches, and others
.
The global
smart TV market
was valued at US$ 143.6 billion in 2020 and is estimated to account for 436.2 billion in terms of value by the end of 2028.
Market Drivers
Increasing
demand
of smartphones in Asia Pacific is expected to propel the global
smart TV
market growth over the forecast period
With increasing demand of high-speed internet at competitive prices, the demand for smartphones in emerging economies such as India, Indonesia, and China has increased massively in the recent past. High adoption of smartphones has increased the demand for smart TVs in the region. This is attributed to the growing smartphone usage in the region and increasing usage of internet-connected devices. According to Coherent Market Insights, in China, the usage of smartphones increased from 41.3% of population in 2016 to 61.2% of population in 2020. Hence, such factors are expected to propel growth of the global smart TVs market growth over the forecast period.
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Market Opportunities
:
Increasing demand for
QLED is
e
xpected to
w
itness
s
ignificant
The adoption of innovative technologies, such as Quantum dot LEDs (QLEDs), across the Ultra-high-definition (UHD) in 4K TVs, is expected to drive market growth during the forecast period. Televisions belonging to UHD range have higher resolution as compared to the other televisions. These 4K TVs also pack in screen technology, such as high dynamic range (HDR) and wide color gamut (WCG). For instance, in March 2020, Samsung Electronics Co., Ltd., a South Korea based multinational electronics company launched 2020 QLED 4K and 8K TV models with various features such as expanded 8K Series, larger screen sizes for 4K and 8K models, improved AI capabilities designed in order to provide high picture quality, and dynamic sound experience to the customers. In addition to this, in June 2020, Samsung launched a new series of QLED TVs for its domestic market of South Korea.
M
arket Trend
:
The
c
ommercial
sector is registering a high demand for
smart TV
The increasing demand from commercial sector such as hotels, restaurants, educational institutions, medical institutes, shopping complexes, and corporate offices is expected to drive market growth during the forecast period. Various manufacturing companies that are operating in the smart TV market such as LG Electronics, Inc., Panasonic Corporation, Samsung Electronics Co. Ltd., Sony Corporation, and Videocon Industries Limited are focusing on advancement in technology, pricing, size, and adding new features which would improve customer experience. For instance, in March 2021, Apple Inc., a U.S. based Technology Company, launched next generation of Apple TV 4K, which delivers high frame rate HDR with Dolby Vision, connecting customers to their favourite content with the HD quality standards. The advancement in the
display technologies such as HDR, XLED, QLED, and object-based audio are encouraging customers to purchase smart TVs. Furthermore, the proliferation of high-speed Internet in several parts of the world is increasing the sales of smart TV in the market.Competitive Landscape
:
Major companies involved in the global smart TV market are Samsung, Panasonic Corporation, LG Electronics, Inc., Apple, Inc., Sony Corporation, Koninklijke Philips N.V., Videocon Industries Limited, Haier Electronics Group Co, Ltd., TCL Corporation, Hisense Group, Sansui Electric Co., Ltd., Micromax Informatics, Sharp Corporation, VIZIO, Inc., Toshiba Corporation, Hitachi Ltd., Insignia Systems Inc., and Westinghouse Electric Corporation.
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Market segmentation:
By Resolution Type: HD TV , Full HD TV, 4K UHD TV, 8K TV, and Others
Screen Type: Flat and Curved
By Screen Size: Below 32 Inches, 32 to 45 Inches, 46 to 55 Inches, 56 to 65 Inches, Above 65 Inches, and Others
By Screen Technology: LCD (Liquid Crystal Display), LED (Light Emitting Diode), OLED (Organic Light Emitting Diode), and QLED (Quantum Dot Light Emitting Diode)
By Distribution Channel: Offline and Online
By Application: Residential and Commercial
Related Market Intelligence Reports:
Home Audio Equipment Market, By Product (Home Theater in-a-Box (5.1 Channels 6.1 Channels, 7.1 Channels and 9.1 Channels), Home Audio Systems, Home Radios and Other Home Audio Accessories) and by Region (North America, Europe, Asia Pacific, ROW) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027
Read more:
https://www.coherentmarketinsights.com/market-insight/home-audio-equipment-market-4352
Virtual Reality in Gaming Market, By Type (Software, Hardware), By Console type (MAC, X-BOX, Play Station, PC, Nintendo Wii), and By Region (North America, Europe, Asia Pacific, Row) - Size, Share, Outlook, and Opportunity Analysis, 2020 – 2027
Read more:
https://www.coherentmarketinsights.com/market-insight/virtual-reality-in-gaming-market-4197
About Us:
Coherent Market Insights
is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.
Follow Us:
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Mr. Shah Senior Client Partner – Business Development Coherent Market InsightsPhone: US: +1-206-701-6702 UK: +44-020-8133-4027 Japan: +81-050-5539-1737 India: +91-848-285-0837 Email: sales@coherentmarketinsights.com Website: https://www.coherentmarketinsights.com
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Global Smart TV Market is estimated to account for US$ 436.2 Bn by end of 2028, Says Coherent Market Insights (CMI)
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August 09, 2021, 12:45 GMT
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