10 May 2019: Global Smart TV Market size is expected to reach USD 292.55 billion by 2025. A smart TV is also known as “hybrid or connected TV”. It is a television set that could be connected to the internet through Wi-Fi connection. Smart TV is a technological union between computers and flat screen television sets and set-top boxes. It provides complete home entertainment to the users and allows to use all features donned by smartphones or computers. It offers various features like internet accessibility, GPS system, storage capacity, entertainment features such as music, movies& games, and ability to connect other devices like smartphone or tablet.
Smart TV is integrated with internet connection, which allows users to access popular websites including YouTube, Hulu, Facebook, Amazon Prime, & Netflix. It provides a facility to record TV programs. The Smart TV market is expected to witnesses a CAGR of 9.5% over the forecast period as the scope, product types, and its applications are increasing across the world.
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The rising demand for 4K & HDR resolution TVs ,increasing urban population, changing lifestyles, increasing internet users, growing demand for internet connected multimedia devices, rising disposable income of consumers, high investments in technological advancements by industry players, increasing consumers’ inclination toward high-tech devices, on-going TV network digitization, and rising marketing strategy by key manufactures are the factors anticipated to boost the growth of the market in the forecast period.
However, high cost, lack of awareness about the advancements in developed and under developed nations, rising adoption of smartphones, personal computers or tablets are expected to negatively affect the growth of the market in the forecast period. The market is categorized, based on technology, component, resolution, screen size, screen type, application, and geography.
Screen sizes that could be explored in smart TV include below 32 inches, 32 to 45 inches, 46 to 55 inches, 56 to 65 inches, and above 65 inches. The “46 to 55 inches” display category is expected to hold the largest market share over the forecast period. This growth may be attributed to growing consumer preference toward large-screen displays, and features such as high picture quality and high resolution with Dolby digital sound.
Resolution such as 4K UHD TV, full HD TV, HDTV, 8K TV, and others could be explored in smart TV, in the forthcoming years. The “4K UHD TV” segment is projected to grow at the highest CAGR in the forecast period due to their declining prizes and increasing demand. According to CTA (Consumer Technology Association), the sale of 4K smart televisions is growing because of HDTVs. Many companies have adopted the quantum dot technology and the nanotechnology to improve the picture quality. The Smart TV market may be classified into technology such as liquid crystal display, plasma display panel, light emitting diodes, and organic light emitting diode.
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Asia Pacific accounted for 30% share of total market in 2016 and is anticipated to hold the largest market share in the forthcoming years due to the presence of key manufacturers, increasing demand for 4K UHD televisions by the end users, and growing disposable income of the consumers. Similarly, consumers’ inclination toward branded products is anticipated to boost the growth of the Smart TV industry in the years to come. Japan and Korea are the major consumers and producers of the smart TVs. Further, North America and Latin America are expected to follow the market in the coming years.
The key players operating in the Smart TV market are Sony Corporation, Koninklijke Philips N.V., LG ElectronicsInc., TCL Corporation, Hisense, Toshiba Corporation, Videocon Industries, Panasonic Corporation, Onida Electronics, Samsung, Haier Group, Intel Corporation, Microsoft Corporation, Apple Inc., Sharp Corporation, Boxee, Vizio Inc., TELE Systems Electronics S.r.l, Nyxio Technologies Corporation, Logitech International S.A., Yahoo Inc., and Advanced Micro Devices Inc. These market players strongly invest in the expansion of their business and the development to maintain a top position in the market. Also, these players concentrating on new joint ventures, collaborations, agreements, and strategies to improve their production facilities and gain a larger share in the market.
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