Smart TV Market Size, Share & Trends Analysis Report By Resolution, By Screen Size, By Screen Shape, By Operating System, By Distribution Channel, By Technology, By Region, And Segment Forecasts, 2023 - 2030

Smart TV Market Size, Share & Trends Analysis Report By Resolution, By Screen Size, By Screen Shape, By Operating System, By Distribution Channel, By Technology, By Region, And Segment Forecasts, 2023 - 2030

Smart TV Market Growth and Trends

The global smart TV market size is expected to be valued at USD 451.26 billion by 2030, at a compound annual growth rate (CAGR) of 11.4% from 2023 to 2030, according to a new report by Grand View Research, Inc. The rise in use of OTT applications and services for streaming latest TV content on smart televisions as a result of wide availability of high-speed internet such as 4G, broadband internet, and 5G, is driving the viewing experience for users globally, driving the market growth.

Moreover, the rising demand for digital entertainment provides content producers significant opportunities to offer their content to users via over-the-top (OTT) services such as Amazon Prime, Netflix, Disney Hotstar, and more on smart TVs. For instance, in 2021, in India, as per a report by Mudra Institute of Communications, there were around 29 million paid subscribers on OTT platforms. These factors are anticipated to contribute to market growth during the forecast period as well.

Furthermore, the demand for 4K smart TVs has increased since they offer better picture quality as well as sound compared to lower resolution TVs. Customers' viewing experience is enhanced by high-resolution smart TVs which in turn is driving the demand for smart full HD and 4K UHD TVs globally. The rapidly growing content library on OTT platforms is positively driving the growth of the smart TV market. For instance, as of October 2022, Netflix had around 17,300 movies and TV shows globally.

The Asia Pacific region accounted for the largest market revenue in 2022 and is expected to dominate the smart TV market throughout the forecast period. As per theIndia Brand Equity Foundation (IBEF), smart TV sales in India increased by 65% year-on-year in the second quarter of 2021, owing to rising expansion activities implemented by original equipment manufacturers (OEMs) for their smart TV portfolios. Moreover, China accounted for a significant market share in 2021 as a result of increasing disposable income and rising standard of living. Competitive production pricing, easy accessibility of skilled labor in addition to the presence of emerging market leaders have enabled China to account for a majority of market share in Asia Pacific region.

Smart TV Market Report Highlights

• In terms of resolution, the 4K UHD TV segment is expected to grow at a CAGR of over 13.0% due to the trend for high-resolution content in live sports and entertainment
• In terms of screen size, the above 65 inches’ segment is anticipated to record the highest CAGR of 15.6% during the forecast period of 2023 to 2030 as customers look to bring a theatre like experience at home
• In terms of screen shape, the flat screen segment accounted for the largest market revenue in 2022, as a result of the significantly wider viewing angle for users and ease of installation in the form of wall mounts
• In terms of operating system, the Android TV segment accounted for the largest market revenue in 2022 due to its enormous popularity for the Play Store access which enables users to download supporting applications, games, and more
• In terms of distribution channel, online segment is estimated to record a considerable growth rate 15.3% from 2023 to 2030 with rising consumer preference for ecommerce platforms to buy electronic products
• In terms of technology, LED segment is expected to maintain a significant market share by 2030 owing to high consumer demand driven by the high-end picture quality offered by LED smart TV
• The Asia Pacific region is estimated to record largest market revenue in 2022, owing to the presence of market leading smart TV manufacturers in the region, such as LG, TLC, Samsung, and Xiaomi among others

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