The global smart TV market size was valued at USD 197.82 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 11.4% from 2023 to 2030. The increased popularity of content on over-the-top (OTT) services has provided a boost to the smart TV market. Several TV content creators are introducing new content with varied genres to cater to every type of viewer’s demands. These content creators are collaborating with different OTT platforms to form exclusive partnerships. Following this trend, leading streaming platforms such as Amazon Prime, Netflix, Disney Plus, and others have developed custom applications for smart TVs to offer their streaming services. Furthermore, the high demand for smart TVs is attributed to their advanced features such as voice command, screen mirroring/sharing, and video calling, among others, which creates a more appealing environment for the users
During the COVID-19 pandemic, governments around the world imposed stringent lockdown restrictions, forcing people to stay indoors. The lockdowns have pushed people to turn towards indoor forms of entertainment. Movie producers also followed the trend by releasing movies on over-the-top platforms as movie theaters were closed. Viewers could purchase or rent new movies on streaming platforms and watch them on their smart TVs in the comfort and safety of their homes. This caused a notable rise in internet video streaming and, as a result, the demand for smart TVs.
Moreover, a smart TV includes an operating system, which enables viewers to interact with features such as downloading applications, streaming video, and purchasing content, among others, on the TV. Manufacturers are introducing their own operating systems for the smart TVs that they produce to counter the popular operating systems. For instance, the Tizen operating system is developed by Samsung Electronics Co. Ltd for their smart TV range, helping viewers access streaming applications to enjoy TV content. Additionally, LG offers its own operating systems, which support exclusive features such as magic remote, voice command, and more.
The trend of video-on-demand (VoD) is likely to drive market growth, as smart TVs support various popular video platforms that offer on-demand content. For instance, ESPN+ smart TV application offers on-demand sports streaming and content. Moreover, customers can browse the internet and run supported applications including educational applications for children on smart TVs. Smart TVs also support the interactive features of educational applications such as voice input, remote cursor, and more.
Moreover, manufacturers are attracting clients by developing affordable products and setting competitive prices for customers. Leading manufacturers produce entry-level to high-end smart TVs, based on features and quality. The high-end smart TVs are produced with high-quality display panels and parts, which significantly increase the product price. On the other hand, affordable smart TVs drive the market’s growth by making the product accessible to a wider market and reducing the entry barrier for new customers.
Resolution Insights
The full HD TV segment accounted for the largest market share in 2022, owing to the high-definition picture quality and a wide variety of content supporting it. Full HD TVs provide a resolution of 1920 x 1080 pixels, which has been the industry baseline for many years. This resolution is prevalent as large amounts of existing content support the resolution. Streaming of content and live sports on this resolution does not consume high internet bandwidth while still offering an immersive and good-quality viewing experience.
The 8K TV segment is predicted to expand at the highest CAGR of around 17% during the forecast period of 2023 to 2030, owing to the demand for super high-resolution picture quality. 8K TVs provide detailed image resolution and support over 33 million pixels. The resolution has an ever-growing content library as it becomes more regular in the market. The segment is expected to grow strongly as manufacturers offer added features, such as Dolby Atmos sound, high-dynamic range (HDR), and more.
Leave a Reply