A recent market study published by Future Market Insights on the smart TV market offers a global industry analysis for 2016-2020 and opportunity assessment for 2021-2031. The study offers a comprehensive assessment of the most important market dynamics. After conducting a thorough research on the historical and current growth parameters, the growth prospects of the market are obtained with maximum precision.

The global smart TV market witnessed exponential growth in 2021 with worldwide revenues up by 18.8% in 2021. Future Market Insights analysis estimates that smart TV revenue nearly doubled between 2016 and 2020.  The smart TV market valuation is expected to reach nearly US$3.5 billion in 2031 at a compound annual growth rate (CAGR) of 24.7% between 2021 and 2031. Driven by frequent advancements in technologies, residential applications will account for more than 78% of smart TVs installed through the end of 2021.

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Impact of COVID-19 on the Smart TV Market

The COVID-19 pandemic has adversely impacted the smart TV market. Lockdown imposed by governments, suspended operations in manufacturing facilities. Restrictions were imposed on the movement of non-essential goods and services for months, which hampered the overall supply/distribution for smart TVs across the globe.

Samsung which has manufacturing facilities in Vietnam, the Czech Republic, and Hungary was relatively less affected in 2019. However, with the closing of Hungary’s boarders and the lock down in Czech Republic, Samsung faced difficulties in operating its European facilities. The outbreak had a negative impact on businesses in 2020 and continued to affect operations in 2021. However, in the current scenario, the smart TV market is expected to recover steadily from the downfall in the forecast period.

Key Points Covered in Smart TV Market Survey

• Market estimates and forecast 2016-2031
• Key drivers and restraints impacting market growth
• Segment-wise, Country-wise, and Region-wise Analysis
• Competition Mapping and Benchmarking
• Brand share and Market Share Analysis
• Key Product Innovations and Regulatory Climate
• COVID-19 Impact on Smart TV Market and how to Navigate
• Recommendation on Key Winning Strategies

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“Online steaming services and smart TVs have developed a symbiotic relationship, where the latter benefits from the use of the myriad options offered by steaming services- which in turn will complement the growth of the smart TV market through the end of 2031,” says an FMI analyst.

Key Takeaways from the Smart TV Market Study

• The 45- 50 inches’ segment accounted for a 22.3% share in 2020, which is attributable to the increasing penetration of 4K TVs in the higher economic consumer class.
• Multi-brand stores are a popular distribution channel, accounting for over 29% of the market. However, online sales are expected rise at 27.3% CAGR.
• The U.S. currently holds the lead accounting for 79.5% of the North America market, driven by increasing consumer expenditure on lifestyle products.
• Japan is expected to register high potential for growth, accounting for an estimated 51.7% share in East Asia market by the end of 2031, supported by easier access to new technologies.
• India followed by Indonesia are projected to emerge as lucrative markets in South Asia, holding over 32% and 23% share.

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Competitive Landscape

Companies operating in the Smart TV market are aiming for strategic collaborations and partnerships with other manufacturers to expand knowledge and expertise sharing operations. Manufacturers are also focusing on the expansion of manufacturing facilities globally to maintain their global presence.

• In April 2020 – Sony Electronics Inc. revealed new 2020 LED and OLED television models announced at the CES 2020. Sony’s processors power the 2020 TV line-up by upgrading to better color and TRILUMINOS displays. The TVs are also equipped with Google Assistant.
• In March 2021, Apple announced the next generation of Apple TV 4K, delivering high frame rate HDR with Dolby Vision, connecting customers to their favorite content with the highest quality standards.
• In March 2020 – LG Electronics (LG) announced sales of its 2020 TV line up, which included 14 OLED models, including the GX Gallery series, the Genuine 8K ZX models and the 4K Ultra HD TV.