Major players in the smart TV market are Sony Corporation, LG Electronics, Inc, TCL Corporation, Koninklijke Philips N.V., Haier Electronics Group Co., Ltd, Panasonic Corporation, Samsung Electronics, Apple Inc., Toshiba Corporation, and Hitachi Ltd.
The Global Smart TV Market is expected to grow from USD 176.7 billion in 2019 and to USD 181.6 billion in 2020 at a growth rate of 2.78%. The slow growth in 2020 is mainly due to the economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to grow and reach USD 232.1 billion in 2023 at CAGR of 8.53%.
The smart TV market consists of
sales of smart TV and related services that are used in homes, offices and
education sectors. A smart TV is a digital TV that is basically an
entertainment-specific, internet-connected, storage-ware device.
Asia Pacific is expected to be the
fastest growing region in the smart TV market in the forecast period.
In August 2019, Samba TV, a San
Francisco-based company, provider of global TV data and audience analytics
acquired Axwave Inc. for USD 30 million. This acquisition strengthens Samba's
market-leading understanding of global television advertising and improves the
company's ability to cross-platform monitor scope, frequency and conversion to
real-world business results, including tune-in. Axwave, Inc., a
California-based company, leading platform for real-time audio content
recognition, and an international software development company that developed a
proprietary fingerprinting-based automatic content recognition (ACR)
technology.
The smart TV market covered in this
report is segmented by product type into 4K UHD TV; Full HD TV; HDTV; 8K TV. It
is also segmented by panel type: LCD; LED; OLED; QLED and by end user into
home; offices; education institutions; other.
The taxation of smart TV's is a key
factor hampering the growth of the smart TV market. Television is the only
group in which two Goods and Services Tax (GST) levels apply. Television sales
of up to 32 inches are falling, accounting for 55 percent of overall sales in
2019 compared to 75 percent two years ago as consumers want to buy bigger
displays, customers are delaying purchases anticipating a tax cut. For
instance, in India, smart TVs are put under the highest tax slab of the Goods
and Services Tax, with customers paying 28% of the already exorbitant prices at
which TVs are priced. Therefore, the taxation of smart TV's is expected to limit
the growth of the smart TV market.
The 8K TV is a key trend in the
smart TV market. The 8K TV sets have 33 million pixels, compared to 8 million
pixels in a 4K package. All those millions of extra pixels provide clearer,
more accurate images than the 4 K UHD TVs. The 8K Ultra HD doubles the 4K Ultra
HD resolution, and it is 16 times the full HD resolution. In 2020, LG unveiled
three new 8K versions and this year, Samsung tripled its 8K QLEDs. Therefore,
TV manufacturers are gradually promoting 8K TVs as their 2020 flagship sets.
The rising popularity of
video-on-demand service is a key factor driving the growth of the smart TV
market. Video on Demand (VoD) is one of the innovative features that Internet
Protocol TV (IPTV) gives. VoD gives consumers a range of available videos to choose
from. The video is transmitted via the Real-Time Streaming Protocol. In the
recent years VOD has gained tremendous popularity, this has resulted in higher
smart TV adoption rates. For instance, in 2019, US providers were the pioneer
of VoD users. Amazon Prime Video came at first with 72%, Netflix was second
with 63%. In 2019, 53% of users spent more than USD 11 a month on streaming
services, in 2018 the figure was only 43%. Therefore, the rising trend of
video-on-demand service is expected to drive the growth of the smart TV market.
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Related Reports:-
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Smart TV Market to reach USD 1488 billion by 2027
Contact Us:-
Ken Research
Ankur Gupta, Head Marketing &
Communications
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