GVR Report cover Smart TV Market Size, Share & Trends Report

Smart TV Market Size, Share & Trends Analysis Report By Resolution (4K UHD TV, HDTV, Full HD TV, 8K TV), By Screen Size, By Screen Type (Flat, Curved), By Region, And Segment Forecasts, 2021 - 2028

  • Report ID: GVR-2-68038-209-9
  • Number of Pages: 132
  • Format: Electronic (PDF)

Report Overview

The global smart TV market demand stood at 268.9 million units in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 20.8% from 2021 to 2028. A continuous surge in the use of streaming devices, coupled with the rising internet penetration is driving the market growth. Moreover, the shift in consumer preference in recent years has significantly contributed to revenue generation. The accelerated demand for smart TVs has paved way for lucrative opportunities for content providers to venture into the Over the Top (OTT) space, which is allowing them to distribute original content via the internet. Also, numerous industry players are collaborating with streaming media player manufacturers to expand their portfolios and enhance their visibility. All these factors are projected to contribute to market growth in the near future.

Asia Pacific smart TV market size, by resolution, 2018 - 2028 (USD Billion)

The industry is expected to reach maturity in the near future, enabling manufacturers to offer innovative products such as OLED, QLED, 4K TVs, and 8K TVs. Furthermore, declining product prices have resulted in an increasing number of customers opting for these technologically advanced televisions. Manufacturers are also upgrading their offerings by adding new features to their newer models for customers’ convenience, leading to increased demand. Moreover, the industry has witnessed high penetration in the 4K UHD TV segment, which has become a standard resolution for most manufacturers.

Smart TVs are equipped with advanced features and applications compared to conventional televisions. To deal with the fierce competition from various streaming device providers, such as Apple and Roku, leading participants are focusing on developing their own operating systems. For instance, Tizen by Samsung Electronics Co. Ltd. and WebOS by LG Electronics are enabling viewers to download applications from the store along with helping them to access online streaming applications. The latest TV models are equipped with voice recognition tools that help users easily switch channels without pressing buttons on a remote.

The use of Android as an operating system by various smart TV providers has made it easy for users to access major OTT platforms such as Netflix, Hulu, and YouTube. Additionally, the Google platform also provides access to major Android-based applications, such as Facebook, Twitter, and Google Play. Moreover, Android TVs support voice commands, which the user can access with the help of magic remotes. For instance, the Sony One-Flick remote has an inbuilt mic that allows the user to search for their favorite channels and shows via voice commands. Along with the applications, Android also offers in-built games, music, and movies.

Since the onset of the COVID-19 pandemic, strict lockdowns imposed by various government authorities led to people being confined to their homes, which significantly increased online video streaming and ultimately led to a notable increase in the demand for smart TVs. However, the consumer electronics industry has been adversely impacted by the pandemic, with the temporary suspension of manufacturing operations resulting in a substantial production slowdown. Market players are focusing on reducing their operational expenses to maximize profits. Key manufacturers, including LG Electronics Inc. and Samsung Electronics Co. Ltd., also suspended their manufacturing operations in countries across the Asia Pacific and Europe, drastically impacting the production of new TVs. Besides, the pandemic has also affected consumer purchase behavior, with spending patterns focused on essential goods rather than luxury items, hampering market growth to a certain extent.

Resolution Insights

Based on the resolution, the smart TV market is segmented into 4K UHD TV, HDTV, Full HD TV, and 8K TV. The 4K HDTV segment registered the highest volume share of around 40% in 2020 and is expected to retain its dominance over the forecast period. 4K TVs have gained substantial traction over the past few years owing to their continuously declining prices. According to the Consumer Technology Association (CTA), the sales of these televisions have outpaced those of HDTVs. Key players, including Samsung Electronics Co., Ltd.; Sony Corporation; and LG Electronics, Inc. have adopted quantum dot technology and nanotechnology to improve the picture quality of their products in this category, further resulting in increased demand.

The 8K TV segment is expected to register the fastest growth, exhibiting a CAGR of approximately 19.0% from 2021 to 2028. This can be attributed to the rising customer demand for TVs offering high-resolution picture quality. 8K TVs have approximately 33 million pixels, which is much higher than the 8 million pixels offered by a 4K HDTV. Companies are increasingly expanding their 8K series portfolios, offering products with enhanced AI capabilities developed to offer dynamic sound and the best picture quality. Additionally, major companies are focusing on launching their 8K TVs equipped with advanced features, such as Active Voice Amplifier, pop-up camera, Dolby Atmos, and Dolby Vision support in developing countries, including India, ultimately poised to gain traction, contributing to the growth of the segment.

Screen Type Insights

The flat screen type segment dominated the industry in 2020 and accounted for the lion’s share of more than 95% both in terms of volume and revenue. The segment is poised to retain its dominance over the forecast period as well. The high revenue generation can be attributed to the lesser cost of flat-panel TV sets compared to their curved counterparts. The majority of consumers prefer flat screens as they are easier to mount on the wall. The higher preference for flat screens can also be attributed to the mirror effect created by the curve, where the light coming off the display covers the image.

The demand for curved screens is expected to grow significantly, exhibiting a CAGR of over 7.0% from 2021 to 2028. Curved panels provide better viewing angles and a more immersive experience. Curved screens also help mitigate video degradation that occurs when viewing off-center. Market vendors are also introducing flexible TV panels that can convert flat panels to curved, thereby leading to lucrative growth prospects for the segment.

Screen Size Insights

The 46 to 55 inches category dominated the market in 2020, capturing more than 38% of the revenue share. The declining product prices and the rapid integration of 4K technology with attractive features are encouraging consumers to purchase TVs with larger screen sizes. The 4K display is generally suggested for larger TV screens to experience superior picture quality, which smaller screen sizes might not offer. To cater to the growing customer demand, leading vendors have introduced an extensive range of 4K televisions with a screen size between 55 to 85 inches in recent years. The increased availability of an increasing number of products in the market is expected to help widen the customer base, thereby contributing to the growth of the segment.

Global smart TV market share, by screen size, 2020 (%)

The above 65 inches segment is expected to register the fastest CAGR of over 14% from 2021 to 2028. A considerable number of customers planning to purchase 55-inch TV sets do not hesitate to invest a bit more and opt for TV sets with over 65-inch displays due to relatively insignificant variation in prices between the two categories. The number of customers spending on the next-generation large screen television sets is anticipated to grow across the Middle East and the Asia Pacific regions in the forthcoming years, primarily owing to the rising spending capacity.

Regional Insights

The Asia Pacific region accounted for the largest market share of more than 38% in 2020 and is expected to continue to dominate over the forecast period as well. The region is also poised to exhibit the fastest growth from 2021 to 2028. The rising adoption of smart televisions in rapidly developing economies, including India, is significantly contributing to the growth of the regional market. Additionally, surging demand for 4K display technology due to consumer inclination toward better picture quality and sleek design is projected to further add to revenue generation opportunities in the region. China holds a substantial chunk of the regional market, supported by new entrants, such as Hisense Co., Ltd., and TCL Corporation, establishing their presence and making the competition fiercer for major players.

The Middle East and Africa region are anticipated to grow significantly, exhibiting a CAGR of over 12% from 2021 to 2028. Advancements across the OTT space and a notable increase in the development of engaging content are leading to a rapid rise in the adoption of smart TVs in the region. Shifting consumer focus toward online content, owing to the increasing availability of seamless, high-speed internet connections, is further favoring product demand. As per a recent study conducted by Grand View Research, the demand for HD content and HDTVs is continuously surging in Africa. African countries, including Nigeria and Kenya, are focusing on bringing about a transformation in the display arena, thereby increasing the adoption of smart TVs across the region.

Key Companies & Market Share Insights

The industry is moderately fragmented, with minimal dominance of any particular player. Nevertheless, the market has gained considerable traction over the past few years and continues to offer lucrative growth opportunities for participants. Although the supply chain was negatively impacted during the initial months of the COVID-19 pandemic, companies are putting immense efforts into bringing back their operational capabilities on track.

New product launches and investment in the latest technologies are among the prominent strategies adopted by market players to gain a competitive edge. For instance, in July 2020, Samsung Electronics Co. introduced its range of QLED smart TVs, which have achieved a first-class energy efficiency rating. In April 2020, Sony Corporation announced the availability and pricing of its LED and OLED models featuring Google assistant for easy access to entertainment and device controls. Some of the key players operating in the global smart TV market are:

  • LG Electronics Inc.

  • Samsung Electronics Co. Ltd.

  • Sony Corporation

  • VIZIO Inc.

  • Videocon Industries Ltd.

  • Sansui Electric Co. Ltd.

  • Toshiba Corporation

  • Haier Electronics Group Co., Ltd.

Smart TV Market Report Scope

Report Attribute


Market demand in 2021

313.1 million units

Demand forecast in 2028

1.18 billion units

Growth Rate

CAGR of 20.8% from 2021 to 2028

Base year for estimation


Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD billion, demand in million units, and CAGR from 2021 to 2028

Report coverage

Revenue and demand forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Resolution, screen size, screen shape, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; U.K.; Germany; China; Japan; India; Mexico; Brazil

Key companies profiled

LG Electronics Inc., Ltd.; Samsung Electronics Co. Ltd.; Sony Corporation; VIZIO Inc.; Videocon Industries Ltd.

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional, and segment scope.

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Segments Covered in the Report

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For this study, Grand View Research has segmented the global smart TV market report based on resolution, screen type, screen shape, and region:

  • Resolution Outlook (Volume, Million Units; Revenue, USD Billion, 2016 - 2028)

    • 4K UHD TV

    • HDTV

    • Full HD TV

    • 8K TV

  • Screen Size Outlook (Volume, Million Units; Revenue, USD Billion, 2016 - 2028)

    • Below 32 Inches

    • 32 to 45 Inches

    • 46 to 55 inches

    • 56 to 65 Inches

    • Above 65 Inches

  • Screen Type Outlook (Volume, Million Units; Revenue, USD Billion, 2016 - 2028)

    • Flat

    • Curved

  • Regional Outlook (Volume, Million Units; Revenue, USD Billion, 2016 - 2028)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

    • Asia Pacific

      • China

      • India

      • Japan

    • Latin America

      • Brazil

      • Mexico

    • Middle East & Africa (MEA)

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