Smart TV Market Size, Share & Trends Analysis Report By Resolution (4K UHD TV, HDTV, Full HD TV), By Screen Size, By Screen Shape (Flat, Curved), By Operating System, By Region, And Segment Forecasts 2022 - 2030

Report Overview

The global smart TV market size was valued at USD 187.81 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 10.9% from 2022 to 2030. Smart TVs gained traction with the growing trend of content available on over-the-top platforms. The convenience of watching content anytime and anywhere brings more subscribers to OTT platforms. Several TV content creators are introducing new content with varied genres to cater to every type of viewer’s demands. This factor is anticipated to contribute to the growth of the industry. The content creators are partnering with different OTT platforms to form an exclusive partnership. Following this trend, leading streaming platforms such as Amazon Prime, Netflix, Disney Hotstar, and others have developed custom applications for smart TVs to offer their streaming services. The demand for smart TVs can be attributed to the advanced features it offers such as voice command, screen mirroring/sharing, and video calling among others which create a more enticing environment for the users.

During the COVID-19 pandemic, governments around the world imposed stringent lockdown restrictions, forcing people to stay indoors. The lockdowns forced 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 increased internet video streaming and, as a result, the demand for smart TVs.

Smart TVs feature operating systems, is software that 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 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 number of smart TV users is likely to increase as smart TVs offer ease of enjoying movies and shows on demand. Users can rent, stream, or buy content with the high-resolution quality offered by any OTT platform, directly from their smart TV. Moreover, customers can browse the internet and run supported applications including educational apps for children on smart TVs. The smart TV also supports music streaming via popular applications such as Spotify and Apple Music.

Moreover, manufacturers attract customers by creating affordable products and pricing them competitively. Leading manufacturers produce entry-level smart TVs to high-end based on features and quality. The high-end smart TVs are produced with high-quality display panels and parts which significantly increases the product price. On the other hand, affordable smart TVs drive the market’s growth by making the product accessible to a wider market.

Resolution Insights

The full HD TV segment accounted for the largest market share in 2021, owing to the high-definition picture quality and a wide variety of content supporting it. Full HD TV resolution provides a resolution of 1920 x 1080 pixels which has been the industry baseline for many years. This resolution is prevalent as large amounts of 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 expected to grow at the highest CAGR of over 15% during the forecast period of 2022 to 2030, owing to the demand for super high-resolution picture quality. The 8K TVs support around 33 million pixels and offer comprehensive picture quality. The resolution has an ever-growing content library as it becomes more regular in the market. The segment is expected to grow strongly due to the resolution and added features manufacturers offer, such as Dolby Atmos sound, HDR support, and more.

Screen Size Insights

The 46 to 55 inches smart TV segment accounted for the highest revenue share in 2021, owing to the rising trend of purchasing bigger TVs for a theater-like viewing experience. The segment demand is attributed to the screen size to price value for consumers. The 46 to 55 inches segment is attractive to viewers as full HD and 4K smart TV prices are reducing, which in turn is increasing demand. Customers can purchase bigger TVs as a result of favorable financial payment methods such as EMIs.

The above 65 inches segment is predicted to grow at the highest CAGR of over 15% during the forecast period from 2022 to 2030, owing to the trend of home theaters along with the reduction of smart TV prices. A substantial number of customers looking to purchase 55-inch smart TVs do not waver to invest a bit more and select TVs with over 65-inch displays due to the small price difference between over 65-inch smart TVs and regular-sized TVs, zero-cost payback options, discount offers, and more.

The number of customers purchasing large-screen television sets is predicted to grow across the globe in the upcoming years, primarily owing to the rising spending capacity. New market entrants also aim to target these regions by offering products in this segment with competitive pricing.

Screen Shape Insights

The flat segment accounted for the largest market share in 2021 and is expected to record the highest CAGR over the forecast period of 2022 to 2030, owing to it being the industry standard and easier to manufacture. Consumers prefer flat-screen smart TVs are easier to fix and mount on walls. The demand for flat-screen smart TVs is prominent due to its cost being prominently lower than curved smart TVs. The flat-screen TVs are easier to install or replace if required as compared to curved screen shapes.

The curved segment is expected to grow at a CAGR of over 5% during the forecast period of 2022 to 2030, owing to the more immersive viewing experience. Curved smart TVs are seen in the top-end range with big screen sizes to offer an added depth experience to the viewer. Curved screens also help remove picture deprivation that occurs when watching from the off-center axis. Manufacturers are also familiarizing flexible panels that can transform flat panels into curved panels, thus leading to growth prospects for the segment.

Operating System Insights

The Android TV segment accounted for the largest market share in 2021 as a result of the already popular Google Android ecosystem. The segment’s stronghold is attributed to the Play Store access for application downloads. It also adds voice search and content aggregation from multiple media apps and services. The Android TV operating system also facilitates integration with recent Google technologies like Knowledge Graph, Cast, and Assistant.

By operating system, the Roku segment is anticipated to grow at a CAGR of over 15% during the forecast period due to its Apple AirPlay compatibility, making it simple to stream movies, photographs, music, and other content from an Apple device to a smart TV. Many smart TV manufacturers are teaming up with Roku to provide the in-built feature of Roku software with no requirement of a set-top box. For instance, TCL has collaborated with Roku and launched a 4K HDR Roku TV. This China-based company is using the Roku platform for its TV product line.

Regional Insights

The Asia Pacific region recorded the highest revenue share in the Smart TV market in 2021. The growing popularity of smart TV in rapidly developing countries like India is significantly driving regional market expansion. China holds a significant share in the Asia Pacific Smart TV market, aided by the emergence of new players, such as Hisense Co., Ltd., and TCL Corporation, expanding their footprint and increasing rivalry among major players.

The Europe region is expected to record a CAGR of over 9% over the forecast period from 2022 to 2030. Developments across the OTT segment in the development of engaging content are leading to a rapid rise in the adoption of smart TVs in the region. Ever-changing consumer focus toward streaming online content, owing to the increasing availability of high-speed internet broadband connections, is further favoring product demand. Countries in this region are focusing on transforming the display area, thus increasing the adoption of smart TVs across the region.

Key Companies & Market Share Insights

The key players use strategies such as partnerships, ventures, innovation, research and development, and geographical expansion to solidify their market position. The key players focus on improving their product offerings to better suit the changing needs of users and stay competitive. Streaming platforms partner with manufacturers to preinstall their applications in smart TVs so customers have quick access. Netflix and Amazon Prime, two leading streaming platforms, come preinstalled on Samsung and LG smart TVs.

Leading players are introducing new products with competitive pricing and different features to cater to a range of customers. For instance, in April 2022, Samsung Electronics Co. Ltd launched its Neo QLED 8K smart TV range. This launch included 65-inch and 85-inch screen-sized televisions. Samsung Electronics Co. Ltd also runs promotional offers, enabling the consumer to purchase TVs at lower costs, thus increasing the demand for its products. Some prominent players in the global smart TV market include:

• Haier Inc.

• Hisense International

• Intex Technologies

• Koninklijke Philips N.V

• LG Electronics Inc

• Panasonic Corporation

• Samsung Electronics Co. Ltd

• Sansui Electric Co. Ltd

• Sony Corporation

• TCL Electronics Holdings Limited

• Toshiba Visual Solutions (TVS Regza Corporation)

Smart TV Market Report Scope

Global Smart TV Market Segmentation

This report forecasts the volume and revenue growth at the global, regional, and country levels and analyzes the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global smart TV market report based on resolution, screen size, screen shape, operating system, and region:

• Operating System Outlook (Volume, Million Units; Revenue, USD Billion, 2o18 - 2030)

  • Android TV

  • Tizen

  • WebOS

  • Roku

  • Other

• Resolution Outlook (Volume, Million Units; Revenue, USD Billion, 2018 - 2030)

  • 4K UHD TV

  • HDTV

  • Full HD TV

  • 8K TV

• Screen Size Outlook (Volume, Million Units; Revenue, USD Billion, 2018 - 2030)

  • Light

  • Below 32 inches

  • 32 to 45 inches

  • 46 to 55 inches

  • 56 to 65 inches

  • Above 65 inches

• Screen Shape Outlook (Volume, Million Units; Revenue, USD Billion, 2018 - 2030)

  • Flat

  • Curved

• Regional Outlook (Volume, Million Units; Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

  • Asia Pacific

    • China

    • India

    • Japan

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa (MEA)