Smart TV Market Overview:
According to a Cisco study, in the year 2019, online video streaming will account for 90% of the Internet traffic. The telecommunications marketplace has not missed this update, and capitalized majorly on this factor. Smart TVs, one of the latest and most important electronic inventions, has made entertainment streaming a cakewalk. Smart TV market companies and online streaming services have developed a symbiotic relationship where the latter benefits from the large screens, and easy connectivity, and smart TVs make use of the plethora of options offered by streaming services. The global smart TV market size in 2018 was between $130 billion to $140 billion. The market is also projected to grow at a notable CAGR of 8%-10% during the forecast period of 2019-2025.
Smart TV Market Outlook:
Any television that can be connected to the Internet, and used as a standalone device, is a smart TV. Though companies these days are selling intelligent TVs as a separate product, a regular TV with a set-top box can also be converted into a smart TV. Over-the-top content offered by online streaming services can be streamed seamlessly on smart TVs by connecting to the internet. This service is thoroughly utilized by consumers owing to the on demand streaming media facility that can be enjoyed on a large screen instead of being limited to our laptops, or mobile phones. As a result of China actively stealing production share of the smart TV market, Asia Pacific region leads the smart TV market globally with a regional share of 35%. 46 to 55 inches sized smart TVs are in extensive demand because of their screen size, as well as the accessibility their offer during global sports events like the FIFA World Cup, or the Olympics.
Smart TV Market Growth Drivers:
- Rising Demand for Personalized Entertainment
Gone are the days when people would flock to cinema halls, or flip through their satellite TV channels. We have entered the times of online streaming on a big screen. Smart TV provides that facility by providing internet connectivity which helps consumers in subscribing to their favorite online streaming services like Netflix, and Amazon Prime.
Global adoption of advanced technologies, and rising technological advancement will bolster the smart TV market growth.
Smart TV Market Challenges:
The most prominent challenge faced by the market is the taxation of smart TVs. In India for example, smart TVs are placed under the highest tax slab of the Goods and Services Tax. Consumers are supposed to pay 28% of the already exorbitant rates at which the TVs are sold. Relaxation of taxation will greatly benefit the market, and help fight this challenge.
Smart TV Market Key Players Perspective:
Key market players are equipping smart TVs with Artificial Intelligence in order to make the experience more seamless. Consumers can now communicate with their TVs, and more often than not, don’t need a remote control.
Key market players in the smart TV market are Sony Corporation, LG Electronics, Inc., TCL Corporation, and Koninklijke Philips N.V., Haier Electronics Group Co., Ltd, Intex Technologies, LeEco, Panasonic Corporation, Sansui Electric Co. Ltd., Samsung Electronics, Toshiba Corporation, and Videocon Industries Limited.
Smart TV Market Trends:
Smart TV Prices Will Fall Off In The Upcoming Years
Smart TVs share histories of what the consumer is watching with online streaming websites in order to present more relatable content. Interactive advertisement revenue is also shared between the TV companies, and the marketers, thus establishing a symbiotic relationship. Easier access to multiple shows, and similar services elevates consumer interest, which has led to virtually all sold televisions these days to be smart TVs. This will disrupt the market, and lead to lower prices with robust sales in the upcoming years.
Smart TV Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Smart TV Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of cheese in the Smart TV Market, and their specific applications in different areas.
Smart TV Market Report: Industry Coverage
The Smart TV Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia
Key Questions Addressed in the Smart TV Market Report
Is the market demand for the Smart TV growing? How long will it continue to grow and at what rate?
Which type of home security system presents the major growth opportunities?
Is there a possibility for change in the market structure over time?
Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands?
Do the key vendors look for partnerships to expand their businesses with respect to geography or product?
What are the short-term, long-term, and medium-term growth drivers for the market?
What are the short-term, medium-term, and long-term challenges for the market?
What are the short-term, medium-term, and long-term opportunities for the market
Who are the top players/companies of the market?
What are the recent innovations in the market?
How many patents have been filed by the leading players?
What are the types of patents filed by the leading players?
What is our Vision 2030 for the Smart TV market?
A Few Focus Points Of This Research Are Given Below:
- Give a deep-dive analysis of the key operational strategies with focus on the corporate structure, R&D strategies, localization strategies, production capabilities, and sales performance of various companies
- Provide an overview of the product portfolio, including product planning, development, and positioning
- Discuss the role of technology companies in partnerships
- Explore the regional sales activities
- Analyze the market size and giving the forecast for current and future global the Smart TV market during the forecast 2018–2023
- Analyze the competitive factors, competitors’ market shares, product capabilities, and supply chain structures