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Smart TV Market size worth $ 970.22 Billion, Globally, by 2028 at 17.01% CAGR: Verified Market Research®

·6 min read

Improving living standards, easy availability of high-speed internet, especially in developed countries, and the rising disposable income of the consumers is the major growth driver for the Smart TV Market.

JERSEY CITY, N.J., Nov. 30, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Smart TV Market" By Screen Size (Below 32 inches, 32 to 40 inches, 40 to 47 inches, 48 to 55 inches), By Technology (OLED, QLED, LED, Plasma), By Application (Residential and Commercial), and By Geography. According to Verified Market Research, the Global Smart TV Market size was valued at valued at USD 323.31 Billion in 2020 and is projected to reach USD 970.22 Billion by 2028, growing at a CAGR of 17.01% from 2021 to 2028.

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Browse in-depth TOC on "Smart TV Market"

202 - Pages

126 – Tables

37 – Figures

Global Smart TV Market Overview

Improving living standards, easy availability of high-speed internet, especially in developed countries, and the rising disposable income of the consumers is the major growth driver for the Smart TV Market. In addition to this, the high investment of key players for the development of advanced smart TV's and a substantial drop in the price of smart TV have triggered the demand for smart TV's. For instance, in July 2020, LG has introduced a pair of new 4 K LED smart TVs in India with support for 4K active HDR and X sound technology. Furthermore, smartphone compatibility, screen sharing, web browsing & convenience, better viewing experience, enhanced color accuracy, and bright colors are the features that are expected to support the growth of the market. However, high-cost associate with the smart TV's and risk of data privacy & security are the elements which might hamper the market growth. Smart TV, one of the newest innovations in television and smart home appliance industry, has exhibited a strong growth across the globe. Most television manufacturers have been inclined towards expanding their product portfolios with smart TVs, resulting in considerable price reduction of entry level smart TVs. Easy availability of internet worldwide along with continuous development of the internet of things technology is fueling the market demand over the period.

The COVID-19 pandemic outbreak has resulted into strict lockdowns imposed by various government authorities. This has restricted the movement of vehicle as well as people, which in turn has augmented the demand for online video streaming and use of OTT platforms ultimately leading to increased demand for smart TVs. Stringent lockdowns and suspension of manufacturing processes by companies and trade suspensions by various countries has severely impacted the consumer electronics industry resulting in a substantial production slowdown. This is anticipated to temporarily affect the Smart TVs market growth.

Key Development

  • In January, Samsung Electronics shared its vision for the future at the 2021 Consumer Electronics Show (CES). The company introduced new products at its virtual press conference, showing how it's continuing to innovate by creating solutions that are flexible, intelligently connected, and use AI to understand context to make daily life seamless.

  • Key innovations unveiled include: 10-inch MICRO LED: This new screen features self-lit inorganic LED with a slim and nearly bezel-less Infinity Screen design that seamlessly blends into the living space. The result is a spectacularly immersive viewing experience with astounding picture quality and delivering a new, innovative, and collaborative business model fostering industrial transformation. Lifestyle TV: Samsung's cutting-edge lifestyle TV lineup includes The Serif, The Frame, The Sero and The Terrace—a recently launched 4K QLED outdoor TV—as well as Samsung The Premiere, a cinema-like quality 4K laser projector

Key Players

The major players in the market are Samsung, Haier Electronics Group Co., Ltd., LG Electronics, Inc. Panasonic Corporation, Koninklijke Philips N.V., Sony Corporation and Toshiba Corporation among others.

Verified Market Research has segmented the Global Smart TV Market On the basis of Screen Size, Technology, Application, and Geography.

  • Smart TV Market, By Screen Size

  • Smart TV Market, By Technology

  • Smart TV Market, By Application

  • Smart TV Market by Geography

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