A healthy 10.9 percent growth in demand for smart TV at a global level fuelled overall industry growth by USD 195.47 Billion valuations by 2025, market research reported. It is the broader broadband penetration in the homes that has driven the overall smart TV usage, thus surging Smart TV market growth at rapid pace.
The smart TV market research found that affordability and value for money are the main growth drivers. The new crops of brands such as Xiaomi, TCL, and many others are managing their contacts with e-commerce channels such as Flipkart, Amazon, and more to successfully distribute the TVs at affordable rates with a direct-to-consumer model. On the regional note, India is one of the leading markets in the world, having more than 200 million potential TV households, and the count is rising, which makes India a more attractive growth market for the entire TV, especially smart TV.
What Makes a TV Smart?
The foremost feature separating smart TVs and a TV is an internet connection. Nearly all smart TVs are today equipped with both an Ethernet port and Wi-Fi that are built-in, while some older models may require an adapter to enable the Wi-Fi functionality. The important thing is these should be able to connect from anywhere in the house. In general, Wi-Fi connectivity should be fast enough for most purposes, but if one plans on streaming games or 4K Ultra HD content, there might need a hardwire to the network instead of enjoying smart TV.
An internet connection is mainly used to stream television shows and movies from a variety of applications and subscriptions, such as Netflix, HBO, YouTube, and more. While many smart TVs also have web browsers baked in, and some even have cameras with video-conferencing apps.
Key Players
The key players in the smart TV market are identified across all the major regions based on their country of origin, presence, recent key developments, product diversification, and industry expertise. Some of them are LG Electronics Inc. (US), Samsung Electronics Co. Ltd (US), Sony Corporation (Netherlands), Panasonic Corporation (US), Vizio Inc. (US), Apple Inc. (Germany), Hisense Group Co. Ltd (Ireland), Koninklijke Philips NV (Sweden), TCL Corporation. (US), Insignia Systems Inc. (US), Haier Group Corporation. (US), Hitachi Ltd (US), Roku (US), Changhong (),and Konka (UK). These players contribute significantly to market growth. Apart from the top key players, the other players contribute nearly 35–40% in the smart TV market.
Regional Analysis
The global smart TV market is characterized by the presence of several players. On the basis of geography, the global smart TV market has been segmented into North America, Europe, Asia-Pacific, and rest of the world. The market is highly competitive with all the players competing to gain maximum market share. The major players across North America compete based on cost, product quality, and regional distribution. It becomes crucial for manufacturers to provide extensive product variations and high-quality smart TVs to compete in the global market. The growth of the North American market is dependent on market conditions, government support, and industry development. Thus, the major players particularly focus on acquisitions, expansions, new product launches, and collaborations. Most of the companies operating in the global market are expanding operations across different regions in the US, augmenting their capabilities, and building strong partner relations. Samsung Electronics Corporation Ltd, LG Electronics, Sony Corporation, and Vizio Inc. are the major companies operating in the global smart TV market.
A gradual change in consumer preference due to the advent of high-speed Internet, mirror imaging, and accessing content from multiple media providers has defined the dynamics of the global smart TV market. Consumers in the US with a high degree of product awareness, high buying capacity, and high standards of living are boosting the sales of smart TVs. Furthermore, next-generation technologies such as 3D glasses, 4K UHD, and 8K QLED launched in 2019 coupled with sharp refinements and expansions on existing display technologies are expected to fuel the global market growth during the forecast period
More Information@
Smart TV Market by Technology, Size, Growth and Forecast – 2025 | MRFR
Smart TV Market is required to reach USD 195.47 billion by the end of the Predicted Years at a CAGR …
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