Smart TV Market Size to grow by USD 69.33 billion between 2023-2027

Technavio, a leading provider of market research reports, has released its latest study on Smart TV Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.

Key Highlights:

• Market Research Overview: According to Technavio's market research, the global smart TV market is a segment of the broader consumer electronics market, which falls under the umbrella of the household durables sector. The consumer electronics market encompasses businesses involved in the production and distribution of consumer robotics, home audio and video devices, including smart TVs, digital cameras, and related products. Excluded from this market are mobile phones, PCs, and peripherals, which are classified under the Technology hardware, storage, and peripherals market. Additionally, interactive home entertainment products such as video games, gaming consoles, and gaming peripherals are excluded and categorized separately. The global household durables market size is determined by the total revenues generated by manufacturers and marketers of consumer electronics, as well as furnishings, decorative products, household appliances, and homeware. - The Smart TV Market is experiencing significant growth, fueled by the Technological advances in TV resolution. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

• Major Findings:
  • Technological advances in TV resolution
  • Rising popularity of OTT content in smart TV
  • Security and privacy concerns related to smart TV
  • Threat from alternate products
• Growth Projections

The market size is estimated to grow by USD 69.33 billion, at a CAGR of 10.81% during the forecast period. In the dynamic and expanding smart TV market, digital media has emerged as a crucial communication and marketing platform for vendors. Notably, leading smart TV manufacturers are amplifying their presence in developed markets, such as the US and the UK, through strategic social media campaigns. These digital channels offer valuable data insights and precise attribution, enabling vendors to engage with a broader customer base. For instance, LG's Smart TV Advertising, a unique service available exclusively in the MENA region, leverages device-level data and consent-based user information to optimize the consumer viewing experience.

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• Regional Insights

In the Asia Pacific (APAC) region, China and India emerged as significant consumers in the smart TV market during the year 2022. The increasing consumer propensity to invest in advanced technology products, particularly in emerging economies like India and Southeast Asian countries, including Thailand, Vietnam, and Hong Kong, has fueled the expanding demand for high-end smart TVs in APAC. Factors such as the surge in Over-The-Top (OTT) content subscriptions and the availability of technologically sophisticated smart TV models have further bolstered the growth of this market. According to PwC's Global Entertainment and Media Outlook 2019-2023, the OTT content market in India is projected to expand from USD638 million in 2018 to USD1.2 billion by 2023, underscoring the potential for continued growth in the smart TV sector in the region.

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