JERSEY CITY, NJ, November 30, 2021 / PRNewswire / – Verified Market Research recently published a report, “Smart TV market“By screen size (less than 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 has been estimated to be 323.31 billion USD in 2020 and should reach $ 970.22 billion by 2028, with a CAGR of 17.01% from 2021 to 2028.
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Browse the table of contents in depth to “Smart TV market“
202 – Pages
126 – Tables
37 – Figures
Global Smart TV Market Overview
The improvement in the standard of living, the ease of access to high-speed internet, especially in developed countries, and the increase in the disposable income of consumers are the main growth driver of the Smart TV market. In addition to this, the high investment of key players in the development of advanced smart TVs and a substantial drop in the price of smart TVs have triggered the demand for smart TVs. For example, in july 2020, LG introduced a pair of new 4K Smart LED TVs in India with the support of 4K active HDR and X sound technology. In addition, smartphone compatibility, screen sharing, web browsing and convenience, better viewing experience, improved color accuracy and vivid colors are the features that are expected to support the growth of the market. However, the high costs associated with smart TVs and the risk of data privacy and security are some things that may hinder the growth of the market. Smart TV, one of the most recent innovations in the TV and smart home appliance industry, has experienced strong growth across the world. Most TV manufacturers have been inclined to expand their product portfolio with smart TVs, which has resulted in a dramatic reduction in the prices of entry-level smart TVs. The easy availability of the Internet worldwide as well as the continuous development of Internet of Things technology fuel the market demand during the period.
The COVID-19 pandemic epidemic has resulted in strict containment measures imposed by various government authorities. This restricted the movement of vehicles as well as people, which in turn increased the demand for online video streaming and the use of OTT platforms, ultimately leading to increased demand for smart TVs. Strict lockdowns and the suspension of manufacturing processes by companies and trade suspensions by various countries have severely affected the consumer electronics industry, resulting in a substantial slowdown in production. This is expected to temporarily affect the growth of the smart TV market.
Key development
- In January, Samsung Electronics shared its vision for the future at the 2021 Consumer Electronics Show (CES). The company showcased new products at its virtual press conference, showing how it continues to innovate by creating flexible solutions. , intelligently connected and using AI to understand the context to make everyday life transparent.
- Key innovations unveiled include: 10-inch MICRO LED: This new display features a self-illuminating inorganic LED with a slim, nearly bezel-less Infinity Screen design that blends seamlessly into the living space. The result is a spectacularly immersive viewing experience with stunning image quality and an innovative and collaborative new business model driving industrial transformation. Lifestyle TV: Samsung’s cutting-edge lifestyle TV line-up includes The Serif, The Frame, The Sero and The Terrace, a recently launched product 4K Outdoor QLED TV, as well as Samsung The Premiere, cinematic 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 NV, Sony Corporation and Toshiba Corporation, among others.
Verified market research segmented the global smart TV market on the basis of screen size, technology, application, and geography.
- Smart TV Market, By Screen Size
- Below 32 inches
- 32 to 40 inches
- 40 to 47 inches
- 48 to 55 inches
- Above 55 inches
- Smart TV Market, By Technology
- OLED
- QLED
- LED
- Plasma
- Others
- Smart TV Market, By Application
- Smart TV Market By Geography
- North America
- Europe
- Germany
- France
- UK
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- LINE
- Middle East & Africa
- Latin America
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