Smart TV Market size was over USD 200 Billion in 2023 and is anticipated to exceed USD 500 Billion by the end of 2036, growing at over 15% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of smart TV is assessed at USD 230 Billion. The primary driver for the market is the increase in affordable over-the-top (OTT) content. According to the Ministry of Information and Broadcasting, there are 57 OTT platforms in India.
Growth Driver
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
15% |
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Base Year Market Size (2023) |
USD 200 Billion |
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Forecast Year Market Size (2036) |
USD 500 Billion |
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Regional Scope |
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Resolution (4K UHD TV, HDTV, Full HD TV, 8K TV)
Full HD TV segment is poised to capture around 50% smart TV market share by the end of 2036. The segment is growing as it offers enhanced user experience with high resolution and seamless streaming of diverse groups of content. LG Electronics provides Full HD Smart LED TV with (1920 x 1080) resolution providing a premium video streaming experience.
Screen Size (Below 32 inches, 32 to 45 inches,46 to 55 inches,56 to 65 inches, Above 65 inches)
46 to 55-inch segment in the smart TV market is anticipated to reach USD 35 Billion by 2036. The segment growth is attributed to the rising trend of Smart TVs that offer big screens and consumer affordability due to reduced prices. Under this category, the Samsung S90C is one of the top-rated finely designed 4K resolution organic LED smart TVs.
Screen Shape (Flat, Curved)
The flat segment is poised to gain the largest share in the forecast period i.e.2024-2036. Since flat smart TVs are cheap, provide high resolution, easy manufacturing, and seamless installation.
Our in-depth analysis of the market includes the following segments:
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Resolution |
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Screen Size |
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Screen Shape |
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Operating System |
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Distribution |
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Technology |
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APAC Market Statistics
Asia Pacific region in smart TV market is expected to hold revenue share of more than 40% by 2036. The growing trend of TV, increasing affordability by the middle class, and the desire to watch exclusive content are the growth driving factors for the Asia Pacific region. In India, a huge number of audiences present on OTT platforms significantly boosts the demand for the market. As per a report, in 2023, the average minute audience was over 1 Trillion in India. The market in China is growing due to rapid technological innovations in the consumer electronics industry, increased use of TV, and expansion in the disposal income. According to a recent study, the smart TVs were valued at around USD 620 Billion Yuan in 2020. The market in Korea is flourishing due to the demand for larger screen, cheap prices, and the availability of advanced features. In 2022, nearly 60% of households were found using smart TVs in South Korea.
North American Market Analysis
North American region in smart TV market is set to exhibit around 2% CAGR till 2036, owing to the growing population of video streaming applications in this region. The U.S. is technologically an advanced country and television is the primary source of entertainment but with the incorporation of avant-garde features, now the smart TV have taken over the traditional entertainment systems as these have diverse sources of entertainment. As per a report, nearly 68% of U.S. residents who are under the age group of 18 to 29 claim to own smart TVs. The market is thriving in Canada due to the rise in disposable income and enthusiasm among youth for smart TVs. As per Statistics Canada, the disposable income of Canada was over 1.5 million in 2023.
The market is dominated by key market players who are gaining traction in the market by rising disposable income.
Author Credits: Abhishek Verma
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