Smart TV Market Size

Smart TV Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

In 2024, the global smart TV market is expected to reach $245,210 million, and by 2032 it is expected to reach $ 710,811,300,000. This phenomenal growth will be reflected in the compound annual growth rate (CAGR) of 14.3%. The demand for high-definition content and the expansion of the streaming service will largely drive this trend. The use of smart TVs in households will increase. As a result, the integration of new technologies such as artificial intelligence, voice recognition and high-speed Internet features will continue to drive market growth. The major players in the smart TV industry, such as Samsung, Sony, and LG, are actively investing in the launch of new products and the establishment of strategic alliances to increase their market share. Recently, Samsung has cooperated with major streaming platforms, and it has exclusive content. , to attract more consumers. Also, with the development of the Internet of Things (IoT), the smart TV can be easily connected to other smart home appliances, thereby improving the use of smart home appliances and driving the smart TV market. This trend will continue, and the future of the smart TV industry will be influenced by technological innovation and strategic alliances.

Regional Market Size

Regional Deep Dive

The Smart TV market is experiencing dynamic growth in many regions, driven by technological development, growing demand for HD content, and the proliferation of streaming services. In North America, the market is characterized by high penetration rates and a strong preference for premium brands. In Europe, the market is characterized by a wide range of offerings that cater to diverse preferences. In Asia-Pacific, the market is growing rapidly, mainly due to rising incomes and urbanization. In the Middle East and Africa, the market is growing more slowly. Latin America is also a growing market, as the availability of Internet and the growing middle class are boosting demand for Smart TVs.

North America

• In the era of the Internet, the popularity of streaming services like Netflix and Hulu has influenced consumers’ tastes, and the demand for smart TVs has soared.
• Samsung and LG are investing heavily in OLED and QLED technology, which is improving the viewing experience and driving competition.
• The tv market is growing, and the government is promoting the development of the industry.

Europe

• The European market is experiencing a growing trend towards the greening of smart TVs. For example, Philips and Sony are putting a great deal of effort into the development of energy-efficient models and sustainable production methods.
• The European Union’s “digital services directive” is reshaping the market by imposing stricter regulations on content moderation and data privacy, which in turn has a bearing on the way smart-television manufacturers design their platforms.
• The telecommunications operators are collaborating with smart TV manufacturers, as in the case of Vodafone and LG, to provide smart TVs with more bundled services, which makes them more attractive to consumers.

Asia-Pacific

• The rapid development of cities in India and China, as well as the increase in the per capita income, has pushed the demand for smart TVs to rise, and local brands such as Mi have taken a significant market share.
• TCL is the first to integrate voice recognition technology into smart TVs, bringing a better smart experience to consumers.
• Smart TV is expected to be further expanded by government initiatives to promote digital literacy and Internet access in the countryside.

MEA

• It is in the interest of the public to be able to get a better idea of the extent of the field of activity of the smart-television in the Middle East and Africa. The development of the smart-television market is influenced by the greater investment in the entertainment network, and the extension of the Internet services of the companies such as Etisalat and STC.
• Culture-related factors, such as the growing popularity of local content and local streaming services, are influencing the demand for smart TVs.
• The regulatory framework is evolving in the region, with governments focusing on digital transformation, which encourages the adoption of smart devices such as smart TVs.

Latin America

• In the case of Latin America, the growth of e-commerce is facilitating the access to smart TVs. The Mercado Libre platform is playing an important role in expanding the reach of the smart TV market.
• The emergence of local manufacturers is also a factor. In countries like Brazil and Argentina, for example, they are offering smart TVs at a low price and tailored to local tastes.
• Government programs to improve the Internet connection in remote areas are expected to drive the growth of smart TVs, as more consumers will have access to the content they can access.

Did You Know?

“By 2023, more than half the households in North America will own a smart TV, marking a major shift in the viewing habits of consumers towards the use of the Internet.” — Statista

Segmental Market Size

The smart-television segment is a major part of the overall market for consumer appliances, which is growing rapidly due to the increasing demand for viewing experiences. The factors driving this growth are the increasing number of streaming services such as Netflix and Disney, which require smart-television functions, and the development of display technology such as OLED and 4K, which enhance visual quality. The rise of smart-home systems has also led to a higher level of integration between smart-televisions and other connected devices.

The market for smart televisions is currently in its mature phase, with the big three companies of Samsung, LG, and Sony dominating the market. In the area of home entertainment, gaming, and interactive applications, smart televisions are becoming the central hub for consuming digital content. The pandemic of COVID19 is accelerating this trend towards home entertainment. At the same time, the need for sustainable development is pushing the manufacturers to develop energy-efficient smart televisions. Artificial intelligence and voice control are driving the evolution of this market segment, and enhancing the user experience and engagement.

Future Outlook

During the years 2024–32, the smart-TV market is expected to grow from $245.21 billion to $710.81 billion, a compound annual growth rate (CAGR) of 14.3 percent. It is based on the increasing demand for high-definition content, the development of streaming services, and the emergence of new display technology such as OLED and QLED. The penetration of smart-TVs into households will reach 80 percent in 2032, driven by the integration of artificial intelligence and improved UIs that will enable a more convenient and personalized content-access experience.

The expansion of the 5G network and the Internet of Things will further enhance the Smart TV experience, enabling faster streaming and a better integration into the smart home. Meanwhile, as the smart home continues to gain ground, consumers will be keen to invest in connected devices, with the Smart TV as the centrepiece. The rising popularity of gaming on Smart TVs, the increasing emphasis on augmented and virtual reality and the growing importance of sustainable manufacturing will also have an impact on the market. With these trends in mind, manufacturers will continue to innovate, with the aim of meeting the varied needs of consumers across the world.