Smart TV market size is set achieve lucrative growth during the forecast period

The North America smart TV market is expected to grow rapidly owing to the high adoption of technically advanced solutions and high spending capacity of consumers. The federal government is making investments in the development of IoT technology for the implementation of smart homes and cities. Countries in Asia Pacific including China, South Korea, and Japan are witnessing growth in television manufacturing activities due to the presence of several key players in this region. The increasing disposable income in this region is leading to the adoption of these devices. Moreover, the rise in the number of hotels and shopping malls in emerging Asian economies due to the developing retail sector is driving the market expansion.

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High costs and fragility factors associated with televisions are hindering the smart TV market growth. These devices include display panels, which are complex to manufacture and are fragile in nature. The display panel fabrication & bonding process requires technically advanced machinery, which can be operated by skilled labor and consumes high power, further increasing the operational costs. The cost of servicing or maintenance is very high due to the utilization of complex technology.

Another factor affecting the smart TV market is the requirement of high-speed internet connectivity. The remote areas in developing countries have a fluctuating internet connection, which is a hindrance to the proper functioning of such devices. Increasing technological developments, such as LED panels, quantum dot technology, and enhanced broadband & internet infrastructure, will support in overcoming these challenges in the market.

A prominent feature in smart TVs, which is creating a high demand is the ability to connect with other devices such as smartphones, tablets, etc. The connectivity with smart devices provides ease of content sharing across different platforms. An upcoming trend in the smart TV market is OLED and 4K technology, which is designed to deliver high-quality visual content. OLED panels have low power consumption and better durability as compared to LCD panels. OLED displays are energy efficient and provide a high quality of visual experience. The energy-efficiency feature promotes its demand in the commercial sector. The increasing norms & regulations regarding energy consumption by several governments have led to the higher adoption of these devices by the commercial sector.

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Features, such as high refresh rates and dynamic color provision, support in enhancing the gaming experience on these devices. High investments by companies in the development of the dedicated OS for TVs have further enhanced the user experience, contributing to smart TV market growth.

In the smart TV market, residential application is creating a high demand due to the availability of high-speed internet and smart home developments across the globe. These devices offer a variety of features such as gaming, smartphone connectivity, voice command support, etc., further creating consumer interest. The increasing number of smart homes across the globe followed by the rising demand for smart devices is promoting smart TV market growth. The connected devices are gaining high popularity owing to easy accessibility and hassle-free sharing of content between devices. The availability of IoT technology and connected devices provide interoperability of devices, fueling the market growth.

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Prominent players operating in the smart TV market include LG Electronics Inc., Sony Corporation, Koninklijke Philips N.V., Samsung Electronics Co., Ltd., Apple Inc., Panasonic Corporation, Vizio Inc., Insignia Systems Inc., Haier Group Corporation, Westinghouse Electric Corporation, Hitachi Ltd., and TCL Corporation. These players are implementing strategies such as merger & acquisition activities, collaborations & partnerships, and high investments in R&D to develop innovative products and broaden the product portfolio to gain a competitive edge. For instance, in April 2019, Samsung Electronics Co. Ltd., announced a new range of smart TVs in India at affordable prices and advanced technology. Such innovations and advancements at affordable prices by key players are supporting them to enter untapped regions in the market.