Smart TV Market Achieves High CAGR of 15.3% during the Forecast period 2021-2028

 

Smart TV Market

A Smart TV is a television that is internet-connected and has a variety of online features, such as on-demand content from various apps, access to streaming services like Amazon Prime and Netflix, and the ability to connect with other wireless devices like smartphones and tablets. Furthermore, companies in the global smart TV market are focusing on implementing various strategies, such as collaborations and partnerships with other manufacturers, in order to expand their manufacturing facilities globally and maintain their global presence. For example, LG Electronics, a South Korean electronics company, launched eight LG OLED models in 2020, with two new series, including 77 and 65-inch class and Real 8K 88-inch ZX series.  All these factors are projected to contribute to market growth in the near future.

As camera technology improves, producers and telecasters are focusing on investing in Ultra-High Definition (UHD) resolution technology. Furthermore, professional filmmakers are shifting their preference to Ultra-High Definition (UHD) by using UHD cameras and camcorders. Furthermore, as viewing experiences improve, the demand for 4K UHD smart TVs has increased in a variety of commercial applications such as hospitality, hotels, and educational institutions, which will play a significant role in driving smart TV demand in the near future. According to Coherent Market Insight analysis, Netflix paid subscribers will reach 203.3 million in 2020, up from 167.1 million in 2019.

The global Smart TV Market was valued at US$ 143.6 Bn in 2020 and is expected to reach US$ 436.2 Bn by 2028 at a CAGR of 15.3% between 2021 and 2028.

During the forecast period, the global smart TV market is expected to grow significantly (2021–2028). During the forecast period, the global smart TV market is expected to grow due to rising demand for high-definition (HD) channels and video on demand (VOD). This is due to features such as improved image quality, high resolution, and extensive colour change, which will provide lucrative opportunities for market participants. Because there is an increased demand for HD content around the world, smart TV providers are improving their HD offerings to increase their market presence. For example, in April 2021, Xiaomi, a Chinese electronics company, announced plans to launch a new smart TV known as the Mi QLED TV with 4K resolution in India in order to expand its market share.

Resolution of Smart TV-

·        4K UHD TV

·        HD TV

·        Full HD TV

·        8K TV

Various Screen Size:

·        Below 32 Inches

·        32 to 45 Inches

·        46 to 55 Inches

·        56 to 65 Inches

·        Above 65 Inches

Technologies used in Smart TV-

·        Liquid Crystal Display (LCD)

·        Light Emitting Diode (LED)

·        Organic Light Emitting Diode (OLED)

·        Quantum Dot Light Emitting Diode (QLED)

 

Top Companies involved are- Samsung, Panasonic Corporation, LG Electronics, Inc., Apple, Inc., Sony Corporation, Koninklijke Philips N.V., Videocon Industries Limited, Haier Electronics Group Co, Ltd., TCL Corporation, Hisense Group, Sansui Electric Co., Ltd., Micromax Informatics, Sharp Corporation, VIZIO, Inc., Toshiba Corporation, Hitachi Ltd., Insignia Systems Inc., and Westinghouse Electric Corporation

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