Key Takeaways

Key players operating in the smart TV market 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. Samsung dominates the global smart TV market with a market share of over 25% owing to its innovative features and wide product portfolio. Growing consumer demand for access to OTT platforms like Netflix, Amazon Prime Video, Disney+ Hotstar directly from their TVs is driving adoption of smart TVs globally. Major smart TV brands are expanding their presence across developing regions to tap the rising demand from new users in countries like India, Brazil, Mexico, Indonesia and more.

Rapidly growing connected entertainment ecosystem underpinned by fast and affordable internet access, growing number of apps and content is a key growth driver in the Smart TV Market Demand. proliferation of OTT platforms is enabling easy access to a wide variety of On-Demand movies, shows, news and other content which is increasing smart TV sales considerably. Rising trend of digital transformations across industries along with technology upgrades like AI integration is further fueling innovation and demand.

Market Drivers

One of the major drivers of the smart TV market is rapid digitization across both developed and developing economies. Affordable data plans and high speed internet connectivity has enabled easy access to a wide variety of On-Demand content and services on smart TV devices. Proliferation of OTT platforms and launch of new original web series and movies across these platforms is driving users to invest in upgraded smart TVs for an optimized viewing experience. Growing disposable incomes especially in developing Asian countries and Latin American markets is positively influencing the sales of premium smart TV models. Technology advancements incorporating features like AI, IoT, machine learning are also acting as drivers by enhancing user experience.

The current geopolitical situation is impacting the growth of the Smart TV market in various ways. With rising geopolitical tensions and economic uncertainties across different parts of the world, consumer spending on discretionary purchases like Smart TVs is declining in some key regions. Many countries are also facing issues like high inflation, currency devaluation and economic slowdowns which are negatively impacting the purchase decisions of consumers. Hence, companies operating in the Smart TV market need to closely monitor the geopolitical developments in their target markets and devise appropriate strategies accordingly. For example, companies may have to adjust their product pricing and financing options to make Smart TVs more affordable for consumers in markets facing economic headwinds. Companies could also focus on expanding their installation and after-sales service networks in politically stable and growing economies to benefit from the opportunities in such regions. Overall, unpredictable geopolitical developments pose new challenges for the Smart TV market players and they need to have contingency plans to mitigate risks and adjust their strategies based on the changing landscape.

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