BANGALORE, India, Nov. 23, 2021 /PRNewswire/ -- The Smart TV Market is Segmented by Type (32 Inch, 40 Inch, 42 Inch, 55 Inch, ≥60 inch), by Application (Family, Public). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports under Computers & Electronics Category.
In 2020, the global Smart TV market size was USD 111670 Million and it is expected to reach USD 126520 Million by the end of 2027, with a CAGR of 1.8% during 2021-2027.
Major factors driving the growth of the Smart TV market are:
The Smart TV market is growing due to a steady increase in the use of streaming devices, as well as expanding internet penetration. Furthermore, in recent years, a change in customer preferences has had a substantial impact on revenue-generating.
Moreover, factors such as improving living standards, decrease in smart TV price, and increased disposable income of consumers are expected to propel the smart TV market growth.
Rapid technological breakthroughs, as well as the broadcasting industry's digital transition, are also augmenting the smart TV market growth. The growing popularity of the Internet of Things has resulted in a significant increase in demand for smart connected devices with UHD (ultra-high-definition) screens. Furthermore, the expanding number of connected device users around the world, as well as impressive smart TV capabilities, will propel the market forward over the forecasted timeframe.
TRENDS INFLUENCING THE GROWTH OF THE SMART TV MARKET:
During the projected period, the worldwide smart TV market is expected to rise due to rising demand for high-definition (HD) channels and video on demand (VOD). This is due to advantages such as increased image quality, high resolution, and extended color change, which would give market players profitable chances. Because there is a growing demand for HD content around the world, smart TV companies are improving their HD offers in order to expand their market share.
Smart TVs are more focused on online interactive media, Internet TV, over-the-top content, on-demand streaming media, and home networking access than standard television sets and set-top boxes, which are more focused on traditional broadcasting media. Smart TVs allow users to search for and watch images, movies, and videos as well as Web material, local cable TV channels, satellite TV channels, and local storage drives. While content producers work to digitize data, Smart TVs have advanced to a point where they can manage broadband and broadcasting technologies, as well as provide on-board entertainment. Consumer demand for the latest surround sound technologies, such as Dolby Digital and DTS, has risen in tandem with their enhanced visual experience.
In addition, the covid-19 pandemic is predicted to accelerate the adoption of smart televisions. People use streaming service providers like Netflix, Amazon Prime Video, and Zee5 for entertainment, which is boosting the need for smart TVs. The need for smart TV in the market is increasing as the desire for high network connectivity grows. The COVID-19 has also increased demand for video on demand and over-the-top services, which in turn has boosted demand for smart TVs.
Based on type, the 42-inch segment holds a comparatively larger share in the global market, which accounts for about 29%.
Based on the application, the family segment holds the largest market share of about 81% during the forecast period.
Due to the rising demand for smart TVs from end consumers and the expanding economies of India, China, and Japan, Asia-Pacific is expected to have a 40% share of the global market. Consumers' increased net disposable income has been a major element in the region's continuing demand.
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