Global Smart TV Market Is Estimated To Witness High Growth Due To Growing Urbanization and Increasing Standards of Living


Smart TVs have a wide range of features, including web-connected functionality, voice control, and a variety of input devices. They are also able to connect to a range of other devices, such as a wireless keyboard, tablet PC, or Blu-ray/DVD player. Some smart TVs also feature a second screen companion device, which allows users to interact with the television through touchscreens or gestures. Smart TVs can also access apps and social media networks. They can even display news and weather on the television. Many smart TVs have built-in Internet connectivity. Most smart TVs also support connected storage devices. This includes USB drives, which can be used to store media content. Another feature is a digital audio out port, which is used to play surround sound apps. Smart TVs can recommend content based on the viewing habits of the user. Content providers need to make sure that their content works well across a wide range of devices. The platform should be easy to use, and the content should be similar.

Increasing technological advancements is estimated to augment growth of the global smart TV market during the forecast period. For instance, a 40-inch smart television was launched by OnePlus under their Y-series on Flipkart in May 2021. This TV is equipped with 8 GB internal storage, 1GB RAM, Dolby Audio, and a 64-bit processor. Moreover, increasing taxation of smart T.V.s is anticipated to restrain growth of the global TV market during the forecast period.

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.

COVID-19 created a havoc in all sectors of the market, including transportation, manufacturing, infrastructure, and oil and gas. Several nations had to impose precautionary measures to avoid the transmission of the virus. Strict nationwide lockdowns were imposed in many nations, owing to increasing COVID-19 cases. Travel restrictions, social distancing, quarantines were also imposed in many nations. This affected the trade in many businesses and the economy globally. Many companies had to switch to working remotely, schools and college were also held online. This led to increase in television viewership, as people were at home a news channels were providing COVID19 updates. With the increasing viewership of streaming services also boosted the demand for smart TV. Thus, there was an increased the demand for global smart TV market.

Key Takeaways:


The global smart TV market is expected to witness high growth, exhibiting CAGR of XX% over the forecast period, due to increasing product launches. For instance, Samsung launched a new range of Neo QLED TV range in April 2021. This range of television consists of Neo Quantum Processor that can optimize picture quality to 4K and 8K picture.

Asia Pacific is anticipated to witness significant growth in the global TV market over the forecast period, owing to increasing popularity of smart TV.

Major players operating in the global smart market are Toshiba Visual Solutions, Haier Inc., TCL Electronics Holdings Limited, Hisense International, Sony Corporation, Intex Technologies, Sony Corporation, Koninklijke Philips N.V, Sansui Electric Co. Ltd, LG Electronics Inc, Samsung Electronics Co. Ltd, and Panasonic Corporation.

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