The global market for smart TV’s is expected to flourish at a compound annual growth rate (CAGR) of 8.5% over the forecast period i.e. 2017-2024. Factors such as growing population and rising disposable income of consumers are anticipated to drive the global demand for smart TVs. Further the changing lifestyle of middle class population is estimated to foster the growth of smart TV market by noteworthy revenue by end of 2024.
Globally, the Asia Pacific region represented the largest market for smart TVs and is expected to dominate the smart TV market during forecast period. It can be attributed to increasing demand for smart TVs by end users and presence of fastest growing economies such as India and China. Moreover, the rising popularity of Netflix and other services in North America is anticipated to witness a robust growth in the region. Further, Europe region is projected to witness a small growth during the forecast period owing to factors such as low advertisements and promotion campaigns by TV brands and shortage of better local content in the region.
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In terms of technology, the smart TV market is segmented into liquid crystal display (LCD), plasma display panel, light emitting diodes (LED) and organic light emitting diodes among which the light emitting diodes market is considered to dominate the market and is expected to generate highest CAGR during the forecast period. Enhanced technology development in electronic equipments is anticipated to garner the growth of Smart TV market. Further, the market is witnessing high preference for electronic gadgets with smartly enabled features without their quality being compromised. This factor is envisioned to strengthen the growth of smart TV market globally.
More features to invite more business
Joint venture by leading manufacturers for smart TV to maximize the selling of electronic products in order to provide more features is one of the major factors for driving the growth of global smart TV market. Further, to eliminate preceding flaws and up gradation of technology is expected to benefit the extension of smart TV market.
Moreover, with inclination towards high-tech gadgets and an increase in high disposable income of consumers is anticipated to propel the demand for smart TVs.
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However, high cost of smart TVs and rising adoption of personal computers over television is also hampering the growth of global smart TV market.
The report titled “Smart TV Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of smart TV market in terms of market segmentation by technology, by distribution channel, by size, by end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the Smart TV Market which includes company profiling of Apple Inc., Advanced Micro Devices Inc., Google Haier Group, Intel Corp., LG Electronics Inc., Microsoft Corporation, Panasonic Corporation, Samsung, Sony Corporation, Boxee, Cable Labs, Logitech International S.A., Nyxio Technologies Corp., Toshiba and Yahoo Inc.The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the smart TV market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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