The Global Market for Smart TVs is Projected to Reach 202.8 Million Units by 2022
The Spectacular Rise of Connected Entertainment
Drives Demand for Smart TVs as a Technology Central to Truly Connected Viewing
and Listening Experience, According to New Report by Global Industry Analysts, Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market share, size and demand forecasts on the Smart TVs market. The
global market for Smart TVs is projected to reach 202.8 million units by 2022,
driven by the rapid rise of connected entertainment and the ensuing consumer demand
for internet-enablement in virtually every entertainment device.
Smart
TV is a high-tech television system that is similar to a conventional TV set and
additionally has Internet streaming capability, Web 2.0 functionality, and
internal storage similar to a desktop computer. Smart TV enables convergence of
conventional TV broadcasting and Internet service to facilitate users’ to
access regular TV programs as well as Internet content of their choice on a large
display device. With its innovative functionality, Smart TV strives to suffice
the myriad information and entertainment needs of modern, tech-savvy consumers
in the form of Internet TV, over-the-top
(OTT) TV, online interactive media player, and on-demand media streaming
device. Global Smart TV market has been making consistent progress since 2010,
following roll out of advanced models by leading TV vendors with improved
connectivity, advanced features, high resolution picture quality and larger screen
sizes.
The
market for Smart TVs is poised to maintain growth momentum through the coming
years, driven by favourable factors such as increasing penetration of Internet
and increased consumption of Internet services for Infotainment and
communication. Further, the market is also poised to gain from favourable
socio-economic and demographic factors such as rapidly growing urban
households, expanding middle class population, and changing lifestyle trends
that strongly favour digital technologies. Ongoing refinements and advancements
in Smart TV Operating System (OS) platforms such as Android TV, Roku TV, Tizen,
Firefox OS and webOS will lend additional traction to growth. Similarly,
technological advancements such as HDMI
2.0 input medium, H.265 HEVC video codec, Quantum Dot technology and HDR
are poised to enhance the image and appeal of Smart TV in a major way. Further,
soaring demand for Ultra HD (UHD) TVs is expected to infuse new level of growth
momentum into the global Smart TV market. On the other hand, wider availability
of Smart TV streaming media devices such as Google Chromecast, Roku Streaming
Stick, Apple
TV, and Amazon Fire TV, would continue to enhance market prospects. Falling
unit prices would instil new interest for Smart TVs among global population, especially
in Asia-Pacific, Latin America, and Central & Eastern European countries, to
potentially drive future growth of the market.
As
stated by the new market research report on Smart
TVs, Asia-Pacific represents the largest and the fastest growing market
worldwide with a CAGR of 13.7% over the analysis period. The growth in the
region is led by rising standards of living; improving disposable incomes; digitalizing
lifestyles of the expanding base of middle class population and the ensuing spurt
in demand for electronic devices and digital technologies; rapid penetration of
high bandwidth 4G networks and the ensuing proliferation of streaming services;
migration from traditional cable to over-the-top (OTT) video services and
development of smart TV app ecosystem.
Major
players in the market include Guangdong Changhong Electronics Co. Ltd., Haier
Group, Hisense International, Hitachi Ltd., Hong Kong Skyworth Digital Holdings
Co. Ltd., Koninklijke Philips N.V., Konka, LeEco, LG Electronics, Panasonic
Corporation, Samsung Electronics Co. Ltd., Sharp Corporation, Sony Corporation,
TCL Multimedia Technology Holdings Ltd., Toshiba Corporation, Videocon
Industries Ltd., VIZIO, and Xiaomi Inc. among others.
The
research report titled “Smart
TVs: A Global Strategic Business Report” announced by Global Industry
Analysts Inc. provides a comprehensive
review of market trends, issues, drivers, mergers, acquisitions and other
strategic industry activities of global companies. The report provides market
estimates and projections of Smart TV unit shipments for all major geographic
markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK,
Spain, Russia, and Rest of Europe), Asia-Pacific (China, South Korea, and Rest
of Asia-Pacific), Latin America (Brazil and Rest of Latin America) and Rest of
World.
Global Industry
Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.
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