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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