Smart TV Sales to Total US$ by 2031 Driven by a Slew of Product Launches: FMI finds in Latest Survey
The smart TV market survey offers insights into chief growth drivers and restrains impacting the overall growth trajectory. The survey also provides insights into competitive landscape of global smart TV market, identifying the key market players and analyzing the impact of their growth strategies.
Dubai, United Arab Emirates – July 10, 2021 /MarketersMedia/ —
Smart TV Sales to Total US$ by 2031 Driven by a Slew of Product Launches: FMI finds in Latest Survey
The smart TV market survey offers insights into chief growth drivers and restrains impacting the overall growth trajectory. The survey also provides insights into competitive landscape of global smart TV market, identifying the key market players and analyzing the impact of their growth strategies.
Future Market Insight (FMI), Dubai: As per a study by FMI, smart TV sales are expected to rise at 18.8% in 2021. The global smart TV market size is likely to expand at US$24.7% CAGR during the forecast period between 2021 and 2031. The overall valuation of the market is forecast to reach US$3.5 billion by the end of 2031.
Rising popularity of smart homes and rapid adoption of advanced technologies will boost residential applications through 2021. Future Market Insights projects residential application of smart TV to account for nearly 78% of sales registered in the year.
According to a study, connected TVs are finding application in educational institutes, restaurants, hotels, shopping complexes, corporate offices, and medical institutes. This will create impressive growth opportunities for the market in the foreseeable future.
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In the coming years, demand for smart TVs will rise due to the proliferation of digital media and mounting focus on advertising campaigns. Besides this, some of the key players are focusing on launching attractive features to woo consumers and create product differentiation.
Smart TV producers such as Videocon Industries Limited, Sony Corporation, Samsung Electronics Co. Ltd., and Panasonic Corporation are investing heavily in advanced technologies to incorporate novel features. Through this they are aiming at improving customer experience by multiple manifolds.
For instance, LG Electronics Inc., offers a wide range of smart TVs that comprises of features such as Active HDR and LG AI ThinQ in their models. Panasonic Corp offers a range of smart TVs that include GS595 series, GS490 series, and GS500 series. Samsung Electronics Co. Ltd., offers smart TVs such as Samsung N5470 and Samsung N4300. These product launches will attract more consumers during the forecast period.
“Manufacturers are focusing on upgrading technology as content producers and telecasters are investing in ultra-high definition (UHD) resolution technology cameras and camcorders. Developments in smart TVs are often intended at supporting the new age and UHD digital content,” says the FMI analyst.
Key Takeaways
44 to 50 inch screens will account for 24% of the market during the forecast period. The rising demand for 4K display technology for improved picture quality in larger TV sets is expected to boost demand for this segment.
Store based retailing is among the preferred options for multi-brand stores and specialty stores and will account for 58% of the smart TV market sales.
Flat screen segment will thrive and remain dominant in the market. Consumers are shifting to flat screens as they offer visual mirror effect that emits light from the display to cover the content.
China is likely to lead the global smart TV market as it is expected to account for 42.2% of the East Asia in 2021 owing to rising number of tech giants and cheap manufacturing resources.
India is among the emerging countries, contributing to the global demand of smart TV. The India market is expected to rise at a CAGR of 40.7% over the forecast period.
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Key Drivers
Growing preference for smart homes and offices has resulted in higher adoption of smart TV in the global market.
Reduced cost of 4K UHD resolution technology is driving the adoption of smart TVs as consumers are rapidly changing their preference to upgrade.
Rise of online sales for smart TV offering and convenience of e-commerce platforms during COVID-19 have encouraged consumer expenditure thus bolstering prospects for smart TV sales globally.
Key Restrains
The COVID-19 outbreak has resulted in a gap between demand and supply as numerous manufacturers have suspended their manufacturing operations, hampering sales of smart TV in the global market.
High cost of technologically advanced smart TV hinders their demand among middle-income consumers thus, negatively affecting the sales.
Competitive Landscape
The key players operating in the global smart TV market are focusing on strategic alliances and partnerships with other players to expand their consumer base. They are also expanding their manufacturing facilities to improve their global presence.
For instance, in March 2021, Apple launched its next generation of Apple TV 4K that delivers high frame rate HDR with Dolby Vision.
LG Electronics announced its 2020 TV line up sales that included 14 OLED models, GX Gallery series, the 4K Ultra HD TV, and the Genuine 8K ZX.
The key players of smart TV market profiled by FMI are
Samsung Group
Panasonic Corporation
LG Electronics, Inc.
Apple, Inc.
Sony Corporation
Koninklijke Philips N.V.
Videocon Industries Limited
Haier Electronics Group Co, Ltd.
TCL Corporation.
VIZIO, Inc.
Toshiba Corporation
Hitachi Ltd.
More Insights on the Smart TV Market:
FMI provides an unbiased analysis of the smart TV market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. The study divulges compelling insights on the global smart TV market with a detailed segmentation on the basis of
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Display Technology Type
LED
QLED
HDR
OLED
LCD
IPS LCD
XLED
Screen Type
Flat
Curved
Foldable
Screen Size
32 Inches & Under
33 to 44 Inches
45 to 50 Inches
51 to 55 Inches
56 to 65 Inches
66 Inches & Above
Application Type
Residential
Commercial
Hotels
Restaurants
Corporate Offices
Cafeterias
Key Questions Covered in the Smart TV Market Report
The report offers detailed insights into Smart TV demand outlook for 2021-2031
The market study also highlights projected sales growth for smart TV market between 2021 and 2031
Smart TV market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends, evaluation of current market size, and technological advancements within the industry
Smart TV market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
Contact Info:
Name: Abhishek Budholiya
Email: Send Email
Organization: Future Market Insights
Website: https://www.futuremarketinsights.com/reports/smart-tv-market
Source: MarketersMedia
Release ID: 89034867
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