The Global Smart TV market is expected to register a CAGR of 17.5% during 2017–2027, with APEJ, Western Europe, and North America accounting for significant market value shares by the end of the forecast period.
FMI delivers key insights on the global smart TV market in its report titled ‘Smart TV Market: Global Industry Analysis 2012–2016 and Opportunity Assessment 2017–2027’. Growth in the market value of the global smart TV market will remain attractive, as the market is expected to grow continuously at a CAGR of 17.5% in terms of value during the forecast period 2017–2027. On the basis of screen type, the 60 inch and above segment is expected to register attractive growth over the forecast period in the global smart TV market. The organized smart TV market is expected to hold a larger share of the overall smart TV market in comparison to the unorganized smart TV market. However, several local players are looking forward to entering the smart TV market in the coming years, focussing on providing the features of smart TVs at a reduced cost. Based on distribution channel, the indirect channel segment is expected to gain a higher market share during the forecast period in the global smart TV market.
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Global annual revenue from the smart TV is estimated at US$ 299.6 Bn by the end of 2017, which is expected to grow at a steady pace over the coming years. APEJ and the developed economies of North America and Western Europe are expected to collectively account for a majority share of the global smart TV market. The North American, Western European, and APEJ smart TV markets are likely to dominate the global smart TV market over the forecast period, with APEJ expected to hold the largest market by the end of the forecast period.
Since the last few years, the adoption of smart TVs has been increasing considerably, especially in the residential segment. With advancements in technologies, a significant shift in TV viewership from traditional channels to video streaming channels is increasing. Youth or the millennials mostly prefer watching content provided by Netflix, Amazon Prime, Hulu, etc., which are all video streaming services. Currently, with increasing advancements in technology, a luxurious experience has become an important factor for consumers. The daily advancements in technology are offering an improved experience to consumers to buy a smart TV, increasing its demand in the market. Furthermore, entertainment is a major driver for the adoption of smart TVs; and news, sports, social media, and devotional content are some other avenues driving the growth of the smart TV market.
The 60 inch and above screen type smart TVs segment is expected to experience significant growth during the forecast period. This growth rate is primarily driven by the drift in customer shopping behaviour, and inclination toward luxury products. Most customers, especially in developed economies, nowadays prefer to shop for luxury products, and are more comfortable using smart devices for getting an enhanced visual experience. However, the security concerns posed by Smart TVs, in terms of customer data breaches, is restricting the growth of the smart TV market.
On the basis of FMI analysis, the indirect channel sub-segment of the distribution channel segments is expected to dominate the smart TV market in terms of the revenue generated. However, the direct sales channel sub-segment is expected to grow at a higher growth rate during the forecast period in the global smart TV market.
The APEJ smart TV market is expected to dominate the global smart TV market, due to high growth in the overall revenues generated from the region, owing to the establishment of strong sales channels and the in-house manufacturing of smart TV devices in the region. The APEJ smart TV market is a target market for market participants, owing to the high growth opportunities in countries such as India and China. The smart TV market in North America has a substantial share of the market, owing to an increase in the number of customers opting to watch video on demand services such as Netflix, Amazon Prime, Hulu, and HOOQ, and browse Internet applications on a large screen, in the region. The Western European smart TV market is expected to follow the growth trend being followed in the North American smart TV market. The MEA smart TV market is estimated to grow at an above-average CAGR over the forecast period, due to high competition among stores and online retail enterprises, especially in Gulf countries. GCC Countries are expected to hold a major revenue share in the MEA smart TV market over the forecast period.
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According to FMI analysis, long-term contracts with business partners help increase business revenue and new innovation strategy, and enabling quality and provision for better after sales services improve the growth chances in the potential market. Examples of some of the market participants in the global smart TV market are Samsung Electronics Co., Ltd., LG Electronics, Panasonic Corporation, Sony Corporation, Koninklijke Philips N.V., Vizio, Toshiba Corporation, Sharp Corporation, Hisense International, Hong Kong Skyworth Digital Holdings Co., Ltd., Haier Consumer Electronics Group, TCL, Hitachi, Ltd., and Videocon Industries Ltd.