When you think about Smart TVs (TVs), also known as connected TVs. They are equipped with internet connectivity which allows them to provide a wide variety of features such as access to streaming services and on-demand content from various applications. This is an internet-connected TV that offers a variety of online features such as access to streaming services like Netflix and Amazon Prime, as well as the ability to connect to other wireless devices, such as smartphones or tablets.
In 2021, the global smart TV Industry was valued at USD 163.21 million. Market.us projects that the market will grow at 6.9% annually between 2023 and 2032.
The global smart TV Industry is expected to grow during the 2022-2032 period due to growing demand for HD channels and video-on-demand (VOD). The market’s growth is being driven by a number of factors including increasing internet penetration, technological advances, falling product prices, digital transformation in the broadcasting industry, and rapid technological advancements. The smart TV market will boom in the coming years due to the increasing customer demand. Smart TVs have more advanced features and applications than conventional televisions.
Smart TV faces many challenges, including the need for high-speed internet access to their services and applications. This is a high-cost option that can be costly but also acts as a barrier to low internet bandwidth across different regions which ultimately hinders demand.
Increasing adoption of broadband Internet services and growing demand for high-definition content are some of the key factors driving the growth of the smart TV market. Moreover, rising disposable incomes and rapid urbanization are also fuelling the demand for smart TVs.
The Smart TV Industry Drivers
The main factors driving India’s smart TV market growth are the continuous use of streaming devices and an increase in internet penetration.
Restraints Factors
Market growth is being impeded by the lack of Android smartphones with an operating system that makes it easy to connect to major OTT platforms. The government has imposed strict lockdowns that have greatly reduced consumer visits to the electronics industry since the Covid-19 pandemic. Electronic products are preferred to be purchased in a physical showroom, which has negatively affected the electronics industry.
The high cost of smart technology televisions presents a problem for those with low incomes. This lowers the demand and hinders market growth.
Key Trends
QLED is expected to experience significant growth over the forecast period. QLED stands to represent a quantum light-emitting device. QLED panels are expected to continue to hold the largest market share because they offer many features that other types of panels cannot. Both OLED and QLED panels are expensive. Some OLEDs start at USD 1,800 while some QLEDs start at USD 1,000. QLED’s innovations, deeper blacks and better colors and wider viewing angles address three of the most common problems in LCD and LED technology, driving further market demand.
Recent Developments
Samsung Electronics shared its vision for the future in January at the 2021 Consumer Electronics Show. At its virtual interview, the organization showcased new products and showed how it is developing by adapting, cleverly associating, and using AI to understand settings to make everyday life consistent.
Lifestyle TV: Samsung’s new TV line includes The Serif and The Frame, The Sero, The Sero, The Sero, and The Terrace. This 4K QLED outdoor TV was just launched by Samsung. Also, Samsung The Premiere is a 4K laser projector that has a cinema-like quality.
Sony Corporation announced in April 2020 the pricing and availability of its OLED and LED models with Google Assistant for easy access and entertainment.
10-inch MICROLED: This screen has a self-lit, inorganic LED and a thin Infinity Screen design. It seamlessly blends into your living space.
