PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1679291
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1679291
According to Stratistics MRC, the Global Smart TV Market is accounted for $232.7 billion in 2024 and is expected to reach $464.2 billion by 2030 growing at a CAGR of 12.2% during the forecast period. A Smart TV is a cutting-edge television that has an operating system and internet connectivity built right in, enabling users to access a wide range of online services and apps right from the TV. In contrast to conventional televisions, Smart TVs have the ability to stream material from well-known websites like Netflix, YouTube, and Hulu in addition to social networking, online surfing, and gaming services. They frequently have Ethernet and Wi-Fi connectors integrated in for convenient communication.
According to Avi Cloud's Global TV Brand Shipment Monthly Data Report-2021 (AVC), TCL, a Chinese electronics business, saw a spike in sales, with 11.1 million devices shipped in the first half of 2021. Samsung led the market with an expected shipment of 20.8 million units, up by 11.9% Y-o-Y.
Rising demand for streaming services & OTT platforms
Consumers are shifting away from traditional cable TV in favor of on-demand content, which is readily accessible through Smart TVs. The convenience of built-in streaming applications eliminates the need for additional devices, making Smart TVs the preferred choice for home entertainment. Furthermore, the rise of regional OTT platforms and exclusive digital content is expanding the customer base for Smart TVs worldwide. As more content providers enter the market, the demand for high-resolution and feature-rich Smart TVs continues to surge.
High initial costs for premium models
Advanced models with OLED, QLED, and 8K resolutions come at a steep price, making them less accessible to budget-conscious consumers. The inclusion of AI-driven features, high refresh rates for gaming, and enhanced connectivity options further contribute to the cost. Additionally, frequent technological advancements result in rapid depreciation of older models, discouraging some consumers from making immediate purchases. As a result, price-sensitive buyers often opt for entry-level or mid-range Smart TVs, which may lack some of the latest innovations.
Widespread availability of high-speed internet connectivity
Improved internet infrastructure, even consumers in remote areas can now enjoy seamless streaming and cloud-based gaming experiences. The rise of fiber-optic broadband and satellite internet services further enhances content accessibility, driving demand for internet-connected televisions. The introduction of Wi-Fi 6 technology ensures faster and more stable connectivity, improving the overall user experience. As high-speed internet becomes more accessible globally, the adoption of Smart TVs is expected to accelerate significantly.
Privacy & security concerns
Smart TVs connect to the internet and often integrate with personal accounts; they become vulnerable to hacking and unauthorized data collection. Users are increasingly concerned about the potential misuse of voice commands, camera access, and browsing history by third-party applications. Moreover, the lack of standardized security measures across different manufacturers raises further apprehensions about privacy protection hampering the market growth.
Covid-19 Impact
The Covid-19 pandemic significantly influenced the Smart TV market, with a surge in demand during lockdowns as people spent more time indoors. The increased reliance on home entertainment led to higher sales of Smart TVs, especially models with larger screens and enhanced features. Additionally, remote work and online education created a need for Smart TVs that could support video conferencing and screen-sharing functionalities.
The android TV segment is expected to be the largest during the forecast period
The android TV segment is expected to account for the largest market share during the forecast period due to the flexibility and customization options provided by the Android operating system make these TVs highly popular among consumers. The integration of Google Assistant and voice control features enhances the overall user experience. The growing demand for smart home integration and the ability to control other connected devices through Android TVs further contribute to their market dominance.
The bluetooth connectivity segment is expected to have the highest CAGR during the forecast period
Over the forecast period, the bluetooth connectivity segment is predicted to witness the highest growth rate driven by seamless wireless connections between Smart TVs and various devices, such as speakers, headphones, and gaming controllers. The convenience of wireless audio streaming and the ability to connect multiple devices simultaneously drive the demand for Bluetooth-enabled Smart TVs. Furthermore, the growing popularity of wireless home entertainment systems and the increasing adoption of Bluetooth accessories contribute to the segment's rapid growth.
During the forecast period, the Asia Pacific region is expected to hold the largest market share owing to the expanding middle class, rising disposable income, and increasing urbanization. Countries like China, India, and Japan are leading the adoption of Smart TVs, supported by government initiatives and investments in digital infrastructure. The growing awareness about advanced entertainment solutions and the increasing penetration of high-speed internet services further drive market growth in Asia Pacific.
Over the forecast period, the North America region is anticipated to exhibit the highest CAGR attributed to the region's well-established technology infrastructure, high disposable income, and strong consumer demand for advanced entertainment solutions contribute to its dominant position. The presence of major Smart TV manufacturers and technology providers in North America drives the adoption of innovative products. Additionally, the increasing popularity of streaming services and the growing trend of cord-cutting further support market growth.
Key players in the market
Some of the key players in Smart TV market include Apple Inc, Haier Inc, Hisense International, Intex Technologies, Koninklijke Philips N.V, LG Electronics Inc, Micromax, OnePlus, Panasonic Corporation, Samsung Electronics Co. Ltd, Sansui Electric Co. Ltd, Sony Corporation, TCL Electronics Holdings Limited, Toshiba Visual Solutions, Westinghouse Electric Corporation and Xiaomi.
In February 2025, Haier Group has acquired a 10% equity stake and 19.24% voting rights in Shanghai STEP Electric Corporation. The transaction makes Haier the indirect controlling shareholder of STEP.
In February 2025, Philips, announced the signing of a Memorandum of Understanding (MoU) in India, to educate and train cardiologists and radiologists on advanced imaging techniques for structural heart diseases.
In January 2025, Apple launched the Apple Store app in India, providing customers with the most personalised way to shop for Apple's innovative lineup of products and services. Customers across the country can download the app on the App Store and shop directly from Apple while receiving personalised recommendations.
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.