The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Smart TV Market Growth. The growth sectors of the Smart TV Market Growth are identified with precision for a better growth perspective.
A healthy 10.9 percent growth in demand for smart TV at a global level fuelled overall industry growth by USD 195.47 Billion valuations by 2025, market research reported. It is the broader broadband penetration in the homes that has driven the overall smart TV usage, thus surging Smart TV market growth at rapid pace.
The smart TV market research found that affordability and value for money are the main growth drivers. The new crops of brands such as Xiaomi, TCL, and many others are managing their contacts with e-commerce channels such as Flipkart, Amazon, and more to successfully distribute the TVs at affordable rates with a direct-to-consumer model. On the regional note, India is one of the leading markets in the world, having more than 200 million potential TV households, and the count is rising, which makes India a more attractive growth market for the entire TV, especially smart TV.
FREE PDF@
What Makes a TV Smart?
The foremost feature separating smart TVs and a TV is an internet connection. Nearly all smart TVs are today equipped with both an Ethernet port and Wi-Fi that are built-in, while some older models may require an adapter to enable the Wi-Fi functionality. The important thing is these should be able to connect from anywhere in the house. In general, Wi-Fi connectivity should be fast enough for most purposes, but if one plans on streaming games or 4K Ultra HD content, there might need a hardwire to the network instead of enjoying smart TV.
An internet connection is mainly used to stream television shows and movies from a variety of applications and subscriptions, such as Netflix, HBO, YouTube, and more. While many smart TVs also have web browsers baked in, and some even have cameras with video-conferencing apps.
The Story of Apps
A smart TV is not smart if it can’t be used to access a variety of different services. This is why most smart TVs come with their app store. At present, Roku OS and Android TV lead the pack with the most extensive collection of apps. Roku refers to its apps as “channels” that have thousands of options to pick. Most of these are content-focused, with plenty of subcategories such as religion, sports, philosophy, automotive, and the list continues. There is something for everyone. Android TV has these as well but in fewer quantities. Basically, it tends to have more games and utilities. Samsung’s Tizen and LG’s WebOS platforms also have plenty of apps for the viewers.
Top Market Contenders—Their Contributions
Most of the significant market players, including Samsung and LG, recorded a growth in sales in the smart TV segment and made itself for immense smart TV market growth. Market leader Samsung recorded an overall 6 percent growth and a 5 percent growth in its smart TV business. Yet, giant competitors such as Xiaomi in the smart TV space it’s growing its share. Samsung and LG remained stagnant, yet showed the second-largest position in the category.
The smart TV market in the APAC region and its country India is mostly driven by brands such as Xiaomi and Samsung. The region has also witnessed emerging tail brands such as TCL, Vu, and others as they are leveraging their upward channel presence both online and offline to target the new users and upgrade users. New entrants have gained traction in the smart TV segment by offering high-end features at lower prices. While Xiaomi is already present in this space and its sub-brand Redmi, of which smartphones are moderately popular, also launched smart TVs. By the value it offers for its price point in the smartphone category, Mi Smart TVs are also possible to be available at competitive prices.
More Information@
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Reports (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research and Consulting Services.
Contact:
Market Research Future
+1 646 845 9312
Email: [email protected]
Smart TV Market GrowthThe global smart TV market is highly competitive with the presence of major players across the globe.
However, the availability of cost-effective raw materials from local suppliers and escalating demand for smart TVs in developed countries has made the market lucrative.
The increasing preference for smart TVs offers significant opportunities for the manufacturing of products with innovative functions such as voice recognition, online streaming, and video chat.
Some of them are LG Electronics Inc. (US), Samsung Electronics Co. Ltd (US), Sony Corporation (Netherlands), Panasonic Corporation (US), Vizio Inc. (US), Apple Inc. (Germany), Hisense Group Co. Ltd (Ireland), Koninklijke Philips NV (Sweden), TCL Corporation.
On the basis of geography, the global smart TV market has been segmented into North America, Europe, Asia-Pacific, and rest of the world.
The market is highly competitive with all the players competing to gain maximum market share.
