Worldwide Smart TV Market is foreseen to accumulate around US $341.6 billion by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
The report cites that the surging acceptance of 4K televisions, coupled with the increasing penetration of high speed internet, has driven the adoption of smart televisions. The global smart TV market has been gaining traction owing to increasing disposable incomes of people, the growing media & entertainment industry, ascending demand for audio & video television content, burgeoning consumption of online content. Apart from this hefty investments in technological enhancements by vendors, and rising demand from developing economies, would further advance product demand.
As per the data compiled by market researchers, the ascending disposable income encourages consumers to purchase technologically advanced TV sets, which are aligned with their higher living standards. Moreover, the growth of the smart TV market is positively influenced by the escalating standards of living and growing consumption of online content.
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Speaking of the technology type spectrum, the global smart television market is fragmented into 4K UHD TV, Full HD TV, HDTV, and 8K TV. Reportedly, the Full HD smart TV technology segment dominated the worldwide smart TV market in terms of revenue, during the year 2017. Based on screen size the market can be divided into 28 to 40 inches, 41 to 59 inches, and above 60 inches.
As reported, the 41 to 59 inches screen size segment bagged the highest share in the global market, in the year 2017. Market analysts claim that this segment is strengthening its presence across the world, given the superior audio and video quality, as well as additional features. The introduction of low-cost smart televisions by leading contenders has successfully fueled the growth of this market segment, cites the report.
On the basis of the geographical outlook, the Asia Pacific region yielded the highest revenue in the global smart TV market during the year 2017, and is now predicted to be the leading revenue contributor over the estimated timeframe. Growth in the region can be credited to the growing disposable incomes of people in the emerging APAC nations, and the flourishing media & entertainment industry. Based on the findings of the report, the regional segment has witnessed substantial growth in the shipment of smart televisions.
The augmented need for high quality audio & video services, and the desire to connect to the internet, has impelled consumers in APAC to invest in smart televisions. Local brands are launching low-cost smart television sets equipped with advanced technology to suffice the growing demand. Several key market players are concentrating on partnership and expansion, in order to enhance their market share in the smart TV market of the APAC region, further cites the report.
The renowned companies operating in the global smart TV market include Sony Corporation, Panasonic Corporation, Samsung Electronics Co. Ltd., Koninklijke Philips N.V., Hitachi Ltd., Haier Electronics Group Co. Ltd., LG Electronics Inc., Toshiba Corporation, Skyworth Digital Holdings Ltd., Sharp Corporation, and Videocon Industries Limited. In a bid to expand their product portfolio, global reach, and suffice the burgeoning consumer needs, these companies are collaborating with other market leaders and launching new products.