The global Smart HD TV Market size is expected to reach USD 1223 Billion in 2028 and register a CAGR of 30.2%, according to the latest report by Reports and Data. Technological advancements in electronic devices like smart TVs, increasing penetration of high-speed internet, and rising disposable income across the globe are key factors driving global market revenue growth.
Smart TVs are equipped with advanced features and internet-connected technologies that enable video streaming, internet surfing, listening to music, online shopping, and streaming media services. These smart TVs work with virtual assistant services like Google Assistant or Amazon Alexa and are compatible with other connected devices like smart locks, and smart lighting. Smart TVs are gaining popularity due to these advanced features. Rapid evolution of the electronics industry and televisions, improvements in the standard of living of people, and rising demand for speedy internet services are key factors boosting global market growth. In addition, growing demand for smart devices, rising inclination towards OTT video streaming services, and rising demand for high picture quality and sharpness is boosting global market growth.
High speed internet is one of the most crucial aspects responsible for proper functioning of smart TVs. Thus, lack of high-speed internet especially due to high costs in several low-income countries and rising concerns of illegal streaming and piracy are key restraints that are expected to hamper global market growth in the coming years.
Leading players in the smart HD TV market include Samsung Electronics Co. Ltd., LG Electronics Inc., Sony Corporation, VIZIO Inc., Videocon Industries Ltd., Sansui Electric Co. Ltd., Toshiba Corporation, Haier Electronics Group Co., Ltd.
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Information and communication technology (ICT) encompass a wide range of communication networks as well as the technologies that support them. The information and communication technology (ICT) sector bring together manufacturing and service businesses whose products primarily perform or enable information processing and communication via electronic methods, including transmission and display. The ICT sector contributes to technical advancement, increased output, and increased productivity. Its impact can be measured in a variety of ways: directly, as a contributor to output, employment, or productivity growth; or indirectly, as a source of technical development influencing other sections of the economy.
Rising demand for connected, smart devices has been driving the demand in the smart HD TV market. Smart TVs are gaining more smart home integration features. Many TVs are compatible with other connected devices in the home, such as the smart lighting, smart locks, and other sensors, and some TVs even come with a dedicated dashboard for managing all connected gadgets. The more immersive experience offered by smart HD TVs has also been driving the demand for such devices.
The market is maturing rapidly with more manufacturers offering OLED, QLED, 4K TVs, and 8K TVs. Many smartphone manufacturers have used their experience in the smartphone industry to enter the smart HD TV market. The brand has maintained its dominant position for nine consecutive quarters, similar to its smartphone business. Xiaomi captured 27% of the Indian smart TV market in Q1 2020, followed by LG and Samsung. Xiaomi has managed to capture this large market share by offering exceptionally low-cost products and using Google\’s Android TV platform
Furthermore, since product prices have decreased, a growing number of buyers have chosen these technologically superior televisions. Manufacturers are also improving their offerings by adding new features to newer models for the convenience of customers, resulting in increasing demand. Furthermore, the 4K UHD TV sector, which has become a standard resolution for most manufacturers, has seen considerable penetration in the industry.
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