With the surge in the need for smart TVs, leading manufacturers have now shifted their focus on technologies that cater to multi-functional consumer needs. Future Market Insights (FMI) in its latest study has forecasted the smart TV market to rise at a CAGR of ~24.7% between 2021 and 2031.
Advanced technologies such as artificial intelligence (AI), the Internet of Things (IoT), Google Assistance, and internet-connected services are being integrated into the latest types of smart televisions, which were not accessible in classic cathode-ray tube (CRT) televisions.
Samsung Group, TLC Corporation, Panasonic Corporation, and Sony Corporation are among the major participants in the smart TV market. Due to high customer demand, the smart TV business is being seen as a viable investment prospect.
Partnerships between large corporations and small businesses are expanding the growth opportunities. Manufacturers are concentrating on creating novel product features as well as building successful sales and distribution methods. Before making a purchase, most people conduct product research online.
Key Takeaways from the Smart TV Market Study
- The 45-50-inch segment accounted for 22.3 percent of the market in 2020, because of the increased adoption of 4K TVs among higher-income consumers.
- With over 29% of the market, multi-brand shops are a prominent distribution method. Online sales, on the other hand, are predicted to grow at a 27.3 percent CAGR.
- The United States presently leads with 79.5 percent of the North American market, owing to rising consumer spending on lifestyle items.
- Japan is predicted to have strong development potential, with an estimated 51.7 percent market share in East Asia by the end of 2031, thanks to better access to new technology.
Impact of COVID-19 on the Smart TV Market
The pandemic of COVID-19 has had a negative influence on the smart TV market. Government-imposed shutdowns forced the closure of manufacturing plants. For months, restrictions on the transportation of non-essential products and services were implemented, hampering the global supply and distribution of smart TVs.
In 2019, Samsung, which has factories in Vietnam, the Czech Republic, and Hungary, was mostly unaffected. Samsung, on the other hand, had difficulty functioning its European plants due to the closure of Hungary’s borders and the lockdown in the Czech Republic.