Our-in depth analysis of the global smart TV market includes the following segments:
By Distribution Channel
By End User
Global smart TV is further classified on the basis of region as follows:
In terms of revenue, global smart TV market is anticipated to flourish at a compound annual growth rate (CAGR) of 8.5% over the forecast period i.e. 2017-2024. Global smart TV market stood at revenue around USD 260.2 Billion in 2016. Rising disposable income of consumers, growing population and changing lifestyles of middle class population are some major factors which are expected to foster the growth of global smart TV market during the forecast period.
Geographically, global smart TV market is segmented into five major regions i.e. North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, Asia Pacific region is the dominating market of smart TV and is expected to continue its dominance over the forecast period owing to the increasing demand for smart TV by end users and presence of fastest growing economies such as India and China.
North America region is anticipated to witness a robust growth during the forecast period. This growth of North America region can be attributed to rising popularity of Netflix and other services in this region. Further, Europe region is projected to witness a small growth during the forecast period owing to factors such as low advertisements and promotion campaign by TV brands and shortage of better local content in this region. On the other hand, Latin America region expected to grow at a satisfactory pace over the forecast period due to digital switchover in this region.CLICK TO DOWNLOAD FREE SAMPLE REPORT
Joint venture of lading players in order to provide more features in smart TV and to maximize the selling numbers of products is one of the major factors driving the growth of global smart TV market. Additionally, industry leaders are making high investment in technology to improve the overall performance of smart TV. Such technological development is further attributed to drive the growth of global smart TV market.
Moreover, increasing number of internet users across the globe and rise in demand for internet connected multimedia devices is bolstering the growth of global smart TV market. Apart from this, global smart TV market is driven by rising disposable income of the consumers and their inclination towards high-tech devices. Such factors have led all major players to increase spending on innovation and development of consumer electronics which is further envisioned to propel the demand for smart TV.
However, high cost of smart TVs is hampering the growth of global smart TV market. Moreover, rising adoption of personal computers over television is also hindering the growth of global smart TV market.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.