Smart TV Market Size To Grow By 293.32 Million Units Due To Technological Advances In TV Resolution 46% Contribution From APAC Technavio
NEW YORK, Sept. 6, 2022 /PRNewswire/ -- The " Smart TV Market Forecast and Analysis 2020-2024" report has been added to Technavio's offering. ISO 9001:2015 certified, Technavio is proud to have partnered with more than 100 Fortune 500 companies for over 16 years. According to Technavio's recent market analysis report, the potential growth gap of the smart TV market between 2019 and 2024 is 293.32 million units. The report expects the market to witness an accelerated growth rate at a compound annual growth rate of 21% during the forecast period. Technavio analysts classify the global smart TV market as part of the global consumer electronics market. Our report provides comprehensive insights into the value chain analysis of the Smart TV market, which vendors can use to gain a competitive advantage during the forecast period. The data provided in our Value Chain Analytics section can help suppliers manage costs and improve customer service during the forecast period.
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Key market dynamics:
Market Drivers: One of the major factors driving the growth of the Smart TV market is the technological advancement in TV solutions. Rapid developments in smart TV software and display solutions have enabled manufacturers such as Samsung, Apple, and Sony to deliver smart TVs loaded with applications that emphasize visual excellence. Advanced display technologies such as OLED and QLED displays provide excellent color, exposure, clarity and contrast for displaying images. Therefore, innovations in design and features are expected to increase the demand for smart TVs among consumers in both developed and developing regions.
Market Challenges: Security and privacy issues related to smart TVs will be major challenges for the smart TV market during the forecast period. Although smart TVs are inherently secure devices, their internet connection makes them vulnerable to significant security risks, such as the following Many providers offer smart TVs with cameras pre-installed with popular social media applications such as Facebook, WhatsApp and Skype. This smart TV's active internet connection raises privacy security concerns. Concerns about the privacy and security of user data captured by smart TVs connected to the internet are expected to hamper smart TV adoption.
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Highlights key market segments
The Smart TV market report is segmented by distribution channel (offline and online) and geographical landscape (Asia Pacific, Europe, MEA, North America, and South America).
Regional Opportunities - 46% of market growth during the forecast period will come from the Asia Pacific region. China and Japan are the largest smart TV markets in the Asia Pacific region. The market growth in this region will be faster than the market growth in other regions. Increasing consumer desire to purchase smart TV products in recent years, especially in India and other Southeast Asian countries, along with developing countries such as Thailand, Vietnam and Hong Kong, will facilitate the growth of smart TV market in the Asia-Pacific region. . forecast period.
Revenue Generation Segment Analysis: The growth of smart TV market share in the offline segment will be significant during the forecast period. Globalization has encouraged investment in traditional commerce and increased the number of offline retail outlets. The rapid penetration of the Internet and the increasing adoption of OTT streaming services in the United States, India and China has increased the demand for high-end smart TV products. Also, technical and product design advancements have made smart TVs more accessible to consumers around the world in recent years.
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Smart TV Market Opportunity
Report scope
details
number of pages
120
base year
2019
Approximate duration
2020-2024
Growth rate and CAGR
Accelerating at a compound annual growth rate of over 21%
Market Growth 2020-2024
293.32 million units
Market Structure, Market Structure
fragmented
Annual Growth (%)
18.88
field analysis
Asia Pacific, Europe, the Middle East, Africa, North America, South America
Market share
Asia Pacific 46%
Main consuming countries
China and Japan
competitive landscape
Leading Companies, Competitive Strategies, and Consumer Attractions
Company Profile
Koninklijke Philips NV, LG Electronics Inc., Panasonic Corp., Qingdao Haier Co. Ltd., Samsung Electronics Co., Ltd. Ltd., Sharp Corporation, Sony Corporation, Videocon Industries Ltd., Vizio Inc. and Xiaomi Corp.
market dynamics
Key market analysis, market growth drivers and restraints, analysis of fast and slow growth segments, COVID-19 impact and future consumption dynamics and market situation analysis for the forecast period.
personalization area
If our report does not contain the information you are looking for, you can contact our analysts and edit the section.
Main topics covered:
information about us
Technavio is a global leader in technology research and consulting. Its research and analysis focuses on emerging market trends and provides actionable information to help companies identify market opportunities and develop effective strategies to improve their market position.
With over 500 expert analysts, Technavio's reporting library contains over 17,000 reports and accounts covering 800 technologies and 50 countries. Its client base consists of companies of all sizes, including more than 100 Fortune 500 companies. This growing client base leverages Technavio's broad reach, in-depth research, and effective market insight to identify opportunities in current and potential markets and assess its competitive position. Based on changing market conditions.
Contact the Technavio Research Jese MaidaMedia & Marketing ExecutiveEE. USA: +1844364 1100 UK: +44 203893 3200 Email: media@technavio.com Website: www.technavio.com/
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