Smart TV Market Key Companies Are LG, Sony, Samsung, VIZIO and Videocon

Smart TV Industry Overview

The global smart TV market demand is expected to reach 1.18 billion units by 2028, registering a CAGR of 20.8% from 2021 to 2028, according to a new report by Grand View Research, Inc. Growing consumer inclination toward QLED and OLED displays and the regular launch of 4K and 8K resolution television sets by new and established vendors are the factors expected to favor the global demand for smart TVs over the forecast timeframe. Smart TVs are integrated with internet connectivity features and offer a range of advanced computing and connectivity options that enable users to search, browse, download, and share content online. Industry players are focusing on further enhancing the viewing experience, which is poised to help the market gain immense traction in the near future.

Smart TV Market Segmentation

Grand View Research has segmented the global smart TV market based on resolution, screen size, screen type, and region:

Based on the Resolution Insights, the market is segmented into 4K UHD TV, HDTV, Full HD TV and 8K TV.

• The 4K HDTV segment registered the highest volume share of around 40% in 2020 and is expected to retain its dominance over the forecast period.
• 4K TVs have gained substantial traction over the past few years owing to their continuously declining prices.
• The 8K TV segment is expected to register the fastest growth, exhibiting a CAGR of approximately 19.0% from 2021 to 2028. This can be attributed to the rising customer demand for TVs offering high-resolution picture quality.

Based on the Screen Size Insights, the market is segmented into Below 32 Inches, 32 to 45 Inches, 46 to 55 Inches, 56 to 65 Inches and Above 65 Inches.

• The 46 to 55 inches category dominated the market in 2020, capturing more than 38% of the revenue share. The declining product prices and the rapid integration of 4K technology with attractive features are encouraging consumers to purchase TVs with larger screen sizes.
• The above 65 inches segment is expected to register the fastest CAGR of over 14% from 2021 to 2028.

Based on the Screen Type Insights, the market is segmented into Flat and Curved.

• The flat screen type segment dominated the industry in 2020 and accounted for the lion’s share of more than 95% both in terms of volume and revenue. The segment is poised to retain its dominance over the forecast period as well.
• The demand for curved screens is expected to grow significantly, exhibiting a CAGR of over 7.0% from 2021 to 2028. Curved panels provide better viewing angles and a more immersive experience.

Smart TV Regional Outlook

• North America
• Europe
• Asia-Pacific
• Latin America
• MEA

Key Companies Profile & Market Share Insights

The industry is moderately fragmented, with minimal dominance of any particular player. Nevertheless, the market has gained considerable traction over the past few years and continues to offer lucrative growth opportunities for participants.

Some prominent players in the Smart TV market include

• LG Electronics Inc.
• Samsung Electronics Co. Ltd.
• Sony Corporation
• VIZIO Inc.
• Videocon Industries Ltd.
• Sansui Electric Co. Ltd.
• Toshiba Corporation
• Haier Electronics Group Co., Ltd.

Order a free sample PDF of the Smart TV Market Intelligence Study, published by Grand View Research.