The global smart TV industry size is set to gain momentum from the general population’s inclination toward web-enabled online platforms. This information is given by, titled, “Smart TV Market, 2022-2029”.
The report offers an in-depth analysis of the market, which includes:
- Strategies adopted by the key competitors and recent developments launched by the major players.
- Growth factors along with the rising trend surging market growth.
- Impact of the pandemic on market growth associated with the lockdown.
- Region leading the global market as a cause of their high smart TV market share.
Higher Penetration of Internet to Fuel Market Growth
The general population’s inclination towards web-enabled online platforms is projected to fuel the market growth. The market is estimated to boom due to increasing customers’ demand for smart TVs. The rising internet penetration is also forecasted to create a boom in the smart TV market growth.
However, the smart technology associated with the TV results in a high cost of the TV, which possesses a challenge for the low-income category and may restrict the market growth.
Increasing Demand for TVs with Enhanced Sound and Image Quality to Support Asia Pacific in Becoming Globally Dominant
The consistently rising demand for TVs associated with enhanced sound and image quality is surging the demand in Asia Pacific. Additionally, the population’s higher standard of living is making an inclination towards apps such as Hotstar, Netflix, Disney Plus, and others, which is expected to propel the smart TVs market growth. The innovation in displays pushed many companies to develop TVs with less overall weight and thickness, which boosted demand in the market. Rising internet penetration in the region and a higher inclination of the population toward online streaming services is projected to fuel growth in the Asia Pacific region.
Europe is estimated to grow significantly in the global market. The growth of the region is attributable to various technological innovations such as Artificial Intelligence (AI) and voice control with smart TVs. Moreover, the rising urbanization in the countries of the region is projected to surge growth in the Europe region.
Companies Launching Wide Range of Products to Gain a Competitive Edge
Key companies focus on gaining mergers and collaborations in the regional market to expand their growth. Competitors also emphasize on delivering the products in less time to gain customers. The higher investments are done in the research and development of the smart TV to introduce TVs with advanced technology. For instance, in April 2020- Sony Corporation unveiled the accessibility and price of its OLED and LED models associated with Google assistant to offer easy access to device controls and entertainment.