Smart TV Market Get Facts About Business Strategies by 2025

28/lug/2020 07:46:44 Market Research News Contatta l'autore

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smart TV makes use of the user’s home network to provide streaming video and services to their televisions, making use of wired Ethernet and built-in Wi-Fi for maintaining the connection. Smart TVs have garnered attention from every age demographic, as they can perform multiple functions such as streaming movies and music, as well as playing video games. Smart TVs have steadily increased their reach among households, both in developed and emerging economies, on account of technological advancements and social factors such as rise in standards of living.

Smart TV

The rapid technological advancements made in the electronics industry, as well continuous evolution of display devices, is the major factor for the rise in demand for smart TVs. The growing presence of 4K TVs, especially in major metropolitan cities around the globe, along with the introduction of 8K resolution screens by major manufacturers such as Sony, Samsung and LG, are expected to cause positive developments in the smart TV market, as consumers desire better picture quality while watching movies or playing games. The usage of OLED and QLED technologies by companies, which offer better display than traditional LCD and LED TVs, is also expected to positively shape the market.

The increasing penetration of digital media players such as Roku, Chromecast and Amazon Fire TV have been critical in shaping the smart TV market. These devices help in streaming content from popular services such as Netflix, Hulu, Disney Plus, HBO and YouTube, which has helped in increasing their appeal. Amazon announced in January 2020 that their Fire TV platform now has over 40 million users in the United States, which was up from their figure of 34 million in May 2019. Meanwhile, Roku had more than 32 million active users as of the third quarter of 2019. These two accounted for almost 70% of the streaming media player market in the US, according to Parks Associates data from July 2019.

The expansion of Android ecosystem to televisions with a view to personalize and enhance offerings has opened up new opportunities for major manufacturers to tighten their grip on the smart TV market. The recent years have also seen the introduction of other operating systems such as Tizen by Samsung, webOS and SmartCast, which have enabled consumers to select a system based on their preferences. Additionally, the continued rise of streaming platforms such as Netflix, Amazon Prime Video and Hulu are expected to positively impact the market in the coming years. Consumers have become aware of the better display qualities of smart TVs, which has made them ideal for streaming content.

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In terms of resolution, the market is segmented into 4K UHD, HDTV, Full HD and 8K. 4K TVs have seen huge market growth in the past few years, on account of reducing prices due to strong competition, as well as offering high value for money. The 8K TV segment is currently quite new, although it made quite a huge impact at the Consumer Electronics Show in January 2020. Samsung, LG and Sony all brought out their 8K models in 2019, although they are expected to bring out much more in terms of price and size range from 2020. Various video streaming platforms such as Vimeo and YouTube have added 8K support in recent years, and other platforms can be expected to follow suit soon.

In terms of screen size, the 46-55-inch display segment has held a substantial market share. The large screen size, coupled with 4K display, offers unprecedented clarity and quality to the viewing audience, which has resulted in a huge demand for this segment. Moreover, the continued reduction in prices, coupled with sales and promotion offers involving digital media platforms such as Roku and Amazon, have significantly contributed to the market advancement of the segment. Sales of smart TVs above 55 inches are expected to show gradual growth in coming years, aided by rise in the standard of living of the population, especially in the rapidly developing regions of Middle East and Asia Pacific.

In terms of the screen type, the market has been segmented into curved and flat TVs. The flat TV segment is expected to dominate the market in the coming years. Curved TVs came out with much promise in 2013, with Samsung notably bringing out different models in this segment till 2016. Low sales, however, led to all of the companies, including Samsung, to stop experimenting with the design, although Samsung still offers the RU7300 model in both 55- and 65-inch models. Moreover, flat screen TVs have kept getting bigger in size, thus enhancing viewer experience.

Smart TVs have found a huge audience in the Asia Pacific region, on account of the large-scale technological advancements in the region. Moreover, there has been stiff competition among brands in order to capture larger market share, leading to reduction in prices of these TVs. Brands such as Xiaomi have also come into the picture with affordable offerings, which has led to significant demand for the product. Moreover, brands such as TCL, which originated in China, have quickly established a global presence, thus enhancing their regional value. North America and Europe are already established players in this market, while Latin America and the middle East are expected to become critical for market growth in the coming years.

Recent Developments and Trends

Samsung has made some big moves in the smart TV market since 2019, with the introduction of The Wall, which can be configured in sizes between 146 inches and 292 inches. The TV makes use of MicroLED technology, and Samsung has stated that the TV would support a variety of aspect ratios beyond the traditional 16:9, and can scale the resolution and aspect ratio to whatever will look best on the owner’s unique setup. The TV became available to order from November 2019.

OnePlus has become the latest entrant in the TV space, launching their debut models, the OnePlus Q1 and Q1 Pro first in India and China in late 2019. The 55-inch model features a nearly bezel-free display, with a 95.7& screen-to-body ratio. Additionally, it consists of a slide-out 50W soundbar that drops down from underneath the television. Both these models support Bluetooth 5.0, come with four HDMI ports (including eARC), as well as built-in Google Assistant and Google Chromecast.

 

The current COVID-19 pandemic has led to a large number of households to turn to smart TVs for streaming purposes. As such, these streaming platforms have also promoted various affordable offers during this period, in order to grab the market. With countries facing extended lockdowns, smart TVs have offered assistance, in areas such as education, health and fitness. Peloton, which specializes in exercising and workout, has witnessed the use of its Fire TV app double in recent weeks, while the Android TV platform has seen a tripling in the installation of non-video streaming apps in the month of April

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