Smart TV Market

• Growing content creators to boost the market growth

The convenience of watching content anytime and anywhere brings more subscribers to OTT platforms. Several TV content creators are introducing new content with varied genres to cater to every type of viewer’s demands. This factor is anticipated to contribute to the growth of the industry. The content creators are partnering with different OTT platforms to form an exclusive partnership. Following this trend, leading streaming platforms such as Amazon Prime, Netflix, Disney Hotstar, and others have developed custom applications for smart TVs to offer their streaming services.

The demand for smart TVs can be attributed to the advanced features it offers such as voice command, screen mirroring/sharing, and video calling among others which create a more enticing environment for the users. Smart TVs feature operating systems, is software that enables viewers to interact with features such as downloading applications, streaming video, and purchasing content among others on the TV. Manufacturers are introducing their own operating systems for the smart TVs they produce to counter the popular operating systems. For instance, the Tizen operating system is developed by Samsung Electronics Co.

Ltd for their smart TV range, helping viewers access streaming applications to enjoy TV content. Additionally, LG offers its own operating systems which support exclusive features such as magic remote, voice command, and more.

The number of smart TV users is likely to increase as smart TVs offer ease of enjoying movies and shows on demand. Users can rent, stream, or buy content with the high-resolution quality offered by any OTT platform, directly from their smart TV. Moreover, customers can browse the internet and run supported applications including educational apps for children on smart TVs. The smart TV also supports music streaming via popular applications such as Spotify and Apple Music. Therefore, such condition has enhanced the Smart TV market CAGR across the globe in the recent years.

However, manufacturers attract customers by creating affordable products and pricing them competitively is another factor driving the growth of the Smart TV market revenue.

The Global Smart TV Market Industry is poised for remarkable growth, with projections indicating a market size of 245.2 USD Billion in 2024 and an astonishing 1061.4 USD Billion by 2035. This trajectory suggests a robust compound annual growth rate (CAGR) of 14.25% from 2025 to 2035. The anticipated growth is driven by various factors, including technological advancements, increasing consumer demand for interactive content, and the integration of smart home technologies. As the market evolves, it is likely to witness innovations that further enhance user experiences and expand the functionalities of Smart TVs, solidifying their position in the entertainment landscape.

The Global Smart TV Market Industry is experiencing a surge in demand for streaming services, driven by the increasing popularity of platforms such as Netflix, Hulu, and Amazon Prime Video. As consumers seek high-quality content and convenience, Smart TVs equipped with advanced streaming capabilities are becoming essential. In 2024, the market is projected to reach 245.2 USD Billion, reflecting a shift in viewing habits. This trend indicates that consumers prefer on-demand content over traditional cable subscriptions, leading to a significant increase in Smart TV sales. The integration of user-friendly interfaces and smart features further enhances the appeal of these devices.

The integration of Smart home technologies is significantly influencing the Global Smart TV Market Industry. As households increasingly adopt smart devices, Smart TVs serve as central hubs for controlling various home automation systems. This interconnectedness enhances user convenience and promotes the adoption of Smart TVs. The growing trend of voice-activated assistants and IoT connectivity further solidifies the role of Smart TVs in modern homes. With the market projected to grow at a CAGR of 14.25% from 2025 to 2035, the synergy between Smart TVs and other smart devices is likely to drive substantial growth, as consumers seek seamless integration and enhanced functionalities.

The expansion of global internet connectivity is a crucial driver of the Global Smart TV Market Industry. As internet access becomes more widespread, particularly in developing regions, the potential customer base for Smart TVs is expanding. Improved broadband infrastructure and the proliferation of affordable internet services are enabling more households to access streaming content and online services. This trend is likely to contribute to the overall growth of the Smart TV market, as consumers in these regions increasingly adopt Smart TVs to take advantage of available online content. The combination of enhanced connectivity and growing consumer awareness is expected to propel market growth.

Technological advancements in display quality are a pivotal driver of the Global Smart TV Market Industry. Innovations such as 4K and 8K resolution, OLED, and QLED technologies are enhancing the viewing experience, making Smart TVs more appealing to consumers. As these technologies become more affordable, a broader audience is likely to adopt Smart TVs. The market's growth trajectory suggests that by 2035, it could reach 1061.4 USD Billion, indicating a robust demand for high-definition viewing experiences. Enhanced picture quality not only attracts consumers but also encourages content providers to produce more high-resolution content, creating a positive feedback loop.

Increasing consumer preference for interactive content is reshaping the Global Smart TV Market Industry. Viewers are gravitating towards content that allows for engagement, such as gaming, live streaming, and interactive applications. This shift is prompting manufacturers to enhance Smart TV features, including gaming capabilities and interactive interfaces. As a result, Smart TVs are becoming more than just passive viewing devices; they are evolving into platforms for immersive experiences. The anticipated growth in the market underscores the importance of catering to this demand, as consumers seek devices that offer diverse entertainment options and interactive functionalities.

By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. Asia Pacific Smart TV market accounted for USD 67.21 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. The growing popularity of smart TV in rapidly developing countries like India is significantly driving regional market expansion. China holds a significant share in the Asia Pacific Smart TV market, aided by the emergence of new players, such as Hisense Co., Ltd., and TCL Corporation, expanding their footprint and increasing rivalry among major players.

Moreover, China Smart TV market held the largest market share, and the India Smart TV market was the fastest growing market in the Asia-Pacific region

Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: Smart TV Market SHARE BY REGION 2021 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Smart TV market accounts for the second-largest market share. Increasing internet penetration and the presence of low-cost manufacturers are expected to innovate smart TVs based on the latest features at competitive price offerings to meet the diverse needs of customers. Further, the Germany Smart TV market held the largest market share, and the UK Smart TV market was the fastest growing market in the European region

The North America, Smart TV Market is expected to grow at the fastest CAGR from 2024 to 2032. Developments across the OTT segment in the development of engaging content are leading to a rapid rise in the adoption of smart TVs in the region. Ever-changing consumer focus toward streaming online content, owing to the increasing availability of high-speed internet broadband connections, is further favoring product demand. Moreover, US Smart TV market held the largest market share, and the Canada Smart TV market was the fastest growing market in the Asia-Pacific region

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Smart TV market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Smart TV industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the global Smart TV industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, Smart TV industry has provided with some of the most significant benefits. The Smart TV market major player such as Samsung Electronics Co, and others are working to expand the market demand by investing in research and development activities.

Samsung Electronics Co., Ltd (Samsung Electronics) is one of the leading companies engaged in manufacturing and designing various products such as digital TVs, monitors, printers, smartphones, tablets, and other wearables globally. The company operates through three segments: IT & mobile communications, consumer electronics, and device solutions. It provides heating and cooling products, connected car systems, medical equipment, general logistics agency, financing, AI technology research, marketing, consulting, cloud services, enterprise automation solutions and connected services, and digital advertising platforms. In December 2021, Samsung Electronics Co.

Ltd announced that select 2022 4K and 8K TVs and gaming monitors would support the new HDR10+ GAMING standard, delivering an immersive, ultra-responsive HDR gaming experience to gamers.

OnePlus Technology Co., Ltd., doing business as OnePlus, is a Chinese consumer electronics manufacturer headquartered in Shenzhen, Guangdong. It is a subsidiary of Oppo. May 2021,OnePlus launched a 40-inch (100 cm) smart television under its Y-series on Flipkart. The new OnePlus Y Series 100 cm (40 inches) Full HD LED Smart Android TV (40FA1A00) has similar specifications as the 43-inch variant. The OnePlus TV 40Y1 will be equipped with 20 W stereo speakers with Dolby Audio, a 64-bit processor paired with 1GB RAM, and 8 GB internal storage.

The device runs Android TV 9.0 with Oxygen Play support and features Gamma Engine, which adds dynamic contrast and improves picture quality