Smart TV Terminal Market Size, Share, Growth, and Industry Analysis, By Type (LED, OLED), By Application (Home, Commercial), Regional Forecast To 2032

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Smart TV Terminal Market Report Overview

The global smart TV terminal market size was USD 124.5 billion in 2023 & the market is expected to reach USD 331.5 billion in 2032, exhibiting a CAGR of 11.5% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with smart TV terminal market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

A smart TV terminal refers to a device that serves as an interface between a television and the internet, allowing the TV to access online content and perform various smart functions. Smart TV terminals typically come in the form of set-top boxes or dongles that can be connected to a television's HDMI port.

These terminals are equipped with built-in Wi-Fi or Ethernet connectivity, enabling them to connect to the internet. Once connected, users can access a range of online services and applications, such as streaming services like Netflix, Hulu, or Amazon Prime Video, social media platforms, web browsers, and more. Smart TV terminals often provide a user-friendly interface that can be navigated using a remote control or sometimes through voice commands. The primary purpose of the terminal is to enhance the functionality of a regular television by providing internet connectivity and access to online content. The smart TV terminal market is driven by consumer demand, expanding the range of available features, improving connectivity options, and making Smart TVs more affordable and appealing to a wider audience.

COVID-19 Impact: Pandemic Increased the Demand for Market

With people spending more time at home during lockdowns and restrictions, there has been a significant surge in demand for home entertainment. Smart TVs offer various streaming services, gaming capabilities, and internet connectivity, making them an ideal choice for consumers looking for immersive entertainment experiences within the comfort of their homes. The pandemic has led to a substantial increase in the consumption of streaming services such as Netflix, Amazon Prime Video, and Disney+. Smart TVs serve as a convenient platform for accessing these services, leading to higher demand for smart TV terminals: The pandemic has accelerated the adoption of remote work and remote learning practices. Smart TVs can serve as effective communication tools for video conferences and online classes, allowing users to connect their devices and collaborate on a larger screen. This has driven the demand for smart TVs, particularly those with advanced features like screen sharing and video conferencing capabilities.

Latest Trends

"Adoption of 4K and HDR Technology to Fuel Market Growth"

4K Ultra High Definition (UHD) and High Dynamic Range (HDR) technologies have gained traction in the smart TV market. These technologies provide enhanced picture quality with greater detail, sharpness, and vibrant colors, offering a more immersive viewing experience. Many smart TVs now include voice control capabilities and support for popular virtual assistants like Amazon Alexa and Google Assistant. This integration allows users to control their TVs using voice commands, search for content, and access other connected devices in their smart home ecosystem. Smart TVs have become the primary device for accessing streaming services such as Netflix, Amazon Prime Video, and Disney+. The availability of a wide range of streaming apps directly on smart TVs eliminates the need for external streaming devices, further driving the demand for these TV terminals.

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Smart TV Terminal Market Segmentation

• By Type Analysis

According to type, the market can be segmented into LED, OLED.

• By Application Analysis

Based on application, the market can be divided into home and commercial.

Driving Factors

"Increasing Internet Penetration and Broadband Speeds to Stimulate Market Growth"

The availability of high-speed internet connections and the increasing penetration of broadband services have played a crucial role in the adoption of Smart TVs. Seamless streaming of high-definition content, online gaming, and access to a vast array of online services are made possible by fast and reliable internet connections, making Smart TVs a desirable choice for consumers. As consumers become more aware of the features and benefits offered by Smart TVs, the demand for these devices has increased. Additionally, the declining prices of Smart TVs over the years, driven by technological advancements and market competition, have made them more affordable and accessible to a broader consumer base. The proliferation of Over-the-Top services, such as Netflix, Amazon Prime Video, and Hulu, has created a significant demand for Smart TVs. These services provide on-demand streaming of movies, TV shows, and original content, and Smart TVs serve as the primary platform for accessing and enjoying such services, further driving market growth.

The growing trend of smart homes and the increasing adoption of Internet of Things (IoT) devices have led to the integration of Smart TVs with other smart home devices and systems. Smart TVs can act as a central hub for controlling various connected devices, such as smart speakers, lighting systems, thermostats, and security cameras, enhancing the overall smart home experience. This is driving smart TV terminal market growth.

Restraining Factors

"High Cost and Limited Connectivity Infrastructure to Restrict Market Growth "

Smart TVs generally have a higher price compared to traditional TVs due to their advanced features and capabilities. This higher cost can be a deterrent for price-sensitive consumers, limiting the market penetration of smart TVs. Smart TVs require a stable and high-speed internet connection to access online content and streaming services. In regions with limited internet infrastructure or poor connectivity, the user experience may be compromised, leading to reduced demand for smart TVs.

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Smart TV Terminal Market Regional Insights

"Rising Demand in Asia-Pacific Anticipated to Drive Market Expansion "

Asia-Pacific holds the leading position in smart TV terminal market share. The Asia Pacific region, especially countries like China, South Korea, and Japan, has been at the forefront of smart TV adoption and manufacturing. These countries are known for their strong electronics industry and have a significant presence of major smart TV manufacturers.

Key Industry Players

"Adoption Innovative Strategies by Key Players Influencing Market Growth"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio.

The top key players in the market are Samsung, LG, TCL, Sony, Hisense, Xiaomi, Philips+AOC, Skyworth, Sharp, Vizio, Changhong. The strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the market competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession over market shares by the key players stimulates market demand.

LIST OF TOP SMART TV TERMINAL COMPANIES

• Samsung
• LG
• TCL
• Sony
• Hisense
• Xiaomi
• Philips+AOC
• Skyworth
• Sharp
• Vizio
• Changhong

Report Coverage

This report examines an understanding of the smart TV terminal market’s size, share, and growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.