As the arrival of 4K resolution-equipped televisions, coupled with the shifting preference toward OLED and QLED displays, is expected to emerge as a major trend, the global smart TV market will be worth $292.55 billion in eight years’ time according to a Grand View Research study.
The analyst said that the growing popularity of smart homes has supplemented market growth as smart TVs help in enhancing the content viewing experience. As the home entertainment sector is paving its way in smart homes, the market is expected to witness increased demand over the research period.
The study data showed that large screen TVs are expected to capture substantial share, fuelled by rising consumer aspirations and affordable price points. Moreover, it adds that people are replacing their existing traditional televisions in the wake of availability of new high-tech and affordable solutions. The Asia Pacific region is expected to dominate the overall smart TV market with an expected CAGR of over 10% throughout the forecast period. The emergence of new players in China is expected to contribute to the regional growth.
Grand View Research believes that streaming devices such as Apple TV, Amazon Fire TV, and Google Chromecast are changing the consumers’ viewing experience. It notes that recently several manufacturers have teamed up with over-the-top (OTT) content and device providers to provide built-in features with no further requirement of a set-top box. For instance, TCL Corporation has teamed up with Roku Inc and introduced a 4K HDR Roku TV. Hitachi, Hisense and Sharp have also teamed up with Roku to provide such features.
The research says that the 4K Ultra HD segment is expected to witness significant growth over the forecast period. The plummeting prices of these TVs are attracting customers and triggering the demand. The 46- 55” segment is expected to dominate the market over the forecast period. Grand View Research says that the growth can be attributed to features such as high resolution and high picture quality with Dolby Digital sound, which can be better experienced on larger screen sizes.