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The global smart TV market size is anticipated to be valued at USD 451.26 billion by 2030, expanding at an estimated CAGR of 10.9% from 2022 to 2030, according to the latest report by Grand View Research, Inc.  Smart TVs offer internet connectivity and additional smart features such as web browsers, voice commands, and screen sharing. The steady rise in the use of OTT applications for streaming the latest TV content on smart televisions along with the influx of high-speed internet in the form of broadband internet, 4G, and 5G, is enhancing the users' viewing experience, which is expected to drive the growth of the market.

Key Industry Insights & Findings from the report:

• In terms of resolution, the 4K UHD TV segment is anticipated to grow at the highest CAGR of over 12% due to the rise in demand for high-resolution content in entertainment and live sports.
• The above 65 inches' screen size segment is anticipated to record the highest CAGR over the forecast period of 2022 to 2030 as customers look to bring a theatre-like experience to home.
• The flat screen shape segment accounted for the largest market revenue in 2021, as the flat-screen TV offers a wider viewing angle for viewers and ease of wall-installation.
• The Roku operating system is anticipated to grow with the highest CAGR over the forecast period of 2022 to 2030 as a result of its ease of use and connectivity to Apple devices.
• By geography, the Asia Pacific region segment had the largest market revenue in 2021, owing to the presence of leading smart TV manufacturers such as Samsung, LG, TCL, and Xiaomi.
• The Android TV operating system accounted for the largest market revenue in 2021 due to its vast popularity for the Play Store access it grants users to download more supporting applications.

Smart TV Market Growth & Trends

Moreover, the growing demand for TV content viewership offers TV content producers lucrative opportunities to cater to users via over-the-top (OTT) platforms such as Netflix, Amazon Prime, and more on smart TVs. As per a report by MICA Ahmedabad, in India, 29 million subscribers paid for 53 million OTT subscriptions in 2021. These factors are anticipated to contribute to the growth of the industry in the forthcoming years.

There has been an increase in the demand for 4K smart TVs as they offer enhanced picture quality and sound compared to lower-resolution TVs. High-resolution smart TVs can enhance customers' viewing experience, thereby propelling the global demand for Full HD TV and 4K UHD TV. For instance, Netflix, a streaming platform, offers high-quality TV content to stream on smart TVs. Therefore, as more TV content is being created with higher quality, 4K UHD TV products have seen massive market penetration, becoming the standard for most manufacturers.

The Asia Pacific region accounted for the largest revenue share in 2021 and is likely to lead the smart TV industry over the forecast period. As per the India Brand Equity Foundation (IBEF), the television watch time has increased in India and the sales of smart TVs exceeded 5 million units in 2020. Moreover, China accounted for more than 49% of the revenue share as a result of the increasing disposable income and standard of living. Competitive production pricing, availability of skilled labor in addition to the presence of emerging market leaders including TCL Corporation and Hisense Co., Ltd., and, have enabled China to account for a majority of market share in the Asia Pacific.

List of Key Players in the Smart TV Market

• Haier Inc.
• Hisense International
• Intex Technologies
• Koninklijke Philips N.V
• LG Electronics Inc
• Panasonic Corporation
• Samsung Electronics Co. Ltd
• Sansui Electric Co. Ltd
• Sony Corporation
• TCL Electronics Holdings Limited
• Toshiba Visual Solutions (TVS Regza Corporation)

Source: https://www.prnewswire.com/news-releases/smart-tv-market-to-hit-451-26-billion-by-2030-at-cagr-of-10-9-grand-view-research-inc-301653369.html