The global smart TV market is expected to witness significant growth between 2021 and 2028, principally driven by growing demand for high-definition channels and video on demand. According to Coherent Market Insights, the global smart TV market was valued at US$143.6 billion in 2020 and is expected to reach US$436.2 billion by 2028 at a CAGR of 15.3% between 2021 and 2028.
Among regions, North America held dominant position in the global smart TV market in 2020 and is expected to retain its dominance throughout the forecast period. The rapid technological advancements, large number of smart home product and service providers in the region are expected to drive the North America market growth during the period. For instance, according to the Coherent Market Insights analysis, there were 288.1 million internet users in the United States in 2020.
Asia Pacific is also expected to exhibit significant growth during the forecast period. The rising adoption of IoT, increasing penetration of smartphones, rapid urbanization, and increasing demand for wireless technology devices that consume less power are expected to drive the Asia Pacific market growth during the forecast period. For example, according to the Coherent Market Insights analysis, in 2019, approximately 75.2% of the population used smartphones in Japan.
Regarding screen size, 46 to 50 inches screen size segment is expected to hold dominant position in the global smart TV market during the forecast period. Most of the customers recommend 4K UHD display technology for larger TV sets. At the same time, the increasing purchasing power of consumers has further increased the demand for smart TVs in the market. Furthermore, increase in consumer income and price trends for UHD televisions are also expected to boost growth in the 46–55-inch screen size segment.