WILMINGTON, DE / ACCESSWIRE / May 25, 2023 / Transparency Market Research Inc. - The global connected TV market was valued at US$ 12.5 Bn in 2022 and is projected to expand at a CAGR of 13.2% from 2023 to 2031 and reach US$ 38.1 Bn by the end of 2031. Rise in disposable income and increase in purchase of electronic entertainment devices are fueling the connected TV market.
Furthermore, focus of companies in the connected TV market to meet the rise in demand for game consoles, cellphones, set-top boxes, digital media players, Blu-ray players, and other network-connected interactive devices with television-type display outputs is creating value-grab opportunities.
Connected TV enables users to stream a variety of content such as movies, sports, TV channels, and entertainment through a single device. Connected TV enables consumers to browse the internet, stream music and video, and view images on a standard television set that has an integrated Internet connection and interactive Web 2.0 features. The combined technological ability of digital TV, computers, and digital media players has led to the creation of smart TVs.
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Market Scope:
| Report Coverage | Details |
| Market Revenue | USD 12.5 Bn |
| Estimated Value | USD 38.1 Bn |
| Growth Rate - CAGR | 13.2% |
| Forecast Period | 2023 - 2031 |
| No. of Pages | 160 Pages |
| Market Segmentation | Screen Size, Platform Type, Screen Type, Usage, Resolution Type, Display Type, End-use, Distribution Channel |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Key Players | Furrion, LLC, LG Electronics Inc., Panasonic Corporation,, Samsung Electronics Co., Ltd., Sansui Electric Co., Ltd., Sanyo Electric Co., Ltd., Sony Group Corporation, TCL Technology, Vizio Inc., Xiaomi Corporation |
Key Findings of Study
Technological Innovations in Connected TV Industry Fuels Growth - Rise in television viewership and growth in demand for online video via web platforms, apps, and other Internet platforms are likely to boost the connected TV market value. Furthermore, manufacturers are engaging in R&D activities to offer technologically advanced high-resolution products. This is likely to boost their market share.
Focus of key players on innovations and upgrades such as curve design and connection options is creating lucrative business opportunities for companies operating in the connected TV market. This, along with shift in consumer preference for OLED and QLED displayers, is anticipated to trigger market development in the next few years.
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Rapid Urbanization and Changing Lifestyle Boosting Connected TV Market Size - Rapid urbanization and rise in economic prosperity have led to a shift in consumer preference for smart products in commercial and residential spaces. Additionally, rise in adoption of smart TVs in the IoT ecosystem due to features such as automatic user assistance and ambient intelligence is bolstering connected TV market growth.
According to recent connected TV market trends, television viewership and popularity of online video platforms such as web TV platforms and other internet platforms, which are available for different age groups, is gaining traction.
High Demand for 30 inches to 50 inches Screen Size- Based on screen size, the 30 inches to 50 inches segment dominates the global market. This is the standard size of connected TVs that is majorly preferred by education and entertainment industries. Furthermore, 30 inches to 50 inches connected TVs are cost-effective compared to other screen sizes.
Growth Drivers
- Key advantages of connected TV to enable users to browse the internet, stream music and videos, and view images on a standard TV set with an integrated Internet connection and interactive Web 2.0 features boosts demand
- Increase in economic prosperity and rise in purchase of electronic entertainment devices are fueling the connected TV market
Regional Landscape
Asia Pacific is anticipated to lead the global connected TV market during the forecast period. Rapid urbanization that entails house renovation and growth in premium hotel and restaurant development projects are fueling the market size in the region.
Furthermore, rise in disposable income in emerging economies is significantly influencing market demand in Asia Pacific. Increase in popularity of OTT platforms, such as Amazon Prime, Netflix, and HOOQ, is also accelerating growth in the connected TV market in the region.
Competitive Analysis
The connected TV market is consolidated, with a few large-scale vendors holding majority share. Key players are investing significantly in R&D activities to introduce advanced connected TVs. M&As and expansion of product portfolio are key strategies adopted by major players in the connected TV market.
Key players in the connected TV market include Furrion LLC, Panasonic Corporation, Sansui Electric Co. Ltd., Sony Group Corporation, Vizio Inc., LG Electronics Inc., Samsung Electronics Co. Ltd, Sanyo Electric Co. Ltd., TCL Technology, and Xiaomi Corporation.
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The connected TV market is segmented as follows:
Global Connected TV Market, by Screen Size
- Less than 30 inches
- 30 inches to 50 inches
- 50 inches to 70 inches
- Above 70 inches
Global Connected TV Market, by Screen Type
- Curved
- Flat
Global Connected TV Market, by Resolution Type
- 8K
- 4K
- 1080 p
- Others
Global Connected TV Market, by Display Type
- QLED
- OLED
- LED
- Others
Global Connected TV Market, by Platform Type
- Android
- Roku
- Others
Global Connected TV Market, by Usage
- Indoor
- Outdoor
Global Connected TV Market, by End-use
- Entertainment
- Education
- Home Use
- Others
Global Connected TV Market, by Price
- Low
- Medium
- High
Global Connected TV Market, by Distribution Channel
- Online
- E-commerce Websites
- Company-owned Websites
- Offline
- Hypermarkets and Supermarkets
- Specialty Stores
- Factory Outlets
- Independent Retailers
- Other Retail Based Stores
Global Connected TV Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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