New York, March 23, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Smart TV Global Market Report 2022" - https://www.reportlinker.com/p06247524/?utm_source=GNW
, Toshiba Corporation, and Hitachi Ltd.
The global smart tv market is expected grow from $174.50 billion in 2021 to $186.90 billion in 2022 at a compound annual growth rate (CAGR) of 7.1%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $244.41 billion in 2026 at a CAGR of 6.9%.
The smart TV market consists of sales of smart TV and related services that are used in homes, offices and education sectors. A smart TV is a digital TV that is basically an entertainment-specific, internet-connected, storage-ware device.
The main product types of smart TV are 4K UHD TV, Full HD TV, HDTV and 8K TV.A screen with a resolution four times that of a Full HD (1080p) TV is referred to as 4K Ultra HD.
The various types of panels include LCD, LED, OLED, QLED that are used by homes, offices, education institutions and other end-users.
Asia Pacific was the largest region in the smart TV market in 2021.North America was the second-largest region in the smart TV market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The rising popularity of video-on-demand service is a key factor driving the growth of the smart TV market.Video on Demand (VoD) is one of the innovative features that Internet Protocol TV (IPTV) gives.
VoD gives consumers a range of available videos to choose from.The video is transmitted via the Real-Time Streaming Protocol.
In the recent years VOD has gained tremendous popularity, this has resulted in higher smart TV adoption rates.For instance, in 2019, US providers were the pioneer of VoD users.
Amazon Prime Video came at first with 72%, Netflix was second with 63%. In 2019, 53% of users spent more than $11 a month on streaming services. Therefore, the rising trend of video-on-demand service is expected to drive the growth of the smart TV market.
The taxation of smart TV’s is a key factor hampering the growth of the smart TV market.Television is the only group in which two Goods and Services Tax (GST) levels apply.
Television sales of up to 32 inches are falling, accounting for 55 percent of overall sales in 2019 compared to 75 percent two years ago as consumers want to buy bigger displays, customers are delaying purchases anticipating a tax cut.For instance, in India, smart TVs are put under the highest tax slab of the Goods and Services Tax, with customers paying 28% of the already exorbitant prices at which TVs are priced.
Therefore, the taxation of smart TV’s is expected to limit the growth of the smart TV market.
The 8K TV is a key trend in the smart TV market.The 8K TV sets have 33 million pixels, compared to 8 million pixels in a 4K package.
All those millions of extra pixels provide clearer, more accurate images than the 4 K UHD TVs.The 8K Ultra HD doubles the 4K Ultra HD resolution, and it is 16 times the full HD resolution.
In 2020, LG unveiled three new 8K versions and this year, Samsung tripled its 8K QLEDs. Therefore, TV manufacturers are gradually promoting 8K TVs as their 2020 flagship sets.
In August 2019, Samba TV, a San Francisco-based company, provider of global TV data and audience analytics acquired Axwave Inc. for $30 million. This acquisition strengthens Samba’s market-leading understanding of global television advertising and improves the company’s ability to cross-platform monitor scope, frequency and conversion to real-world business results, including tune-in. Axwave, Inc., a California-based company, leading platform for real-time audio content recognition, and an international software development company that developed a proprietary fingerprinting-based automatic content recognition (ACR) technology.
The countries covered in the smart TV market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06247524/?utm_source=GNW
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