According to a report from Technavio, sales are expected to post a CAGR of 21% between 2020-24.
The growth of smart TVs has coincided with the growing popularity of 4K video and video streaming services, with vendors encouraged to introduce smart TVs that emphasise visual perfection.
While the sets are internet-connected, this has also led to the increased penetration of advanced display technologies such as OLED and QLED displays. For example Samsung and LG have both introduced 8K displays, which will further drive growth.The growing penetration of internet-enabled mobile devices across the world has increased the consumer preference for online shopping. This has encouraged TV manufacturers to offer their products through their own websites and other e-commerce websites. For instance, Xiaomi sells premium TV models to its customers through online retail channels in emerging economies, such as India. During the period April 2018 and October 2018, the company sold more than 500,000 Mi smart TVs in India. Therefore, the increase in online sale of smart TVs is expected to boost the growth of the global smart TV market during the forecast period.
Online retail will also become an increasingly key factor for TV sales, with emerging markets seeing a significant uptick. Xiaomi – sells premium TV models to its customers through online retail channels in emerging economies – sold more than 500,000 Mi smart TVs in India between April-October 2018.
The APAC region led the smart TV market in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth. This is due to the increase in the number of OTT service providers and the availability of a diverse range of technologically advanced smart TVs in the region.
One senior analyst at Technavio said: “Influence of digital media on smart TV advertising and marketing and the rising popularity of OTT content in smart TVs will further boost market growth during the forecast period.”
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