Connected TV Market - By Screen Size (Less than 30 inches, 30 inches to 50 inches, 50 inches to 70 inches, Above 70 inches), By Screen Type (Curved, Flat), By Technology (LED, OLED), By Resolution Type (8K, 4K, 1080 P), By End Use (Entertainment, Education, Home Use), Forecast 2023 - 2032

Connected TV Industry Analysis

Connected TV Market size was valued at over USD 80 billion in 2022 and is anticipated to grow at a CAGR of over 6% between 2023 and 2032.
 

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The rising demand for enhanced viewing experiences on Over-The-Top (OTT) services has propelled the connected TV industry expansion. Several TV content producers are constantly releasing new materials in a variety of genres to cater to the needs of viewers and are striving to establish exclusive partnerships with various OTT platforms. Leading streaming services including Amazon Prime, Netflix, and Disney Plus have created tailored applications for smart TVs, making it convenient for users. Furthermore, advanced features on smart TVs including voice control, screen mirroring & sharing, and video calling enhance user experience, increasing their demand.
 

Connected smart TVs are responsible for transforming the television industry by providing a wide range of innovative features through internet-connected services that traditional CRT televisions do not provide. These smart TVs include Wi-Fi or an Ethernet port, allowing users to stay connected to the internet.
 

Connected TVs, linked to other connected devices, are vulnerable to privacy and security risks. Concerns have been raised about data collection, unauthorized access to personal information, and potential privacy violations. Manufacturers and service providers must implement strong security measures to protect user data and address these concerns.
 

COVID-19 Impact

The severe effects of the COVID-19 outbreak on the supply chain and the high cost of smart TV repairs hampered connected TV market share. The viewership of news channels increased as more people were at home due to the pandemic. The COVID-19 pandemic increased the demand for connected TVs and propelled the demand for Video-on-Demand (VoD) and Over-The-Top (OTT) services.
 

Connected TV Market Trends

The growing trend of Video-on-Demand (VoD) is likely to spur market expansion as connected TVs support several well-known video platforms that provide on-demand content. Customers can browse the internet and also use other supported applications that provide educational insights for kids on connected TVs. Connected TVs can also support the interactive elements found in educational software including remote cursors and voice input. Additionally, producers are garnering the attention of customers by creating affordable products and offering services at competitive prices. Manufacturers create connected TVs with different features according to the requirements of customers at all price points. High-end connected TVs are made with premium display panels and components, significantly raising their cost.
 

Connected TV Screen Size Segmentation

Based on screen size, the connected TV market is segmented into less than 30 inches, 30 inches to 50 inches, 50 inches to 70 inches, and above 70 inches. The 50 inches to 70 inches segment held a market value of over USD 35 billion in 2022 as more people bought larger TVs to enjoy films in a theater-like setting. The screen size-to-price value for consumers is driving the segment growth. The demand for full HD & 4K connected TVs is rising as the prices are falling. Customers can now buy larger TVs due to advantageous payment options such as EMIs and credit card payments.
 

Connected TV End-use Segmentation

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Based on end use, the connected TV market is segmented into entertainment, education, home use, and others. The home/residential  segment held a market share of around 35% in 2022 and is expected to ship around 100 million units by 2032. The industry is extensively used in the home use segment as it offers a range of benefits and entertainment options to consumers. Connected TVs often have personalized content recommendations and user profiles, thereby catering to the preferences and viewing histories of each household member. This enhances the user experience by providing relevant & tailored content suggestions.
 

Connected TV Technology Segmentation

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Based on technology, the connected TV market is segmented into LED and OLED. The LED segment held a dominant market share in terms of volume in 2022 and is anticipated to grow at a CAGR of over 5% by 2032. LED technological advancements have resulted in the development of various types of LED displays such as OLED and QLED. These technologies are energy-efficient and widely used in commercial displays by manufacturers. Mini-LED and micro-LED are two other emerging LED technologies. Although mini-LED and micro-LED are relatively new technologies yet to penetrate the global market, they are expected to grow in the coming years.
 

Connected TV Regional Analysis

Asia Pacific is the dominant region in the global connected TV market, with over 30% share in 2022. The increasing net disposable income of Asian consumers has played a significant role in the demand for smart TVs. Furthermore, the growing popularity of OTT platforms, such as Amazon Prime Video, Netflix, and HOOQ, in this region is driving market growth. Furthermore, the rising internet penetration is driving smart TV sales, further fueling market growth. The households in India are undergoing a transition, and there is a growing preference for smart TV sets over traditional TV sets. The changing lifestyles of the middle-income population can be attributed to rising income levels, increased awareness, the adoption of new technologies, and increased internet penetration.
 

Connected TV Industry Leaders

Some of the major players operating in the connected TV market include Koninklijke Philips N.V., LG Electronics, Panasonic Corporation, Samsung Electronics Co. Ltd., Sharp Corporation, Hisense International, Sony Corporation, TCL Corporation, Vizio Inc., and Xiaomi Corporation. These players focus on strategic partnerships and new screen size launches & commercialization for market expansion. Furthermore, they are heavily investing in research, enabling them to introduce innovative screen sizes and garner maximum revenue in the market.
 

Connected TV Market News:

• In August 2022, Sony India launched a new 216 cm (85 inches) television in its BRAVIA XR X95K Mini LED line. The XR Backlight Master Drive is included in the TV, and it precisely controls the latest generation mini-LED backlight for incredible brightness. It runs on the cognitive processor XR. The new television has an unprecedented dynamic range, with dazzling lights and deep blacks that accurately convey the creator's true intent.
   
• In April 2022, Samsung Electronics Co. unveiled the Neo QLED 8K smart TV line. Around this time, 65-inch and 85-inch televisions with screens were introduced. Samsung Electronics Co. Ltd. also runs marketing initiatives that enable customers to purchase TVs for less money, increasing the demand for the company's products.
   

The connected TV market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million and units from 2018 to 2032 for the following segments:

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by Screen Size

• Less than 30 inchess
• 30 inches to 50 inches
• 50 inches to 70 inches
• Above 70 inches

by Screen Type

• Curved
• Flat

by Technology

• LED
• OLED
• Others

by Resolution Type

• 8K
• 4K
• 1080 P
• Others

by end use

• Entertainment
• Education
• Home Use
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • ANZ 
• Latin America
  • Brazil
  • Mexico
• MEA
  • UAE
  • Saudi Arabia
  • South Africa