Connected TV Market Analysis

Connected TV Market Analysis

To get key market trends

  Download Free Sample

Based on screen size, the market is divided into less than 30 inches, 30 inches to 50 inches, 50 inches to 70 inches and above 70 inches. In 2023, 30 to 50 inches TVs held the dominant market of USD 32.2 billion and is expected to reach USD 75.8 billion by 2032. This segment offers a sweet spot for many users, balancing price with a decent viewing experience suitable for living rooms or mid-sized spaces. The rise of high-quality streaming services with a vast library of content makes this size range attractive for viewers seeking a good balance between affordability and immersive viewing.

Based on technology, the market is categorized into LED, OLED and others. In 2023, LED held the dominant market share of 60% and is anticipated to grow through the years. LED technology holds the largest market share due to its affordability, energy efficiency, and long lifespan. LED TVs come in a wide range of sizes, features, and price points, catering to a broad audience. OLED displays offer superior contrast, deeper blacks, and wider viewing angles, making them ideal for those seeking the best possible picture quality. OLED TVs are generally more expensive than LEDs, positioning them within the premium segment of the CTV market.

North America held a market of around USD 18.9 billion in 2023 and is expected to reach USD 47.3 billion by 2032. North America is a hub for technological innovation, and the presence of tech giants like Google, Amazon, and Apple provides a robust ecosystem for connected TV devices. Features such as voice control, AI-driven recommendations, and smart home integration are highly attractive to consumers. The widespread availability of high-speed internet and broadband services in North America facilitates seamless streaming and online content consumption, driving the adoption of connected TVs.

The market in U.S. is set to grow at a CAGR of 9.9% through the forecast time period. U.S. consumers have a high affinity for the latest technology. Features such as 4K/8K resolution, HDR, voice control via Alexa, Google Assistant, or Siri, and integration with smart home ecosystems drive the appeal of connected TVs. The rise of online gaming and services like Google Stadia, Nvidia GeForce Now, and Xbox Game Pass pushes demand for connected TVs with high performance and low latency.

The German Connected TV market maintained a considerable position in Europe. Germany's push towards digitalization across various sectors, including entertainment, supports the growth of the market. Consumers are increasingly adopting digital and smart home technologies. Germany's strong economy and high disposable incomes enable consumers to invest in premium home entertainment systems, including larger and more advanced connected TVs.

China is supposed to grow at the highest rate of 10.6% in the region. China has a high internet penetration rate and is rapidly deploying 5G networks, providing the necessary infrastructure for high-quality streaming and connectivity, which boosts the demand for connected TVs. The dominance of local streaming platforms such as iQiyi, Tencent Video, Youku, and Bilibili drives the demand for connected TVs that provide easy access to these services. These platforms offer a vast array of local content, which is highly attractive to Chinese consumers.