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.
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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.
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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.
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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.