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Smart TVs have increased in popularity in the last few years, as they combine the advantages of quick access to streaming content and the option to control the smart home and use the voice assistant at the same time on the same device – in fact, it would be difficult to find a ‘dumb’ TV at this level because of this combination of features .
Now, market analysis group Grand View Research has concluded that the smart TV market will maintain a CAGR of 10.9% globally until it reaches an estimated US$451.26 billion by 2030.
The Asia-Pacific region accounted for most of the market share in 2021 (China accounted for 49% of that revenue), and may continue to lead the region over the next 8 years.
Then, a separate study shows that the North American segment is also projected to grow in value from $51.3 billion in 2021 to $119.2 billion in 2027, at a CAGR of 15.09%.
8K smart TVs are growing in variety and availability at this stage; however, their 4K counterparts are still recommended to have a high CAGR (~12%) in terms of resolution, due to the growing demand for home games and entertainment content in high resolutions; Also, prices starting to fall eventually over time can help with that.
Then, Grand View Research sees bigger and bigger screens becoming more popular, as consumers will choose to replicate the theater-like experience at home throughout the decade. Therefore, the ≥65-inch screen category is expected to grow at the highest CAGR by size until 2030.
The Android TV UI was found to beat other big players like webOS, Apple TV and Tizen in terms of revenue in 2021, thanks to access to the Google Play Store. However, Roku is expected to have the highest CAGR until 2030 due to its compatibility with Apple devices.
Therefore, smart TVs seem to dominate home entertainment throughout the 2020s. So again, it will be interesting to see how other emerging solutions such as smart monitors and projectors cut into their market share, not to mention what kind of challengers in VR/AR/MR gaming and content can prove to be.
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I became a certified writer and editor shortly after graduation. My degrees are in biological sciences; however, they lead to some experiences in the field of biology, which convinced me that it has the power to transform our health, our environment and life in general. This developed into an all-consuming interest in many aspects of technology over time: I can never write enough about the latest electronics, gadgets and innovations. My other interests include meditation, astronomy, and all things broadcasting. Oh, and coffee.
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