Smart TV Market, Growth, Trends and Forecast

Smart TVs work like any other smart home device by offering internet connectivity and providing you a platform to access online content, thus expanding your variety of content without requiring any additional boxes. Therefore, you get to experience a wider world of entertainment. You not only get to enjoy a massive number of channels, movies, or music but in addition, some smart TVs also support web browsing, gaming, etc. 

So a smart TV coupled with a genuinely reliable cable plan like any of the Cox cable TV deals with an extensive channel line up and a high-speed internet connection, either Wi-Fi or Ethernet is like a dream come true, for diving into endless TV watching. The fun never stops. That is not it. Some smart TVs also offer exciting features like screen sharing, voice control, etc. Honestly, there are so many brands, models, and types that you will find in the market, with versatile features, functionalities, and budget, for you to pick exactly what you are looking for. Smart TVs are getting smarter than ever, with most of them allowing access to social media, enjoy streaming music on Spotify, and control of home internet-connected devices including smart doorbells, smart thermostats, etc. Knowing all the attractive benefits of smart TVs it is about time, we have a close look at its market and trends that justify its rising demand and also highlight the challenges involved for its growth:

Smart TV market Overview

One question that may arise in our heads is the fact that a regular TV can be used to access streaming services by connecting a set-top box and can work as a smart TV but the benefits of having a smart TV are beyond that. This is the reason that every prominent TV manufacturer has shifted from traditional TVs to smart TVs. This has also resulted in a somewhat narrowing of the price gaps that used to be much high initially. There are many budget-friendly smart TVs produced by TCL and Hisense that come with built-in Roku streaming. On the other hand, you can also find top-notch models released by Samsung, Sony, and LG with the most astonishing capabilities, be it motion controls or voice control, or smart home integration. 

The budget-priced smart TVs available in the market may have limited app accessibility and moderate performance but they are surely worth an investment if you want to enjoy smart TV functionality at a more affordable cost. This means you can avail the perks of streaming video via various online streaming platforms as long as you have a stable internet connection at a more cost-effective price tag. 

Smart TV Growth and Trends

In the internet drive world, we live today and online streaming platforms becoming more popular than ever, the smart TV market has grown massively over the past decade. Every major TV manufacturer has jumped on the smart TV bandwagon to incorporate internet facilities in TV sets, allowing their users to subscribe and enjoy binge-watching their favorite streaming services on the big screen. No longer do people have the dire anticipation to head to the cinema halls to enjoy their favorite movie, they can always watch it online on the high-quality screens in the comfort of your house. The global increase of internet usage and our dependence on it for streaming online video and audio content has added to the widespread popularity of smart TVs and their market growth. It will not be wrong to say that smart TVs have transformed the TV industry and broaden the spectrum of entertainment. Though there have been certain challenges, especially amidst the COVID-19 outbreak due to closed borders affecting the supply chain. For instance, as we see in the case of TCL that is a major smart TV manufacturer based in Wuhan being impacted by the COVID-19. 

Furthermore, Smart TVs are expected to have a further reduction in prices over the coming years. The manufacturers will continue to incorporate the recent technologies and consequently, better models with higher image quality and more exciting features will keep surprising the users.  

Smart TV Market Challenges

Among the major challenges that the smart TV market faces are taxation. In some countries, smart TVs have higher taxes. The smart TV industry can have an even better growth rate if there is some relaxation in these taxes. 

The Bottom Line 

It’s been around a decade since smart TVs first appeared and took the TV industry by storm. Eventually, smart TVs will be taking over laptops and computers when it comes to being the more popular viewing screens due to the wider range of benefits and functionalities. With time, the prices are expected to go further down and there will be more budget-friendly smart TVs hitting the market.