BANGALORE, India—Valuates Reports has issued new research projecting that the smart TV market will grow from $111.67B in 2020 to about $126.52 billion in 2027, a modest CAGR of 1.8% between 2021 and 2027.
The Smart TV market is being bolstered by steady increases in the use of streaming devices, as well as expanding internet penetration, the researchers reported. Improving living standards, decreases in smart TV prices, and increased disposable income of consumers are also pushing demand.
Other important factors include rising demand for high-definition (HD) channels and video on demand (VOD) and the ability of smart TV to allow access to online interactive media, Internet TV, over-the-top content, on-demand streaming media, and home networking features.
The COVID-19 has also increased demand for video on demand and over-the-top services, which in turn has boosted demand for smart TVs, the researchers said.
Among the various smart TV segments, TVs with a 42-inch screen hold the largest share at about 29%.
Rising incomes and the expanding economies of India, China, and Japan, will mean that the Asia-Pacific region is expected to have a 40% share of the global market 2027.
More information on the report is available here.