Smart TV Market Size, Share, Growth Analysis, By Operating system(Android TV, Tizen, and WebOS), By Resolution outlook(4K UHD TV, HDTV, Full HD TV, and 8K TV), By Region - Industry Forecast 2024-2031

Smart TV Market size was valued at USD 196.70 billion in 2021 and is poised to grow from USD 197.23 billion in 2022 to USD 471.17 billion by 2030, growing at a CAGR of 11.5%% in the forecast period (2023-2030).

The global Smart TV market has witnessed significant growth, propelled by the increasing popularity of content on over-the-top (OTT) services. To meet the diverse demands of viewers, various TV content creators are continuously introducing new content across different genres, forming exclusive partnerships with OTT platforms. As a result, major streaming platforms like Amazon Prime, Netflix, and Disney Plus have developed custom applications tailored for smart TVs, enhancing their streaming services' accessibility.

The surging demand for smart TVs can be attributed to their advanced features, including voice command, screen mirroring/sharing, and video calling, which create an appealing and interactive viewing experience for users. Moreover, smart TVs are equipped with operating systems that facilitate seamless interaction, such as downloading applications, streaming video, and purchasing content directly on the TV. In response to this trend, manufacturers are developing their own operating systems, like Samsung Electronics Co. Ltd's Tizen operating system and LG's exclusive features like magic remote and voice command support. The rise of video-on-demand (VoD) services further fuels the market growth, as smart TVs support various popular video platforms offering on-demand content. For instance, the ESPN+ smart TV application enables on-demand sports streaming and content. Additionally, smart TVs offer interactive features for educational applications, providing voice input and remote cursor capabilities, making them valuable tools for learning and entertainment. Manufacturers are adopting a strategy of affordability to attract more customers. They offer a range of smart TVs, from entry-level to high-end, based on features and quality. While high-end smart TVs boast premium display panels and parts, resulting in higher prices, affordable options cater to a broader market, making smart TVs accessible to a wider audience.

US Smart TV Market is poised to grow at a sustainable CAGR for the next forecast year.