Global Smart TVs Market, Forecast to 2024

China Remains Key; 4K and HDR will Drive Growth in this Intensely Competitive Market
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Published: 25 Feb 2019

Smart TVs are envisioned as online video consumption devices that enable centralized control of the living room entertainment experience—fragmented across smartphones, tablets, gaming consoles, and streaming media devices, among others. While the overall LCD TVs market has reached maturity and has been experiencing shipment declines in many regions, the emergence of 4K TVs is driving demand in developed markets, as well as price-sensitive countries such as China. Unit shipments for the global Smart TVs market is expected to increase from 198.3 million in 2018 to 249.9 million in 2024, at a compound annual growth rate (CAGR) of 3.9% during the forecast period. As seen at Consumer Electronics Show (CES) 2018, major vendors in this space are integrating voice-activated personal assistants into their 2018 flagships, including Amazon Alexa, Google Assistant, and Bixby. 4K TVs are expected to drive replacements and growth, as prices decline further during the forecast period. From Samsung to Hisense, virtually every major vendor has identified UHD TVs or 4K TVs as the new standard in their TV line-ups for 2018 and beyond. The global market for smart TVs continues to exhibit different trends in advanced and emerging regions. North America remains a growth driver, given the persistent demand for 4K TVs, which are quite attractive to consumers due to the sharply declining prices. China recorded further growth in 2018 and will continue to dominate shipment during the forecast period.

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