The global smart TV market is highly competitive with the presence of major players across the globe. The established players in the market act as a challenge for new entrants to establish their brands. Additionally, the need for high investments in the market poses barriers to the entry of new players. However, the availability of cost-effective raw materials from local suppliers and escalating demand for smart TVs in developed countries has made the market lucrative. The increasing preference for smart TVs offers significant opportunities for the manufacturing of products with innovative functions such as voice recognition, online streaming, and video chat. The popularity of smart TVs is increasing as they offer an enhanced viewing experience with advanced picture quality. Customers have a wide range of options from which they can choose based on requirement, price, and convenience.
The global smart TV market is characterized by the presence of several players. On the basis of geography, the global smart TV market has been segmented into North America, Europe, Asia-Pacific, and rest of the world. The market is highly competitive with all the players competing to gain maximum market share. The major players across North America compete based on cost, product quality, and regional distribution. It becomes crucial for manufacturers to provide extensive product variations and high-quality smart TVs to compete in the global market. The growth of the North American market is dependent on market conditions, government support, and industry development. Thus, the major players particularly focus on acquisitions, expansions, new product launches, and collaborations. Most of the companies operating in the global market are expanding operations across different regions in the US, augmenting their capabilities, and building strong partner relations. Samsung Electronics Corporation Ltd, LG Electronics, Sony Corporation, and Vizio Inc. are the major companies operating in the global smart TV market.
A gradual change in consumer preference due to the advent of high-speed Internet, mirror imaging, and accessing content from multiple media providers has defined the dynamics of the global smart TV market. Consumers in the US with a high degree of product awareness, high buying capacity, and high standards of living are boosting the sales of smart TVs. Furthermore, next-generation technologies such as 3D glasses, 4K UHD, and 8K QLED launched in 2019 coupled with sharp refinements and expansions on existing display technologies are expected to fuel the global market growth during the forecast period.
The smartphone TV industry has been segmented on the basis of usage and service. On the basis of usage the market includes Nomadic, Fixed and Mobile. The service segment is additionally divided into free-to-air and pay TV services. Out of which pay TV services dominated the market and is expected to grow at the highest rate during the forecast period. Whereas free-to-air service segment of the smartphone TV market is expected to witness a decline in market share due to growing consumer preference for premium video content or TV channels.
Sep 2017 Verizon Communications is planning to define its strategy to deliver online TV service. Even though, web-based TV is becoming a crowded space according to the company, the telecommunications giant will try to take advantage of the advertising capabilities of its AOL and Yahoo acquisitions, the company stated lately. Their emphasis on an over-the-top platform which will be instrumental to its growth in the domain is one of the main focus of their strategy. Verizon is also considering to offer the service in association with a partner. Verizon also offers traditional pay-TV service through its fiber-optic lines in parts of the U.S. and has a user base of 4.7 million subscribers, but growth has slowed down as competition is becoming serious with streaming video providers such as Netflix Inc.
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The key players in the smart TV market are identified across all the major regions based on their country of origin, presence, recent key developments, product diversification, and industry expertise. Some of them are LG Electronics Inc. (US), Samsung Electronics Co. Ltd (US), Sony Corporation (Netherlands), Panasonic Corporation (US), Vizio Inc. (US), Apple Inc. (Germany), Hisense Group Co. Ltd (Ireland), Koninklijke Philips NV (Sweden), TCL Corporation. (US), Insignia Systems Inc. (US), Haier Group Corporation. (US), Hitachi Ltd (US), Roku (US), Changhong (),and Konka (UK). These players contribute significantly to market growth. Apart from the top key players, the other players contribute nearly 35–40% in the smart TV market.
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