Smart TV devices Market size: USD 166.33 billion in 2020, Market growth: CAGR of 7.13%, Market trends: Rapidly increasing sales of smart TV devices.
NEW YORK, NY, USA, April 26, 2022 /EINPresswire.com/ — Rising internet penetration globally, growing adoption of smart homes, and growing number of smart TV users are key factors fueling the growth of the global market.
The Global Connected TV Devices Market The size is expected to reach USD 289.03 billion in 2028 and register a CAGR of 7.13%, according to the latest Reports and Data report. Growing trend of watching videos and series through online platforms, increasing disposable income, and advancements in television technology are key factors driving the revenue growth of the global market.
Connected TV devices are gaining ground in recent years as one can stream content online without downloading the data to the device. Growing adoption of various connected devices such as smart TVs, smart TV sticks or media streamers and game consoles, growing popularity of Over The Top (OTT) platforms such as Disney Plus, Amazon Prime Video, Netflix, Hulu, along with internet browsing, YouTube and improving people’s living standards are key factors driving the revenue growth of the global market. Furthermore, factors such as the availability of various connected TV devices and high demand for live streaming and game consoles such as Xbox and PlayStation are also supporting the growth of the market.
The report provides crucial data on current and future trends that will influence market growth for established companies as well as new entrants. The report also provides details of key companies and their strategic efforts to help clients and readers better understand the competitive landscape.
However, growing threats from piracy and illegal streaming and high cost of some devices are key restraints that are expected to hamper the market growth in the future.
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Some highlights of the report:
• Among the device types, the game console segment is expected to account for the largest share of revenue throughout the forecast period. The extensive use of game consoles as TV streaming devices and the growing attention of manufacturers to develop unique gaming experiences are fueling the growth of the segment.
• Based on sales channels, the online segment is expected to register the highest CAGR during the forecast period owing to the availability of various connected TV devices on online platforms at discounted prices.
• Among the application segments, the audio/video entertainment segment is expected to account for significantly higher revenue growth during the forecast period. Rising adoption of smart TVs, growing use of connected TVs to watch videos in 4K resolution, and media streamers such as TV sticks and DVRs or set-top boxes are driving the revenue growth of the segment.
• Based on end use, the residential segment is expected to experience rapid revenue growth over the forecast period. Growing adoption of smart home devices, smart TVs, growing trend of video streaming on OTT platforms as well as availability of variety of devices that can be connected to TVs are factors fueling revenue growth of the segment.
• North America is expected to account for the largest revenue share of the global connected TV devices market throughout the forecast period. The strong revenue growth is attributed to factors such as the presence of key manufacturers, demand for high-resolution game consoles, increasing sales of PlayStation and Xbox, and rising trends in online streaming devices.
• Asia-Pacific Connected TV Devices Market is expected to register the highest CAGR between 2021 and 2028. Key factors such as growing adoption of smart devices, rising per capita income, growing trend of video streaming and games, and rapidly increasing sales of smart TV devices are fueling the market growth in this region.
• Amazon.com Inc., Samsung Inc., Sony Corporation., Nintendo Inc., LG Inc., Roku Inc., TCL, Hisense, Microsoft Inc., Google LLC., Apple Inc. and Xiaomi Inc., ASUSTek Computer Inc. .and Cloudwalker Streaming Technologies Pvt. ltd. are key companies operating in the connected TV devices market.
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For the purpose of this report, Reports and Data has segmented the global connected TV devices market on the basis of device type, application, price range, product type, resolution, end use, sales channel and region:
Device Type Outlook (Volume, Million Units; Revenue, USD Billion, 2018 – 2028)
• Game consoles
• Multimedia broadcasters
Blue Ray Internet Player
Application Outlook (Volume, Million Units; Revenue, USD Billion, 2018 – 2028)
• Audio/video entertainment
• Online learning
Price Range Outlook (Volume, Million Units; Revenue, USD Billion, 2018 – 2028)
• Medium and low
Product Type Outlook (Volume, Million Units; Revenue, USD Billion, 2018 – 2028)
Resolution Type Outlook (Volume, Million Units; Revenue, USD Billion, 2018 – 2028)
End-Use Outlook (Volume, Million Units; Revenue, USD Billion, 2018 – 2028)
Sales Channel Outlook (Volume, Million Units; Revenue, USD Billion, 2018 – 2028)
• In line
Regional Outlook (Volume, Million Units; Revenue, USD Billion, 2018 – 2028)
• North America
• Asia Pacific
• Latin America
• Middle East Africa
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