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Connected TV Market Size
Connected TV Market was valued at USD 78.2 billion in 2023 and is estimated to grow at a CAGR of 9.5% during the forecast period. The rise of streaming platforms like Netflix, Hulu, Amazon Prime Video, and Disney+ has significantly increased demand for connected TVs, which provide easy access to these services. Many consumers are moving away from traditional cable and satellite TV subscriptions in favor of streaming services, driving demand for smart TVs that support these platforms.
Improvements in TV technology, including higher resolution displays (4K, 8K), better HDR capabilities, and enhanced sound systems, make connected TVs more attractive to consumers. Increased access to high-speed internet, including broadband and fiber-optic connections, supports the use of connected TVs for streaming and other online services. A broad range of price points and features allows consumers to find connected TVs that fit their budget and preferences, increasing market penetration. Connected TVs that integrate with smart home systems (like Google Home, Amazon Alexa, and Apple HomeKit) appeal to consumers looking for cohesive and convenient home automation solutions which drives the demand for these Tvs.
| Report Attributes | Details |
|---|---|
| Base Year: | 2023 |
| Market Size in 2023: | USD 78.2 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 9.5% |
| 2032 Value Projection: | USD 176.1 Billion |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 487 |
| Tables, Charts & Figures: | 428 |
| Segments covered: | Screen Size, Technology, Screen Type, Resolution, End-use, Distribution Channel, Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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With numerous streaming services available, consumers may find it difficult to access all their desired content on a single platform. This fragmentation can lead to frustration and decreased user satisfaction. The performance of connected TVs heavily relies on a stable and high-speed internet connection. In regions with poor internet infrastructure, this can limit the functionality and appeal of connected TVs.
Connected TV Market Trends
Connected TVs are increasingly being integrated with smart home ecosystems, allowing seamless control through voice assistants like Amazon Alexa, Google Assistant, and Apple Siri. This integration enhances the user experience by providing centralized control over various smart home devices. AVOD services are gaining traction as an alternative to subscription-based models, offering free content with advertisements. Platforms like YouTube, Pluto TV, and Tubi are becoming popular among cost-conscious consumers. Innovations in display technology, such as OLED, QLED, and MicroLED, are improving picture quality with better color accuracy, contrast, and brightness. Additionally, the adoption of 4K and 8K resolution is enhancing the viewing experience. With the rise of cloud gaming services like Google Stadia, Nvidia GeForce Now, and Microsoft Xbox Cloud Gaming, connected TVs are becoming central to the gaming experience. Enhanced graphics, lower latency, and controller compatibility are key features.
Connected TV Market Analysis
Based on screen size, the market is divided into less than 30 inches, 30 inches to 50 inches, 50 inches to 70 inches and above 70 inches. In 2023, 30 to 50 inches TVs held the dominant market of USD 32.2 billion and is expected to reach USD 75.8 billion by 2032. This segment offers a sweet spot for many users, balancing price with a decent viewing experience suitable for living rooms or mid-sized spaces. The rise of high-quality streaming services with a vast library of content makes this size range attractive for viewers seeking a good balance between affordability and immersive viewing.
Based on technology, the market is categorized into LED, OLED and others. In 2023, LED held the dominant market share of 60% and is anticipated to grow through the years. LED technology holds the largest market share due to its affordability, energy efficiency, and long lifespan. LED TVs come in a wide range of sizes, features, and price points, catering to a broad audience. OLED displays offer superior contrast, deeper blacks, and wider viewing angles, making them ideal for those seeking the best possible picture quality. OLED TVs are generally more expensive than LEDs, positioning them within the premium segment of the CTV market.
North America held a market of around USD 18.9 billion in 2023 and is expected to reach USD 47.3 billion by 2032. North America is a hub for technological innovation, and the presence of tech giants like Google, Amazon, and Apple provides a robust ecosystem for connected TV devices. Features such as voice control, AI-driven recommendations, and smart home integration are highly attractive to consumers. The widespread availability of high-speed internet and broadband services in North America facilitates seamless streaming and online content consumption, driving the adoption of connected TVs.
The market in U.S. is set to grow at a CAGR of 9.9% through the forecast time period. U.S. consumers have a high affinity for the latest technology. Features such as 4K/8K resolution, HDR, voice control via Alexa, Google Assistant, or Siri, and integration with smart home ecosystems drive the appeal of connected TVs. The rise of online gaming and services like Google Stadia, Nvidia GeForce Now, and Xbox Game Pass pushes demand for connected TVs with high performance and low latency.
The German Connected TV market maintained a considerable position in Europe. Germany's push towards digitalization across various sectors, including entertainment, supports the growth of the market. Consumers are increasingly adopting digital and smart home technologies. Germany's strong economy and high disposable incomes enable consumers to invest in premium home entertainment systems, including larger and more advanced connected TVs.
China is supposed to grow at the highest rate of 10.6% in the region. China has a high internet penetration rate and is rapidly deploying 5G networks, providing the necessary infrastructure for high-quality streaming and connectivity, which boosts the demand for connected TVs. The dominance of local streaming platforms such as iQiyi, Tencent Video, Youku, and Bilibili drives the demand for connected TVs that provide easy access to these services. These platforms offer a vast array of local content, which is highly attractive to Chinese consumers.
Connected TV Market Share
Connected TV industry seem to be consolidated in nature due to presence of local and global players across the globe. In 2023, the market players such as Samsung Electronics, LG Electronics, Sony Corporation, Vizio Inc., TCL Technology, Hisense Group, Panasonic Corporation, Sharp Corporation collectively held around 30%-40% market share. These prominent players are proactively involved in strategic endeavors, such as mergers & acquisitions, facility expansions & collaborations, to expand their product portfolios, extend their reach to a broader customer base, and strengthen their market position.
Connected TV Market Companies
Major players operating in the connected TV industry are:
- Amazon
- Apple
- Hisense Group
- LG Electronics
- Panasonic Corporation
- Philips
- Roku, Inc.
- Samsung Electronics
- Sharp Corporation
- Skyworth Group
- Sony Corporation
- TCL Technology
- Vizio Inc.
- Xiaomi Corporation
Connected TV Industry News
- In August 2023, LG Electronics (LG) introduced the groundbreaking LG SIGNATURE OLED M (model 97M3), the world's first wireless OLED TV. The initial release of the 97M3 took place in South Korea, and the company has ambitious plans for a global expansion, targeting key markets such as North America and Europe.
- In August 2023, Xiaomi debuted its latest line of Smart TV X Pro series in the Indian market. This series consists of four different screen sizes, ranging from 43 inches to 65 inches. All models in this series are equipped with a high-resolution 4K LED panel, featuring a pixel resolution of 3840 by 2160, and they support Dolby Vision. These TVs offer an impressive 98% screen-to-body ratio and are powered by a quad-core chipset. Additionally, they come with the PatchWall+ interface and run on the Google TV operating system.
- In April 2023, Xiaomi India launched three new 4K smart TVs. The new series includes three variants - 43-inch, 50-inch, and 55-inch. The X Pro models offer improved colors, contrast, saturation, and brightness across a wide color gamut compared to the existing X series.
- In January 2023, Roku unveiled its Roku Select and Roku Plus Series TVs, the first to be designed and made by the company. Roku will make 11 models, ranging from 24 to 75 inches, which will feature Roku’s operating system. The sets will be available in the United States starting in spring 2023.
The Connected TV Market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion)(Thousand Units) from 2021 to 2032, for the following segments:
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Market, By Screen Size
- Less than 30 inches
- 30 inches to 50 inches
- 50 inches to 70 inches
- Above 70 inches
Market, By Technology
- LED
- OLED
- Others
Market, By Screen Type
- Curved
- Flat
Market, By Resolution
- 8K
- 4K
- 1080p
- Others
Market, By End-use
- Residential
- Commercial
Market, By Distribution Channel
- Online
- Offline
The above information is provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- MEA
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
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