The Smart TV market is expected to witness high growth due to the increasing adoption of OTT platforms.
- Ronak Shah
- World News
- January 17, 2025

The smart TV market is expected to be worth $421.3 billion or multi-million dollar by 2024 and is expected to register a CAGR of 11% during the forecast period 2024-2031, according to a new report published by Coherent Market Insights. ‘Powered by Increased use of over-the-top (OTT) platforms and increasing internet penetration.
Netflix, Amazon Prime Video, Hulu, and other OTT platforms allow users to watch TV shows and movies on their internet-enabled devices.Including smart TV There is no need to access it at home or via satellite. With the increasing popularity of video-on-demand services OTT platform assets have thus increased significantly in recent years. According to App Annie, Netflix will have approximately 223 million paid subscribers worldwide by 2021.
Key Market Trends: Integration of AI technology and growing popularity of large screen sizes are some of the key trends observed in the smart TV market. Major brands are focusing on integrating voice assistants powered by artificial intelligence into smart TVs to offer hands-free experience to users. For instance, brands such as Samsung, LG, and Sony offer smart TVs with integrated assistants such as Bixby, Alexa, and Google Assistant. On the other hand, the demand for large screen TVs above 55 inches is gaining traction worldwide due declining prices of large LED/OLED panels. According to a report by Statista, sales of TVs with screen sizes of 65 inches and above grew by 25% year-on-year in 2021. Rising disposable income levels along with changing lifestyle and media consumption patterns is propelling the demand for large screen smart TVs particularly in developed economies.
Smart TV Market opportunity: The large screen size segment held the largest market share in 2019 and is expected to witness a CAGR of 12.5% during the forecast period. Increased disposable income and rising affordability have boosted the demand for larger screen sizes among consumers. Large screen TVs offer an immersive viewing experience and are ideal for movie watching and gaming. Various factors such as declining panel prices and innovations in picture quality are supporting the growth of this segment.
LED screen TVs use LED backlighting instead of CCFL backlighting used in LCD TVs. This technology provides better brightness, higher contrasts and lower power consumption compared to CCFL backlit LCD TVs. In 2019, the LED technology segment captured over 70% of the total market share owing to benefits such as energy efficiency and minimal power usage. Factors such as declining LED panel prices, government support for energy efficient products and growing environmental consciousness are driving the growth of this segment.
Key Market Takeaways: The global smart TV market is anticipated to witness a CAGR of 11% during the forecast period 2024-2031, owing to rapidly growing internet penetration and increasing consumption of OTT content.
On the basis of screen size, the large screen size segment is expected to hold a dominant position, accounting for over 50% of the total market share due to rising disposable incomes and preference for an immersive viewing experience.
By display technology, LED segment is anticipated to continue its dominance through 2031, attributable to benefits such energy efficiency and minimal power usage compared to other technologies.
Regionally, North America is expected to hold the major share of over 35% in the global market owing to high disposable income levels and increasing cord cutting activities in countries like US and Canada.
Competitor Insights: Some of the prominent players operating in the smart TV market include Sony Corporation, TCL Corporation, LG Electronics, Samsung Electronics, Xiaomi, Hisense, Panasonic, and Konka among others. Partnership activities and new product launches are some of the key strategies adopted by these players to gain a competitive edge in the market.
Recent Developments: In July 2023, LG unveiled new features for their webOS platform. The most notable is a dedicated gaming center that aggregates all gaming content sources in one place. This includes streaming services like Google Stadia as well as any consoles connected via HDMI. The gaming center will provide quick access to current and upcoming games along with streaming of esports events. LG is also rolling out a new AI Picture Pro feature that can automatically adjust settings depending on content type to optimize visuals. More information in full report.