- Smart televisions have transformed the television industry; these televisions offer a broad spectrum of new features through internet-connected services, which were not available with traditional CRT televisions. Smart TVs have Wi-Fi capability or an Ethernet port that allows the user to stay connected to the internet. The global TV market is currently in the fourth generation of connected TVs, with major manufacturers competing for TV models with the latest innovations in user interface, content aggregation, and application development. Smart TVs are equipped with an operating system to run apps and widgets, which can stream videos and music. It enables the user to access various new functions such as recording TV programs and internet surfing, by which a user accesses sites such as Google, Facebook and various others through Wi-Fi connectivity. The market for 3D, LED, HD, and smart televisions is expected to witness huge growth during the forecast period.
Key Drivers and Opportunities of the Global 3D, LED, HD, and Smart Television (TV) Market
- The growing popularity of 3D movies and availability of 3D videos and 3D movies on the internet has led to increased demand for 3D televisions. In addition, the price of 3D TVs is expected to reduce in the coming years as competition among manufacturers surge. The price cut in the coming years is likely to expand the reach of 3D TVs in developing economies, offering huge growth potential during the forecast period.
- Smart TVs have thus made it possible for a user to run applications that were developed earlier for smartphones. The major usage of smart TVs is for watching online movies, for weather information, TV shows, playing games, listening to music, browsing social networking, reading news, viewing photos, playing social games, and making internet voice calls. All these factors are expected to drive the demand for televisions during the forecast period.
- On the other hand, the high demand for electronic goods that are energy efficient has furthered the demand for LED TVs. LED TVs offer reduction in size and high quality video including High Definition. This has attracted a large base of consumers who earlier used traditional CRT TVs.
- LED TV manufacturers are currently focusing on the development of TVs with better viewing angles. This has given rise to the development of curved LED TVs, which offer superior viewing angles. Curved TVs incorporate High Definition (HD) resolution and other smart features which are expected to generate demand for LED TVs during the forecast period.
- On the contrary, the price difference between LED TV and traditional CRT TV is still huge, which is hindering the quick uptake of LED TVs primarily in developing economies. Growing popularity of IPTV and increasing number of internet providers for TV shows and online sports telecasts is further challenging the growth of LED TVs. Furthermore, online streaming is expected to hamper the market during the forecast period.
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Asia Pacific to Hold Major Share of the Global 3D, LED, HD, and Smart Television (TV) Market
- In terms of region, the 3D, LED, HD, and Smart Television (TV) market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- Asia Pacific is expected to hold major share of the global 3D, LED, HD, and Smart TV market during the forecast period. The change in taste and preference for modern and hi-tech television among the youth and rise in disposable income of people is expected to be the driving force for the TV market in the region during the forecast period.
Key Players Operating in the Global 3D, LED, HD, and Smart Television (TV) Market
- LG Corporation
- Panasonic Corporation
- Sony Corporation
- Samsung Electronics
- Koninklijke Philips N.V.
- Toshiba Corporation
- Sharp Corporation
- TCL Corporation
- Vizio, Inc.
- Xiaomi Corporation