Table of Contents
Smart TV Market Overview
A Smart TV, often referred to as a connected television, merges the world of TV with internet capabilities and interactive functions. It operates using dedicated software, providing access to various applications for streaming content, screen mirroring, voice-operated commands, and integration with smart home devices.
Viewers can enjoy movies and TV shows while using their voice to manage both the TV and other connected gadgets. Keeping the TV’s software up-to-date is crucial for top-notch performance, and it’s wise to check and adjust privacy settings to safeguard data. Smart TVs have transformed into versatile entertainment centers in contemporary households.
Market Drivers
The Smart TV market is booming globally, driven by factors like widespread high-speed internet, the popularity of streaming services like Netflix and Amazon Prime Video, and ongoing technological improvements that enhance picture quality and user interfaces.
Smart TVs are favored for their connectivity with other smart devices, diverse content options such as YouTube and online gaming, affordability at various price points, and the impact of major global events, all contributing to their market growth.
Market Size
In 2021, the global Smart TV market was valued at USD 163.2 billion, and it is projected to expand at a 6.9% compound annual growth rate from 2023 to 2032.
List of Major Companies
These are the top ten companies operating in the Smart TV Market:
Samsung
Company Overview
| Establishment Year | 1938 |
| Headquarter | Suwon, South Korea |
| Key Management | Lee Jae-yong (Chairman) |
| Revenue (US$ Bn) | $ 51 Billion (2023) |
| Headcount | ~ 270,000 (2023) |
| Website | https://www.samsung.com/ |
Business Description
Samsung, a global tech leader founded in 1938, is a major Smart TV player, renowned for innovation and top-tier displays. Their Smart TVs use QLED tech for impressive visuals and operate on the user-friendly Tizen OS with Smart Hub as the control center.
Bixby voice assistant integration allows voice control and a Multi-View feature supports multitasking. These Smart TVs easily link with Samsung’s SmartThings ecosystem, enhancing their role in smart homes. With a broad product lineup, Samsung Smart TVs are globally accessible and have a significant impact on display tech.
Geographical Presence
Samsung, headquartered in Seoul, South Korea, is a global powerhouse with a strong presence worldwide. It’s well-established in Asia, including countries like India, China, and Japan, as well as Southeast Asia. In North America, particularly the United States and Canada, Samsung’s electronics and mobile devices are widely available.
Europe, with nations like the United Kingdom, Germany, France, and Italy, also sees a robust Samsung presence. The Middle East, Africa, and Latin America offer diverse electronic and mobile choices from Samsung, while Australia and New Zealand in Oceania celebrate its quality products. Samsung extends its reach to emerging markets in Asia, Africa, and Latin America.
Recent Developments
- In January 2024, Samsung introduced a fresh range of QLED, MICRO LED, OLED, and Lifestyle display items.
- In November 2023, Samsung Electronics revealed an update for its popular free ad-supported streaming TV service, Samsung TV Plus. This update brings user interface improvements and new features to enhance content discovery and the overall user experience.
LG
Company Overview
| Establishment Year | 1958 |
| Headquarter | Seoul, South Korea |
| Key Management | Kwang-Mo Koo (Chairman) |
| Revenue (US$ Bn) | $ 63.5 Billion (2023) |
| Headcount | ~ 75,000 (2022) |
| Website | https://lg.com/global |
Business Description
LG Electronics Inc., a South Korean tech firm founded in 1958, is a major player in the Smart TV market, renowned for pioneering OLED technology that delivers outstanding picture quality with vibrant colors and deep blacks. LG’s Smart TVs use the user-friendly webOS operating system for easy navigation and access to numerous apps and streaming services.
They also come with the Magic Remote for intuitive control and feature ThinQ AI for voice commands and smart home device compatibility. Offering OLED, NanoCell, and more affordable LED models, LG makes Smart TVs accessible worldwide, leaving a lasting impact on display quality across various consumer devices like smartphones.
Geographical Presence
LG Electronics Inc., based in South Korea, has a strong global presence, spanning diverse regions. It has firmly established itself in Asia, including markets like India, China, Japan, and Southeast Asia. In North America, particularly the United States and Canada, LG is a recognized brand. Europe, including the United Kingdom, Germany, France, Italy, and more, also enjoys LG’s extensive product range.
The Middle East, Africa, Latin America, and Oceania likewise benefit from LG’s presence. The company actively targets emerging markets in Asia, Africa, and Latin America, adapting products to local preferences. With manufacturing facilities worldwide and research and development centers in the United States, South Korea, India, and China, LG supports its global supply chain and fosters innovation.
Recent Developments
- In January 2024, LG Electronics launched the LG SIGNATURE OLED TV. This groundbreaking advancement combines a transparent 4K OLED screen with LG’s wireless audio and video transmission tech, transforming the screen experience in remarkable ways.
- In November 2023, LG revealed its new UltraGear OLED gaming monitor lineup, aimed at delivering top-notch gaming experiences.
Sony
Company Overview
| Establishment Year | 1946 |
| Headquarter | Tokyo, Japan |
| Key Management | Kenichiro Yoshida (Chairman and CEO) |
| Revenue (US$ Bn) | $ 85.3 Billion (2023) |
| Headcount | ~ 113,000 (2023) |
| Website | https://www.sony.com/ |
Business Description
Sony Corporation, a global tech and entertainment giant founded in 1946, is a key player in Smart TVs. Known for quality and innovation, Sony Smart TVs use BRAVIA tech for top-notch visuals.
They run on Android TV for easy access to apps and streaming, support HDR for lifelike images, and include voice control. With varied options for different budgets, Sony Smart TVs are accessible worldwide. Sony’s dedication to display tech and entertainment integration cements its role in the Smart TV market.
Geographical Presence
Sony Corporation, based in Tokyo, Japan, maintains a strong global presence across diverse regions. It has firmly established itself in Asian markets, including Japan, China, South Korea, India, and Southeast Asia.
In North America, especially the United States and Canada, Sony is a renowned brand. Europe, encompassing the United Kingdom, Germany, France, Italy, and more, also benefits from Sony’s broad product portfolio. Sony’s influence is on the rise in the Middle East, Africa, Latin America, and Oceania.
Recent Development
- In January 2024, Sony Corporation introduced an immersive content creation system with 4K OLED Microdisplays, an XR head-mounted display, video see-through capability, and controllers for intuitive interaction with precise pointing and 3D objects.
- In May 2023, Sony Corporation and Astellas Pharma Inc. partnered to develop an innovative Antibody-Drug Conjugate (ADC) platform for oncology. This platform is built on Sony’s distinctive polymeric material called “KIRAVIA™ Backbone.”
Panasonic
Company Overview
| Establishment Year | 1918 |
| Headquarter | Kadoma, Osaka, Japan |
| Key Management | Kazuhiro Tsuga (Chairman) |
| Revenue (US$ Bn) | $60.6 Billion (2023) |
| Headcount | ~ 233,391 (2023) |
| Website | http://holdings.panasonic/global |
Business Description
Panasonic Corporation, an internationally recognized technology conglomerate established in 1918, holds a substantial position in the Smart TV sector. Known for its excellence and innovative products, Panasonic’s Smart TVs feature cutting-edge capabilities and outstanding visual performance.
These televisions frequently integrate user-friendly interfaces and provide access to a variety of streaming applications and services. Panasonic Smart TVs are celebrated for their dependability and practicality, serving a wide array of consumers. With a dedication to technological progress, Panasonic remains a prominent selection for individuals seeking top-tier Smart TVs.
Geographical Presence
Originating in its home country, Panasonic has firmly established itself across Asia, including major markets like Japan, China, India, South Korea, and Southeast Asia. In North America, particularly the United States and Canada, Panasonic is a recognized brand, offering a wide spectrum of consumer electronics, home appliances, and technology products.
Europe, spanning the United Kingdom, Germany, France, Italy, and more, also enjoys Panasonic’s diverse product range. Panasonic’s influence is growing in the Middle East, Africa, Latin America, and Oceania.
Recent Developments
- In January 2024, Panasonic partnered with Amazon.com Services LLC in a license agreement for Fire TV, aiming to create a TV with an exceptional visual experience.
- In December 2023, Panasonic created an AI for image recognition, featuring a novel classification algorithm capable of handling diverse data from subjects and shooting conditions.
Koninklijke-Philips
Company Overview
| Establishment Year | 1891 |
| Headquarter | Amsterdam, Netherlands |
| Key Management | Roy Jakobs (CEO) |
| Revenue (US$ Bn) | $19.1 (2022) |
| Headcount | ~ 74,451 (2022) |
| Website | http://philips.com/ |
Business Description
Philips, a global conglomerate, is a key player in the Smart TV industry, known for innovation and quality in its Smart TV offerings. Philips Smart TVs excel with advanced features, user-friendly interfaces, and outstanding audio-visual performance. They provide access to a wide range of streaming apps, offering a comprehensive entertainment experience for a diverse audience.
Philips Smart TVs are accessible to various preferences and budgets, solidifying their position as a top choice for high-quality Smart TVs due to the company’s unwavering commitment to technological advancement and customer satisfaction.
Geographical Presence
Philips, with European origins, has a strong presence across the continent, including the Netherlands, Germany, France, the UK, and other European countries. In North America, notably the US and Canada, Philips is well-known for its healthcare technology, lighting solutions, and consumer electronics.
The Asia-Pacific region, covering key markets such as China, India, Japan, and Southeast Asia, enjoys a diverse range of Philips products addressing various requirements. Philips also extends its services to the Middle East, Africa, Latin America, and global markets.
Recent Developments
- In January 2024, a new connected-TV advertising service was introduced on Philips Smart TVs by TP Vision, the company responsible for the Philips Smart TV brand in Europe and other international markets, excluding the United States.
- In September 2023, Pluto TV, a prominent free streaming TV service, and TP Vision, the company behind Philips TVs, partnered to bring Pluto TV’s free ad-supported streaming TV (FAST) to Philips Smart TVs in Europe and Latin America.
Apple
Company Overview
| Establishment Year | 1976 |
| Headquarter | Cupertino, California, U.S. |
| Key Management | Tim Cook (CEO) |
| Revenue (US$ Bn) | $ 383.2 Billion (2023) |
| Headcount | ~ 161,000 (2023) |
| Website | https://www.apple.com/ |
Business Description
Apple Inc., a global tech leader since its establishment in 1976, has excelled in the Smart TV industry with its renowned product, Apple TV. Famed for innovation and commitment to excellence, Apple provides a top-tier Smart TV experience. Apple TV, a versatile streaming device seamlessly harmonized with the Apple ecosystem, grants access to a vast array of apps, streaming services, and content.
Equipped with features like Siri voice control and seamless compatibility with other Apple devices, it ensures an intuitive Smart TV experience. Apple’s relentless pursuit of delivering exceptional visuals and audio solidifies its Smart TV offerings as the preferred choice for those seeking premium entertainment.
Geographical Presence
Apple Inc., headquartered in Cupertino, California, has a robust global presence that spans diverse regions. In North America, it’s a prominent tech giant with a strong presence in the United States and Canada. Europe, including the United Kingdom, Germany, France, Italy, and more, enjoys widespread access to Apple products and services.
The Asia-Pacific region, covering countries like China, Japan, South Korea, India, and Southeast Asia, benefits from Apple’s extensive reach. The company also serves the Middle East, Africa, Latin America, and other global markets.
Recent Developments
- In January 2024, Apple TV and Major League Soccer (MLS) extended their partnership, revealing plans for an upcoming all-access documentary series that will provide viewers with an in-depth, behind-the-scenes look at the upcoming MLS season. This new series follows the trend of similar docuseries that have offered unique perspectives on golf, auto racing, and tennis in recent times.
- In January 2024, Apple released the third beta of TVOS 17.3 to developers for testing, just one week after the second beta was launched.
Toshiba
Company Overview
| Establishment Year | 1875 |
| Headquarter | Minato, Tokyo, Japan |
| Key Management | Taro Shimada (CEO) |
| Revenue (US$ Bn) | $ 26.3 Billion (2023) |
| Headcount | ~ 116,224 (2022) |
| Website | https://www.global.toshiba/ww/top.html |
Business Description
Toshiba Corporation, a well-respected global conglomerate with a heritage dating back to 1875, holds a prominent position in the Smart TV industry. Known for its unwavering dedication to innovation and excellence, Toshiba offers a range of Smart TVs that are celebrated for their advanced features and exceptional visual quality.
These televisions often run on user-friendly platforms, granting access to a multitude of streaming apps and services. Toshiba’s Smart TVs are highly regarded for their reliability and functionality, appealing to a diverse audience of consumers. With a strong commitment to technological advancement, Toshiba remains a trusted choice for individuals seeking top-notch Smart TVs.
Geographical Presence
Toshiba Corporation, headquartered in Tokyo, Japan, has a significant global presence. Originating in Japan, Toshiba has expanded across Asia, including China, India, and Southeast Asia. In North America, it’s well-known in the United States and Canada. Europe, including the United Kingdom, Germany, France, and Italy, also benefits from Toshiba’s products.
Toshiba serves the Middle East, Africa, Latin America, and Oceania. It actively targets emerging markets in Asia, Africa, and Latin America, adapting products to local preferences and affordability. With global manufacturing and research centers in the United States, Japan, Europe, and India, Toshiba supports its global supply chain and fosters innovation.
Recent Developments
- In December 2023, Lummus Technology and Toshiba partnered for carbon capture projects. Lummus brings its post-combustion carbon capture tech, while Toshiba provides customized amine-based solvents and system design guidelines for this endeavor.
- In June 2023, Toshiba introduced its new TV, the M650, available in 55″ and 65″ sizes. The M650 boasts a sleek design, featuring a slim bezel and pure anodized metal build.
Haier
Company Overview
| Establishment Year | 1984 |
| Headquarter | Qingdao, Shandong, China |
| Key Management | Zhang Ruimin (Chairman & CEO) |
| Revenue (US$ Bn) | $ 27.9 Billion (2023) |
| Headcount | ~ 109,586 (2021) |
| Website | https://www.alibabagroup.com/ |
Business Description
Haier, a global conglomerate founded in 1984, is a key player in the Smart TV sector. Renowned for its dedication to innovation and quality, Haier provides a range of Smart TVs celebrated for their advanced features and impressive picture quality. These TVs typically operate on user-friendly systems, granting access to various streaming apps and services.
Haier’s Smart TVs are valued for their reliability and functionality, attracting a diverse consumer base. Their commitment to technological progress solidifies Haier as a trusted option for those seeking top-notch Smart TVs.
Geographical Presence
Headquartered in Qingdao, China, Haier Corporation maintains a significant global presence, serving diverse regions and markets. Originating in China, it has firmly established itself in its home country and expanded across Asia, including markets such as India, Southeast Asia, and Japan.
In North America, particularly the United States and Canada, Haier is well-regarded for its consumer electronics and appliances. Europe, encompassing the United Kingdom, Germany, France, Italy, and more, also benefits from Haier’s extensive product offerings.
The Middle East, Africa, Latin America, and Oceania witness Haier’s growing influence, as it tailors its products to meet local demands for consumer electronics and appliances.
Recent Development
- In October 2023, Haier introduced the C11 OLED TV, delivering an unmatched immersive viewing experience for Indian customers. Positioned as a high-end LED TV, this new OLED model elevates home entertainment with a 120Hz display enhanced by Dolby Vision IQ technology.
- In September 2023, Haier unveiled the K800GT Google TV Series, providing an exceptional entertainment experience featuring cutting-edge technologies such as 4K UHD resolution, Google Assistant, and Dolby Audio.
Vizio
Company Overview
| Establishment Year | 2002 |
| Headquarter | Irvine, California, U.S. |
| Key Management | William Wang (CEO) |
| Revenue (US$ Bn) | $ 1.71 Billion (2023) |
| Headcount | ~ 900 (2022) |
| Website | https://www.vizio.com/en/home |
About Vizio
Vizio Inc., founded in 2002 as an American consumer electronics company, holds a significant position in the Smart TV industry., Vizio offers a range of Smart TVs known for their advanced features and competitive pricing. These televisions often run on user-friendly interfaces, providing access to various streaming apps and services.
Vizio’s Smart TVs are appreciated for their cost-effectiveness and functionality, making them appealing to a diverse consumer base. With a commitment to delivering quality entertainment at a reasonable price, Vizio remains a respected choice for consumers seeking budget-friendly Smart TVs.
Geographical Presence
Vizio Inc., headquartered in the United States, has established a significant geographical presence, catering to diverse regions. While it primarily operates in North America, particularly the United States and Canada, Vizio is well-recognized for its consumer electronics, including Smart TVs.
While its primary focus is on North America, Vizio has expanded its influence in select international markets. This includes regions such as Mexico, where Vizio products are available to consumers.
Recent Developments
- In December 2023, VIZIO introduced an upgraded VIZIO Home software update for its existing Smart TV lineup, including the latest Quantum Pro 4K QLED Smart TVs. This update delivers faster startup, smoother performance, improved responsiveness, and upgraded voice and text search features. It relies on VIZIO’s advanced cloud-based architecture to enhance the overall experience for VIZIO Smart TV users, making it quicker, more intuitive, and personalized.
- In October 2023, VIZIO broadened its sports and NFL content offerings by introducing the NFL app on VIZIO Smart TVs.
Hitachi
Company Overview
| Establishment Year | 1910 |
| Headquarter | Tokyo, Japan |
| Key Management | Keiji Kojima (President and CEO) |
| Revenue (US$ Bn) | $ 80.5 Billion (2023) |
| Headcount | ~ 397,762 (2022) |
| Website | https://www.hitachi.com/ |
About Hitachi Corporation
Hitachi Corporation, a well-established global conglomerate founded in 1910, is a significant player in the Smart TV industry, renowned for its commitment to innovation and quality. Hitachi Smart TVs are recognized for their advanced features, superior picture quality, and user-friendly operating systems that grant access to various streaming apps and services.
These TVs are highly regarded for their dependability and functionality, catering to a diverse consumer base. Hitachi’s unwavering dedication to technological progress solidifies its status as a respected choice for consumers seeking top-tier Smart TVs.
Geographical Presence
Hitachi Corporation, headquartered in Tokyo, Japan, has a strong global presence across diverse regions. Originating in Japan, Hitachi has firmly established itself in Asia, including major markets like China, India, South Korea, and Southeast Asia.
In North America, especially the United States and Canada, Hitachi is recognized for its wide-ranging products and services. Europe, spanning the United Kingdom, Germany, France, Italy, and more, also benefits from Hitachi’s extensive offerings. The Middle East, Africa, Latin America, and Oceania witness Hitachi’s growing influence.
Recent Developments
- In December 2023, Hitachi introduced the DI4600, a new tool for inspecting particles and defects on patterned wafers in semiconductor manufacturing lines.
- In October 2023, Hitachi Energy unveiled the latest version of its asset performance management (APM) software, Lumada APM.
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