3D LED HD Smart Television Market - Forecast(2024 - 2030)

Key Takeaways

• Geographically, the Asia-Pacific 3D LED HD Smart Television Market accounted for the highest revenue share in 2021. The growth is owing to the presence of leading players like Xiaomi, LG Panasonic, and Sony, the flourishing electronic industry in India because of the Production Linked Incentive Scheme (PLI), technological advancements, and fair prices because of widescale competition, the rapid development of rural areas.
• WFH trend, growing infrastructure in low-income nations, rising living standards, surging disposable incomes, lucrative government schemes to promote manufacturing inside their respective countries, nuclear family trend, and rising popularity of entertainments modes like web series among youngsters are said to be the preeminent leading driving the growth of 3D LED HD Smart Television Market. Sky-rocketing smartphone users strangled production activities because of COVID, semiconductor shortage, and surging inflation is said to reduce the market growth.
• Detailed analysis of the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the 3D LED HD Smart Television Market report.

3D LED HD Smart Television Market Segment Analysis - By Price

The 3D LED HD Smart Television Market based on the price can be further segmented into economical, mid-range, and high. The mid-range segment held the largest share in 2021. According to a report, 0.01 percent of the world population holds nearly 11 percent of global wealth. Also, more than nearly 55 percent of the world’s population had wealth below $10,000. And, approximately 3.75 billion people across the globe were given the status of the middle class in 2021. As a result, the overall demand for smart TVs with a medium price range has been much sought after. Nevertheless, the mid-range segment is estimated to be the fastest-growing with a CAGR of 10.3% over the forecast period 2022-2027. This growth is owing to the negative impact of pandemic restrictions on the earnings of billions of people worldwide. In addition to that, the growing popularity of smart TVs in low-income countries like China and India has aided the medium-priced TVs market. 28.5 percent of the Indian population and nearly 50 percent of the Chinese population fall under the category of the middle class.

3D LED HD Smart Television Market Segment Analysis - By Distribution Channel

The 3D LED HD Smart Television Market based on distribution channel can be further segmented into Offline and Online. The offline segment held the largest share in 2021. The growth is owing to the across-the-board presence of physical stores like retail and electronic shops. Despite the rising trend of online buying, many people still feel skeptical regarding the quality of products available online; therefore, consumers don’t want to take any chance while making purchases that cost them a fortune. In addition to that, offline distribution channels provide conveniences like easy return in case of damages, guarantee, bargaining options, and proper due diligence before going forward with the purchase. However, the online segment is estimated to be the fastest growing with a CAGR of 9.4% over the forecast period 2022-2027. This growth is owing to a drastic shift in buying behavior of consumers. Technological advancements have made it possible to make orders and receive products at doorsteps without even leaving home. In addition to that, the growing presence of companies like Amazon in developing nations is another reason behind the expansion of e-commerce services. Also, benefits attached to online purchases like better discounts, a plethora of options, time-saving nature, doorstep delivery, round-the-clock availability are aiding the market.

3D LED HD Smart Television Market Segment Analysis - By Geography

The 3D LED HD Smart Television Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. Asia-Pacific held the largest share with 35% of the overall market in 2021. The growth in this segment is owing to the presence of leading players like LG, Panasonic, Xiaomi, and others. Samsung’s revenue through sales reached 200 billion in 2021; Hon Hai Precision locked $182 billion in revenue. In addition to that, nearly 59 percent of the world's population lives in Asia. The staggering size of the population has aided the market factors such as augmenting the utilization of OTT platforms. Nevertheless, Asia-Pacific is expected to be the fastest-growing segment over the forecast period 2022-2027. This growth is owing to rapid urbanization, soaring living standards of people, expanding disposable incomes, growing influence of the film industry among youngsters and adults, enlarging utilization of Over the Top (OTT) services, the rapid development of rural areas in developing countries, and supportive government steps are the reasons for market expansion.

3D LED HD Smart Television Market Drivers

Augmenting WFH trend, swift urbanization, and expansion in nuclear families are anticipated to boost market demand

The pandemic has made work from home a new normal. WFH has its staggering contribution in sky-rocketing the sales of smart TVs as people remain at home all the time, smart TVs have turned into a primary source for their entertainment. According to a survey conducted in 2021, around 58 percent of the respondents voted in favor of WFH; whereas, 39 percent chose hybrid (flexible) work. Collectively this figure turns out to be 97 percent. In addition to that, rapid urbanization has escalated the trend of nuclear families as youngsters are leaving their homes and migrating to urban centers to earn a living. The trend is likely to broaden with increasing urbanization rates worldwide. Around 56 percent of the world population is residing in metropolitan areas as of 2022, the number is anticipated to reach nearly 68 percent by the year 2050. These factors are anticipated to contribute significantly to market growth.

Lucrative government schemes, universal electrification, and utilization of OTT are expected to boost market demand

Growing electrification in rural areas of low-income countries has its fair share in driving the demand for the aforementioned market. An Indian residential energy survey claimed that 96.7 percent of households have access to electricity. Only 2 to 2.4 percent are not connected to the grid; the number has witnessed a drastic fall in the last decade. In addition to that, the Indian government launched a Production Linked Incentive (PLI) Scheme in 2020 which aimed at promoting electronic manufacturing inside the nation. The scheme offers nearly 4 to 6 percent of inducements on incremental sales of manufactured goods. On another hand, the rising popularity of OTT platforms and modes of entertainment like web series are the other reasons for market growth.

3D LED HD Smart Television Market Challenges

Semiconductor scarcity, growing smartphone users, rising inflation rates, and hampered production are anticipated to impede the market growth

Overdependence on countries like Taiwan for semiconductor supplies and reduced production capacity because of the pandemic safety concerns have rippled waves of semiconductor shortage across the globe. In addition to that, expanding number of smartphone users is posing a serious threat to the smart TV market. According to a report, as of 2022, there is nearly 83.72 percent of the world population (6.64 billion people) have a smartphone. The number is projected to reach 7.33 billion by the year 2025. On another hand, widescale unemployment and soaring inflation rates are forcing people to cut down on their secondary or discretionary spending, further hampering the market growth.

3D LED HD Smart Television Industry Outlook:

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the aforementioned Market. 3D LED HD Smart Television market top 10 companies include:

1. Samsung Electronics
2. Toshiba Corporation
3. LG Corporation
4. Vizio Inc.
5. Koninklijke Philips N.V.
6. Xiaomi Corporation
7. Sony Corporation
8. Panasonic Corporation
9. Sharp Corporation
10. TCL Co.

Recent Developments

• On April 26, 2021, Osaka, Japan-based multination conglomerate firm “Panasonic” announced the successful acquisition of Arizona, United States-based company Blue Yonder (a firm known for its digital supply chain and fulfillment platform). Panasonic has acquired 80 percent take this time around as rest 20 was already owned by the company back in 2020. The acquisition aimed at building an autonomous supply chain.
• On February 26, 2021, Beijing, China-based renowned consumer electronics manufacturer “Xiaomi” announced that the company has expanded its smartphone and TV capacity in India by setting up three new plants in the Southern state of Telangana.
• On January 7, 2021, Seoul, South Korea-based multinational conglomerate “LG” announced the acquisition of majority ownership interest in California, United States-based TV data analysis company “Alphonso.” A payment of $80 million was made by LG in order to bring the acquisition to a close. The transaction is anticipated to strengthen LG’s smart TV business.

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