TV has long been an essential part of any household in modern society. For many years, it was the primary source of visual entertainment through which one could watch their favorite daily soaps, live sporting events, informative programs, news, and more. With the increase in internet speed and connectivity, demand for online content and video streaming services such as Netflix, Hulu, and Amazon Prime has grown. To cater to this new demand, many of the world’s largest TV manufacturers and the best TV brands are offering smart TVs that enable viewers to stream online programs directly to their television sets, as well as surf the web, use social media sites, and play casual games. Over the years, TVs have undergone massive transformation in their size, shape, and design as well as the way they are viewed. The viewing resolutions have also improved dramatically as TVs have progressed from CRT to Ultra HD (UHD) or 4K.
What is a UHD TV?
UHD TV sets can offer a resolution of 3840 x 2160, which is four times the resolution produced by Full HD TVs. By enhancing the dynamic range and color, saturation and contrast are impacted, thereby improving the experience of UHD TVs. The drastic reduction in the average selling price of these TVs is driving the UHD TV market growth at a CAGR of over 28% by 2022. Leading TV manufacturers such as Samsung are developing curved UHD TVs, which can offer an immersive viewing experience to customers. The growing preference for curved UHD TVs will be a major UHD TV market trend that will force other top TV manufacturers to produce and sell curved UHD TVs at low prices, leading to incremental growth of over $256 billion by 2022.
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What is a Smart TV?
A smart TV is an internet-connected digital television that can offer a much wider range of entertainment features, including apps, web browsing, wireless streaming, and other services. A smart TV allows access to on-demand content from apps like YouTube, BBC iPlayer, HBO Now, and Hulu, as well as online streaming services like Netflix and Amazon Prime. Most of the smart TV can now be controlled through smartphones and other mobile devices, and some high-end smart TVs even support voice and gesture control.
Global Smart TV Market Share Overview
Technological advancements in smart TV software and display resolutions have encouraged the world’s leading smart TV manufacturers to focus on the development of application-loaded and high-resolution smart TVs. The development of advanced display technologies such as OLED and QLED has enabled many top smart TV brands to reduce the thickness and overall weight of large display TVs and enhance the color, sharpness, contrast, and lighting quality of the display. Streaming service providers and cable platforms are also filming and broadcasting high-resolution content to capitalize on the rising popularity of 4K UHDTVs. Moreover, the integration of operating systems and media streamers have improved the functionality and performance of smart TVs and enriched the overall viewing experience. Such innovations in terms of TV design and features are expected to boost the demand for high-end and technologically advanced smart TVs in both developed and developing regions.
According to the latest market analysis from Technavio, the global the global smart TV market will grow by 293.32 million units during 2020-2024, with an impressive market growth of 21% CAGR during the forecast period. Check Technavio’s Global Smart TV Market Report 2020-2024, or request your Global Smart TV Market Report Sample for FREE
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Global Smart TV Market 2020-2024
Top 8 Largest TV Manufacturers and Best TV Brands by Market Share 2020
Headquarters: Suwon, South Korea
With a market share of over 20%, Samsung has been the world’s largest TV manufacturer since 2006. It was the first TV company to launch a fully HD LED TV in 2010 at the Consumer Electronics Show (CES), Las Vegas. Samsung also accounts for almost 50% of total 75-inch TV sales worldwide. Samsung’s LCD display technology, QLED, uses quantum dots to enhance colors, enabling the viewer to see minute details on extremely bright or dark scenes. With increasing demand for large-screen TVs, the company is strengthening its QLED TV portfolio by incorporating additional features such as HDR 2000 and a 4K Q Engine, which optimizes high-resolution content for screens larger than 65 inches.
Related market report: Global HD TV Market Report 2018-2022
Headquarters: Seoul, South Korea
LG is the second-largest TV manufacturer in the world, accounting for about 12% of the market. The company offers a wide range of OLED TVs, UHD TVs, super UHD TVs, smart TVs, and LED TVs. It has been the world’s bestselling OLED TV brand since 2013. With extensive experience in television manufacturing under its belt, LG has been a pioneer in the innovation of new technologies. For instance, LG OLED TVs are loaded with AI ThinQ technology, which integrates Natural Language Processing (NLP) to deliver intelligent voice activated control. LG Super UHD TVs come with full array dimming technology, which produces clear and crisp images with superb contrast by controlling backlight units individually.
Headquarters: Minato, Tokyo, Japan
Sony is one of the leading TV manufacturing companies in the world and makes up close to 7% of the market. Sony focuses on innovation and technological advancements to improve the viewer’s overall experience. Bravia, Sony’s flagship TV product line, comes fitted with an X1 Extreme processor that controls over 8 million self-illuminating pixels to provide 4K HDR (High Dynamic Range) display. It also employs Acoustic Surface technology, wherein sound comes directly from the screen, so that sound and special effects can be heard precisely from the right place.
Related market report: Global TV Remote Market Report 2018-2022
Headquarters: Qingdao, Shandong, China
Hisense is among the largest television manufacturers in the world and is one of the top TV brands in China. The company intends to disrupt the consumer electronics industry by challenging the competition and offering quality products at affordable prices. Hisense offers a vast selection of televisions utilizing a wide range of technologies and operating systems, at great prices. Hisense TVs comes with additional accessibility features to assist visually and hearing-impaired customers. These assistive technologies can be used to access essential television functions through audio output and displays audio as text on screen.
Read our blog on the Top 13 Companies in the Over the Top (OTT) Market to learn about the leading companies offering online content for smart TVs.
Headquarters: Guangdong, China
TCL is one of the fastest growing TV manufacturers offering 2K LED TVs, UHD Android TVs, UHD Smart TVs, FHD/HD Smart TVs, and FHD/HD Slim Led TVs at low prices. Companies such as Alcatel and Samsung have outsourced the manufacturing of some models of LCD television to TCL because of its strategic location to lower the production costs. To spread their brand name, TCL have partnered with many companies in the fields of sports, entertainment, music and technology. The company uses TCL Wide Color Gamut technology to deliver the purest LED backlight, which in turn helps to improve display performance and the vividness of the picture. Moreover, TCL brand TVs come equipped with built-in Chromecast that allows users to cast videos or games directly to their TVs.
Related market report: Global IPTV Market Report 2017-2021
Headquarters: Shenzhen, Guangdong, China
Skyworth ranks among the top ten TV manufacturers in the world and is expected to increase its market share in the coming years. The company specializes in the development and manufacturing of consumer electronics, display devices, digital set top boxes, security monitors, semiconductors, refrigerators, washing machines, cell phones, and ED lighting. The company offers a wide range of televisions, including OLED TVs, 4K Android TVs, 4K Smart TVs, 2K Android TVs, and digital LED TVs. Q3 is Skyworth’s latest high-end TV series offering, with modern design, excellent picture performance, exquisite sound, and artificial intelligence functions.
Headquarters: Osaka, Japan
Panasonic is one of the best TV brands in the world, leading the evolution of televisions from colorization and digitization to flat panels and higher resolutions. The company is focusing on the research and development of visual image processing technologies to provide end-to-end ultra HD solutions. The company has incorporated its technology and extensive knowledge of TV manufacturing into its Studio Color HCX2 Processor to deliver detailed HDR pictures in bright and dark areas in its latest 4K OLED television series.
Read more: Why DDICs are Taking the World of TV Manufacturing by Storm
Headquarters: Irvine, California, U.S.
Vizio is a relatively new TV manufacturing company and is best known as a producer of flat screen HDTVs. To compete against the heavyweights of the consumer electronics market, the company is concentrating on aggressive pricing of its products. Vizio is investing in research and development to deliver high-performance products with the least energy usage, thereby reducing the overall cost of their products for their customers. Vizio TVs support voice control and can be paired with Amazon Echo and Google Assistant. Users can also mirror their laptops or mobile devices to their television sets with the help of a built-in Chromecast.
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