Smart TVs to be a household staple in coming years

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Out with the old traditional TVs, in with the new - smart TVs. In the dawn of the Internet of Things (IoT), these modern televisions have become prevalent in households. According to Hub Entertainment Research, smart TVs are now found in seven out of ten homes in the United States. Homes with children under 18 and adults up to 35 years old are most likely to have a smart TV. The booming popularity of streaming services like Netflix, Amazon Prime Video, HOOQ, Disney+ and more, has been a catalyst for the market growth, as well as the COVID-19 pandemic, which has confined people in their homes, further increasing the demand. Smart TVs allow access to a plethora of online content without the need of a TV antenna, cable or satellite subscriptions since everything is done via the internet. Aside from streaming, several smart TVs support web browsing, gaming, screen sharing and even file sharing to mobile devices. Modern Intelligence notes the smart TV market to be a lucrative investment opportunity for buyers because of its high consumer interest.

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This industry holds a lot of promise in the next seven years. Global market demand for smart TVs in 2021 is 313.1 million units, and is expected by Grand View Research to reach 1.18 billion units by 2028, with a CAGR of 20.7 percent. Consumer interest in QLED and OLED displays, decreasing prices of 4K TVs and rise in popularity of 8K TVs are all contributing factors. Plenty of manufacturers are also entering the industry, especially those from India and China, who target low to middle-level income classes. Despite the pandemic momentarily hindering the production process and negatively affecting the supply chain and cross-border trade, companies are maximizing their efforts to reinstate their production process.

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8K TVs currently have the fastest growth at 19 percent from 2021 to 2028. 8K TVs have approximately 33 million pixels, which is four times more than the 8 million pixels offered by a 4K HDTV. To stand out from the competition, manufacturers are adding more advanced features like the Active Voice Amplifier by Samsung, which recognizes exterior noises and increases the volume of voices in content accordingly if surrounding conditions become too loud. TCL's QLED TV, on the other hand, which can upscale non-8K content to 8K, features a pop-up camera.