However, with the closing of Hungary’s boarders and the lock down in Czech Republic, Samsung faced difficulties in operating its European facilities. Samsung which has manufacturing facilities in Vietnam, the Czech Republic, and Hungary was relatively less affected in 2019. Restrictions were imposed on the movement of non-essential goods and services for months, which hampered the overall supply/distribution for smart TVs across the globe. Lockdown imposed by governments, suspended operations in manufacturing facilities.
The COVID-19 pandemic has adversely impacted the smart TV market. Impact of COVID-19 on the Smart TV Market India followed by Indonesia are projected to emerge as lucrative markets in South Asia, holding over 32% and 23% share.Japan is expected to register high potential for growth, accounting for an estimated 51.7% share in East Asia market by the end of 2031, supported by easier access to new technologies.currently holds the lead accounting for 79.5% of the North America market, driven by increasing consumer expenditure on lifestyle products. However, online sales are expected rise at 27.3% CAGR. Multi-brand stores are a popular distribution channel, accounting for over 29% of the market.
The 45- 50 inches’ segment accounted for a 22.3% share in 2020, which is attributable to the increasing penetration of 4K TVs in the higher economic consumer class.Key Takeaways from the Smart TV Market Study Most consumers focus on online product research before making a purchase. Manufacturers are focusing on developing innovative product features, in addition to effectively developing sales and distribution channels. Partnerships between big companies and small players are bolstering the scope for growth. Innovations are transforming the television industry by integrating advanced technologies like artificial intelligence (AI), Internet of Things (IoT), Google Assistance, and internet-connected services in the latest models of smart televisions, which were not available in traditional cathode-ray tube (CRT) televisions. Future Market Insights (FMI) in its latest study has forecasted the smart TV market to rise at a CAGR of ~24.7% between 20. With the surge in the need for smart TVs, leading manufacturers have now shifted their focus on technologies that cater to multi-functional consumer needs.