Federica Laricchia
Research expert covering the global consumer technology industry
Smart and connected TVs - statistics & facts
Have you ever thought that one day a TV could play your favorite movie, video, or song at any time? Today all this is possible thanks to smart and connected TVs. Indeed, the television industry has been quick to adapt to the recent push towards connectivity and compatibility, two characteristics that are becoming standard in nearly all segments of the consumer electronics industry. Over the past decades, the TV industry, a key market for electronic device manufacturers, has somewhat reached a saturation point, with companies having to develop and improve the technology behind such devices to stay competitive. Indeed, the subsegment of smart and connected TVs can be considered one of the few innovative areas of the TV market.
As technology develops and devices improve, the TV industry will need to keep up with the times and manufacturers will need to provide consumers with new models and innovative TV functionalities to ensure a spot in the competitive consumer electronics market.
What are smart TVs?
Combining the features of a standard TV and the functionalities of a computer, smart TVs connect to the internet directly through broadband or WiFi. This way, users can watch at any time the so-called “connected TV”, that is, digital content also accessible through apps and platforms, such as Roku and Amazon Fire TV, streamed on TVs, mobile, and over-the-top (OTT) devices. Furthermore, consumers are able to perform additional activities on smart TVs, such as surfing the internet and downloading and using apps on their sets. Developments in this area contribute to the otherwise relatively stable global TV industry, which recorded drops in shipments and is forecast to generate revenues of just under 100 billion U.S. dollars in 2024.Smart TV growing popular all around the globe
With the ability to connect to the internet and access content beyond what is available via regular television programs, smart and connected TVs have gained popularity among consumers all around the world. In the United States, the number of households owning connected TVs increased in recent years and is expected to reach around 115 million in 2024. Similarly, Europe is a fertile soil for the smart and connected TV market. For instance, in the United Kingdom, the penetration rate of smart TV sets rose, reaching almost 75 percent in 2023. In the same year, almost all TVs sold in Germany were smart TVs.As technology develops and devices improve, the TV industry will need to keep up with the times and manufacturers will need to provide consumers with new models and innovative TV functionalities to ensure a spot in the competitive consumer electronics market.
