Worldwide smart TV shipments are on track to decline 5.5% year over year in 2023, according to the International Data Corporation (IDC) Worldwide Quarterly Smart Home Device Tracker.
However, the market is expected to recover with flat growth forecast in 2024 followed by slow growth in the following years.
Global Smart Tvs shipments are forecast to achieve a compound annual growth rate (CAGR) of 3.3% over the 2023-2027 forecast period.
“With the backdrop of high inflation and long refresh cycles, much of the growth with the smart TV market is relegated to emerging markets,” said Jitesh Ubrani, research manager for IDC’s Mobility and Consumer Device Trackers. “However, within mature markets, TVs are quickly transitioning from media consumption screens to ecosystem gateways, enticing brands such as Amazon, Roku, and others to compete on price while providing meaningful features that integrate with the broader smart home.”
“Weak consumer demand in places like North America has put significant downward pressure on shipments in 2023, which is likely to persist into most of 2024,” said Adam Wright, research manager, Smart Home and Office Devices at IDC. “Many vendors expect that persistent economic headwinds will continue to hamper the market through the first half of next year, but for now are relying on sales of premium televisions to help buoy their bottom lines. Whether that strategy is sustainable long-term remains to be seen.”
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