COVID-19 Vaccine Impact on Smart TV Stick Market Size to surge at 8.2% CAGR is expected to reach $22.7 Billion in 2025
The global smart TV sticks market size is anticipated to reach USD 22.7 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.2% over the forecast period. Factors such as ability to provide OTT content, IoT enabled smart homes, changing home entertainment concept, and penetration of broadband are some of the primary factors driving the global market.
Smart TV sticks are providing the consumers with entertainment content of their choice from the leading providers such as Netflix, HULU, and Amazon Prime. In U.S., smart TV sticks/box holds 70.0% share among other streaming devices such as smart TVs, game console, set top box, and internet blue ray player.
North America is an early adopter of technology, therefore it occupies a large share in the global industry. Increased adaptation of smart connecting devices, broadband penetration, and OTT content have been some of the driving factors in this region. On an average, a single U.S. home has viewership of approximately 49 hours across the month, which is the highest of all countries. Prominent penetration of this market has been boosting the growth of the U.S. smart television stick industry.
Hypermarket and supermarket held the largest share of 48.0% in 2018. For instance, Chroma is the leading retailer of consumer electronics in India with 125 stores in 28 cities in India, offering a variety of smart TV sticks. The online distribution channel is expected to expand at the highest CAGR of 8.6% from 2019 to 2025, owing to an increase in the number of internet users, fast paced lifestyle, ease of internet access, and penetration of e-commerce among the manufacturers.
Developing countries such as India and China are expected to witness high demand in the coming years. China is likely to register the highest CAGR of 9.2% from 2019 to 2025. Growing consumer inclination towards the western entertainment content in these countries is the prime factor driving the market in this region. Modernization of network infrastructure, along with easy availability of high quality broadband service, has accelerated the demand for live streaming, thus spurring the growth of the smart TV stick market in Asia Pacific. For instance, according to Business Line, the 5G technology has been standardized to work on all bands in India.
The industry is dominated by leading players such as Amazon.com, Inc.; Roku, Inc.; Google; Apple Inc.; Sky PLC; ASUSTeK Computer; Shenzhen Rikomagic Tech; Dongguan Sonicway Electrical Appliance; Shenzhen Tomato Technology; and CloudWalker Streaming Technologies.
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Further key findings from the study suggest:
- By distribution channel, hypermarket and supermarket held the largest share of 48.0% in 2018
- The online channel segment is expected to expand at a CAGR of 8.6% from 2019 to 2025 due to rising penetration of e-commerce and low cost of startups
- North America held the largest share in the global market.
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