Demand for Smart TV Sticks Market to Cross US$ 1200 Mn by End of 2028
Television scenario has been radically changing with customers shifting from traditional cable network or set top boxes toward standalone content providing devices such as smart TV sticks. The steady upward growth apropos to the demand for OTT (Over The Top) media services has significantly driven the adoption of smart TV sticks. Fact.MR envisages that the demand for smart TV sticks is projected to expand at a steady CAGR of 7.1% in terms of value throughout the period of assessment, 2018-2028.
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Sales of smart TV sticks are likely to remain concentrated in the developed regions of United States, given the high purchasing power parity of individuals in the country. However, emerging economies of Asia Pacific excluding Japan (APEJ) region, such as China and India have showcased high inclination toward adoption of smart TV sticks. The report forecasts that by end of 2028, the demand for smart TV sticks in China is projected to grow at a meteoric pace with its sales volume crossing 6 million units.
Albeit high inclination toward online streaming and OTT adoption in emerging economies, fluctuating bandwidth becomes a crucial aspect. With strong internet network as a preliminary requirement for smart TV sticks, low or fluctuating bandwidths are likely to pose problems during streaming owing to low download speeds with excessive spikes and lags.
The smart TV sticks market growth is also impacted from the trade tensions between China and the United States, as the latter continues to impose high duty tariffs on imported electronic products. Such stringent government regulations between the two economically stable giants are likely to cause gap in supply and demand, consequently challenging the growth of smart TV sticks market.
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Manufacturers of smart TV sticks are largely focusing on promoting and selling their products using third party online channels. With growing popularity of e-commerce, the trend of online selling has reached its peak as customers opt for online purchasing given its convenience and cost effectiveness aspects. That said, sales of smart TV sticks through third party online channels are expected to rove at a bullish pace during the period of forecast and are likely to cross US$ 1200 Mn by end of 2028. According to the report, this channel is likely to offer significant sales potential in the coming years, that manufacturers can leverage to tap customers even in remote places.
Key Segment:Smart TV Sticks Market
The 4k and above segment is anticipated to register higher growth as compared to its non-4k counterpart.
Segmentation by Video Support
- 4k and above
The sales channel segmentation includes the sales and revenue of smart TV sticks generated through the various modes of distribution.
The sales channels have been analyzed prudently to cover all formats of distribution so that none of the revenue sources is missed out.
Third party online channels are offering the highest sales to the smart TV sticks market.
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Segmentation by Sales Channel
- Third Party Online Channels
- Direct to Customer Online Channels
- Franchised Electronics Outlets
- Independent Electronics Outlets
- Modern Trade Channels
Renascent competition between major players has been witnessed in the smart TV sticks space. With growing technological advancements, novelty in smart TV sticks has led to development of competitive products. Big giants such as Roku, Amazon and Google are involved in new product developments with a view to shun competition and gain hold.
Overall, the market for smart TV sticks has portrayed a positive outlook and is expected to grow at an optimistic speed in the coming years, offering new growth opportunities for players. Contact Fact.MR to know more captivating insights on the smart TV sticks topic.
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