Smartphone TV Market Size, Share, Growth Analysis, By Type(Service and Content), By End-User(Household and Commercial) - Industry Forecast 2024-2031

Drivers

Increase in use of Smartphone among people

• The Smartphone TV market growth is assigned to factors such as increasing use of smartphones among people globally. It has achieved significant development over the recent years and is predicted to grow tremendously. One can stream or watch live video content on the portable cell phone anywhere and at any time. The expansion in the use of cell phones and tablets around the world is driving the development of the smartphone TV market.

Technological Advancements

• Creative technologies such as the use of Quantum dot LED's (QLEDs), crossways Ultra High definition (UHD) in 4K smartphone TVs, are anticipated to fuel the demand over the forecasted period. Smartphone Televisions belonging to such a range have higher penetration rates when compared to the others, which has made the market more and more valuable than before.

Restraints 

Competition Among Manufacturers

• The different external factors that will affect the Smartphone TV market competitive position over the coming years can be analyzed through many factors such as: competitive rivalry, and threat of new entry.

• The well-known brands such as Samsung and LG are in competition with others such as Xiaomi and OnePlus. According to Techwire Asia, in the year 2023, the iPhone dethroned the Samsung Galaxy to become the best-selling smartphone series globally, marking a notable shift in the industry’s competitive landscape. According to preliminary data from the International Data Corporation’s (IDC) Worldwide Quarterly Mobile phone Tracker, the iPhone accounted for a substantial fifth of the global smartphone market, with nearly 235 million shipments in the past year.

• According to an article, in March 2020, Realme, a Chinese startup, announced the global debut of its Smart TV in India in the second quarter of 2020 and reached its goal of doubling its sales revenue in 2020 and became one of the Big 5 manufacturers by 2021 and achieving the sale of 1 million Smart TVs in India by December 2020. Therefore, explaining how the threat of new entrants can impact the market.

Less suppliers in Market

• The available number of suppliers of raw materials and other resources assesses the bargaining power of suppliers. The fewer suppliers in the supply chain there are, the more power they have. Businesses are in a better position when there are many suppliers.

• In the smartphone market, since all the products are close substitutes to each other, this gives the buyer a high bargaining power. Global competition and easy accessibility have increased customers' bargaining power as they can easily switch to other sellers.