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レポート概要
The United States smart TV market is expected to grow at a CAGR of 10.5% during the forecast period (2021-2026). Increasing adoption of OTT services leading to the preference of smart TVs as a typical streaming entertainment product and Us-China trade dispute prompting smart TV vendors dependent on Chinese manufacturing to increase shipments for building safety stocks are the two major factors driving the growth of smart TV in the United States.
– Some brands from other countries such as models from Korean companies like Samsung and LG or from Japanese companies like Sharp and Sony could escape any price increases. Still, unfortunately, the rules of origin aren’t always clear. High-end TVs from Samsung and LG, for example, are often assembled in Mexico, and the White House has threatened to impose new taxes on products coming from south of the border. So those TV sets could still be subject to new tariffs in the future, which might hamper the growth of the market due to the price hike.
– On the other hand, replacement upgrades will be driven by bigger screens and TVs featuring 4K Ultra High Definition (4K UHD) resolution and high dynamic range (HDR). In 2020, 4K UHD sets are expected to account for 25 million units (12% increase) and $17.6 billion in revenue (2% increase). And 8K UHD TVs are estimated to cross the one billion-dollar milestone ($1.6 billion) in revenue, selling 504,000 units.
– According to Consumer Technology Association, TV is expected to continue its reign as the flagship technology in many U.S. homes. Overall, TV manufacturers are expected to ship 40.8 million units in 2020 (2% increase), driving $23.4 billion in revenue (flat with 2019), as new TV features drive interest for consumers.
– However, as Covid-19 further spreads, North America, including the United States, is expected to face demand-side issues. People may postpone purchase decisions due to economic uncertainty. Many western countries are not able to control the outbreak as effectively as China has done. This will lead to extended periods of business disruption and the potential for more significant falls in demand. Moreover, due to manufacturing slow down, the panel prices are likely to rise by around, which may increase the cost of the finished good. However, the expected lack of demand might offset this.
Key Market Trends
Increasing Adoption of OTT Services Leading to Preference of Smart TVs as Common Streaming Entertainment Product
– Streaming media such as Apple TV, Amazon Fire TV, and Google Chromecast are changing the consumers’ viewing experience. Several manufacturers are teaming up with OTT (over-the-top) content and device providers to provide built-in features with no further requirement of a set-top box. For instance, TCL Corporation has teamed up with Roku, Inc. and introduced a 4K HDR Roku TV.
– The primary strategy adopted by OTT service providers is based on pricing. They are rolling out services that are competing with the ones offered by existing players, but at a lower cost or the same cost, but more flexible or with added features.
– Bundle of streaming services is also being offered by the industry players in order to remain competitive in the market. For instance, Disney offers consumers the option to bundle Disney+ with Hulu and ESPN+ for USD 12.99 per month (a USD 5 per month discount). CBS offers a bundle of Showtime and CBS All Access starting at USD 14.99 per month (a USD 2 per month discount).
– In March 2019, Comcast launched a USD 5 per month streaming platform (Xfinity Flex) for internet-only customers, targeting consumers who have ditched traditional pay-TV for online video streaming. Xfinity Flex will eventually allow customers to instantly upgrade to traditional pay-TV service since the equipment will already be installed. Shortly, the platform will also let customers manage internet-connected devices, for instance, security cameras, from the TV screen. The company is also planning to launch both free and ad-supported streaming service that will be available in the United States in early 2020 and will stream NBCUniversal content. All the above factors are proliferating the demand and adoption of Smart TV’s in the region.
4K UHD TV Segment to Witness Significant Growth
– The 4K UHD division is expected to witness notable growth over the forecast period. The drop in the prices of these TV’s are drawing customers and triggering the demand across the emerging economies. The growth can be associated with innovative features such as high resolution and high picture quality with Dolby Digital sound, which can be better experienced on larger screen sizes.
– The adoption of innovative technologies, such as Quantum dot LEDs (QLEDs) across the Ultra-high-definition (UHD) in 4K TVs is expected to fuel the segment demand over the forecast period. Televisions belonging to this range have high penetration rates as compared to the others.
– Moreover, the increasing penetration of ultra-high-speed internet and highly efficient network infrastructure, are expected to favorably impact the 4K UHD segment, in the near future. For instance, the US federal government is planning to build a centralized 5G wireless network across the country by 2021. Recently, the White House released its National Strategy to Secure 5G of the US, mainly focusing on upgrading and securing 5G infrastructure at home and abroad.
– However, the US-China Trade war is expected to have a negative impact on the smart TV market in terms of pricing. According to Consumer Technology Association, Tariffs that went into effect on Chinese goods at the start of September 2019 which is roughly $100 billion in penalties are expected to translate into higher prices on TVs for U.S. consumers resulting in less price flexibility, especially on 4K TVs.
Competitive Landscape
The United States smart TV market consists of several players. In terms of market share, none of the players currently dominate the market. This industry is being viewed as a lucrative investment opportunity due to the enormous consumer interest gained recently. The companies are investing in future technologies to gain substantial expertise, which would enable them to achieve sustainable competitive advantage.
– In March 2020, Samsung Electronics Co., Ltd. announced that its new and expanded line of 2020 QLED 4K and 8K TV models are available for purchase or pre-order on Samsung.com and at select retailers nationwide. With over 100 channels of streaming content, consumers will have the chance to explore genres like News, Sports, Gaming, and Lifestyle. Samsung TV Plus is free and works right out of the box without additional devices or subscriptions.
– In February 2020, Panasonic unveiled its more extensive TV range for 2020. The new Panasonic range will consist of three new 4K OLED ranges and three new 4K LCD ranges: the HZ2000, HZ1500 and HZ1000 OLEDs, and the HX940, HX900 and HX800 LCDs.
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1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness – Porter’s Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
4.3 Industry Value Chain Analysis
4.4 Assessment of Impact of COVID-19 on the United States Smart Television (TV) Market
4.5 Market Drivers
4.5.1 Increasing Adoption of OTT Services Leading to Preference of Smart TVs as Common Streaming Entertainment Product
4.5.2 US-China Trade Dispute Prompting Smart TV Vendors Dependent on Chinese Manufacturing to Increase Shipments for building Safety Stocks
4.6 Market Restraints
4.6.1 Security Warnings from Federal Government Concerning the Control of Smart TV Streaming Service
5 KEY U.S. SMART TV STATISTICS
5.1 Number of Smart TV Users in the US, in million, 2016-2019
5.2 Smart TV Household Penetration in the US, 2012-2019
5.3 Number of Connected TV Users in the US, in million, 2015-2019
5.4 Share of Connected TV users in the US, By Segment, 2015-2019
5.5 Share of Shipment of Connected TV Devices in the US, By Platform, as of Q1 2019
6 MARKET SEGMENTATION
6.1 By Resolution
6.1.1 HDTV
6.1.2 Full HD TV
6.1.3 4K UHD TV
6.1.4 8K TV
6.2 By Operating System
6.2.1 Android
6.2.2 Tizen
6.2.3 Roku
6.2.4 WebOS
6.2.5 Other Operating Systems
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles*
7.1.1 Samsung Group
7.1.2 Vizio Inc.
7.1.3 LG Electronics Inc.
7.1.4 TCL Technology
7.1.5 Sony Corporation
7.1.6 Sharp Corporation
7.1.7 Hisense Group Corp.
7.1.8 Panasonic Corporation
7.1.9 Toshiba Corporation
8 VENDOR MARKET SHARE ANALYSIS
9 INVESTMENT ANALYSIS
10 MARKET OPPORTUNITIES AND FUTURE TRENDS