Smart TV Sticks Market to Grow During the Forecast Period
Increasing internet penetration, rising popularity of OTT
platforms and growing entertainment industry are the leading factors driving
the global smart TV sticks market during the projected period.
According to TechSci
Research report, “Smart TV Sticks Market – Global Industry Size,
Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F” The 4K and above video support smart tv
sticks are gaining popularity among consumers and rising in demand owing to the
multiple benefits such as it provides hassle-free high-quality videos with no
advertisement disturbance.
The growing broadband penetration is the
key factor leading to the increasing demand for smart tv sticks in the country.
As the 4G and 5G are penetrating various countries, the feasibility of using
the internet without disturbance is increasing and contributing as the major
factor for the rising demand for smart OTT platform viewing devices such as
smart tv sticks, set-up boxes, etc. Moreover, many of them who have launched
smart tv sticks, such as Amazon, Inc., are leading in the smart tv sticks
market owing to their well-established e-commerce platforms in various
countries. As a result, customers without smart televisions opted to buy smart
TV sticks, which not only upgraded their regular televisions into smart
televisions but also offered better video quality without commercial interruptions.
The rising popularity of online
streaming services like Amazon Prime, Netflix, and HULU, among others, is one
of the main reasons anticipated to propel the growth of the smart TV sticks
market over the forecast period. Additionally, the launch of additional
significant companies' own online streaming channels is expected to drive
demand for smart TV sticks globally, which is expected to further fuel the
market's expansion.
Smart TV sticks offer consumers access to all kinds of media
content, including live sports, music, movies, TV shows, online series, and
on-the-go entertainment. Furthermore, because to technological developments in
televisions, like large displays and powerful speakers, viewers can watch TV
shows for longer.
As an early adoption of technology, North America accounted
for the biggest market share for smart TV sticks. The rising adoption of smart
connecting gadgets, internet penetration, and OTT content are some of the
reasons for this region's rise. The United States dominates the market as the
biggest consumer of OTT content.
The market for smart TV sticks is anticipated to expand most
rapidly in the Asia Pacific region. The main aspect influencing the market in
this region is consumer preference for western entertainment. Broadband and
network infrastructure modernization have increased demand for live streaming,
driving the market's expansion.
The projected expansion of the online distribution channel is
attributed to a number of factors, including an increase in internet users, a
fast-paced lifestyle, the accessibility of the internet, and the penetration of
e-commerce. Online platform user reviews and discounts are also projected to
support online sales during the projection period. Additionally, a lot of
retailers, including Chroma, have an online presence and offer their goods on
the websites of major e-commerce companies such As amazon and Walmart.
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Key market players in the smart tv
sticks market include:
Amazon.com, Inc.
- Apple Inc.
- Shenzhen Rikomagic Tech
- CloudWalker Streaming Technologies
- Roku, Inc.
- ASUSTeK Computer
- Sky PLC
- Alphabet, Inc.
- Shenzhen Tomato Technology
- Xiaomi Corp
With the rising competition in the smart tv sticks market, brands are bringing
technologically advanced smart tv sticks enabled with 8K viewing and with
features like internet-of-things. Moreover, many companies have launched smart
tv sticks enabled with the Dolby Atoms system, which enhances the sound
experience which ultimately enhances the consumers overall viewing experience.
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Due to the benefits like real-time purchasing decisions, a
variety of brands to pick from, and sales executive assistance in selecting the
finest product, the hypermarket and supermarket held the highest share and are anticipated
to keep it. For instance, as of 2022, there were 4,662 Walmart retail locations
in the United States, making it the largest retailer in the country. Texas has
516 retail stores, or nearly 11% of all Walmart sites in the US, making it the
state with the most Walmart outlets.
" The increasing popularity of OTT platforms, rising internet
penetration with technological advancements such as 4G and 5G, growing demand
from developing countries for smart TV. The increasing penetration of broadband
connections which results in fast surfing and the growing e-commerce channels
in various countries is influencing the demand of global smart tv sticks market.”
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“Global Smart TV Sticks Market By Video
Support Type (Non-4K, 4K and Above), By Sales Channel (Convenience Stores,
Hypermarket & Supermarket, Online Channels), By Region, Competition, Forecast
& Opportunities, 2018-2028F”
has evaluated the future
growth potential of smart tv sticks market
and provides statistics and
information on market structure, size, share, and future growth. The report is
intended to provide cutting-edge market intelligence and help decision-makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges and
opportunities present in smart tv sticks globally.
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