This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.
Smart TV Sticks Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
GET A FREE SAMPLE
Report Overview
The global smart TV sticks products market was valued at USD 10.5 billion in 2021 and is projected to expand at a CAGR of 22.7% from 2022 to 2030. Smart TV sticks are becoming increasingly popular among consumers due to their low cost, portability, and convenience of use. These devices are used to access a wide range of content such as streaming services, live TV, and other digital services.
The rapid adoption of smart TV sticks products over the past few years has been attributed to their affordability and ability to connect with a wide range of devices such as smartphones, tablets, PCs, and gaming consoles. Furthermore, the availability of a wide range of content and services on these devices is driving the growth of the market. For instance, Google Chromecast, a widely used device, allows users to stream content from their smartphone, laptop, or tablet. Similarly, Amazon Fire TV Stick is a widely used device that offers access to a wide range of streaming services such as Netflix, Hulu, and Amazon Prime Video.
The increasing demand for smart homes is expected to fuel the demand for these products. Smart homes have become increasingly popular due to their ability to provide convenience and security. Smart TV sticks can be used to control a variety of smart home devices such as lighting, thermostats, security cameras, and door locks. They can also be used to stream content from a variety of streaming services, making them an attractive option for consumers.
The increasing focus on research and development activities by key players is expected to further drive the growth of the market. For instance, in June 2021, Amazon launched Fire TV Stick Lite, which is powered by a quad-core processor and supports Dolby Atmos and HDR. The device is also equipped with Alexa Voice Remote Lite, providing users with an enhanced streaming experience. Similarly, in April 2021, Google launched Chromecast with Google TV, which is powered by a quad-core processor and runs on Google TV operating system. This device features an integrated voice control system and allows users to stream content from Netflix, YouTube, and other streaming services.
Furthermore, the increasing trend of cord cutting is expected to drive the demand for these products. Cord cutting refers to the process of canceling subscription services such as cable TV and satellite TV in favor of streaming services. This is due to the availability of a wide range of streaming services at significantly lower prices than subscription services. This is expected to drive the demand for smart TV sticks products in the coming years.
Product Insights
The smart TV sticks segment dominated the market in 2020, accounting for a share of around 70.0%. Smart TV sticks are becoming increasingly popular among consumers as they are relatively cheaper than other smart TV devices. The growing adoption of smart TV sticks among consumers is attributed to the rising demand for better connectivity and the ability to access a range of streaming services, such as Netflix, Hulu, Amazon Prime Video, etc. In addition, the availability of smart TV sticks in different sizes, and the convenience of connecting them to multiple devices are some of the other factors driving the demand for smart TV sticks.
The streaming media players segment is estimated to expand at the fastest CAGR over the forecast period. This is mainly attributed to the increasing penetration of streaming media players in developing countries. Furthermore, the growing demand for streaming media players in countries such as India, China, and South East Asian countries, is expected to drive the market growth. In addition, the increasing popularity of streaming media players among consumers due to their features such as high-speed streaming, content customization, and the ability to access multiple streaming services, are the other factors driving the demand for streaming media players.
Distribution Channel Insights
The hypermarkets and supermarkets segment is anticipated to generate the highest revenue in 2022, owing to the increasing availability of smart TV sticks in these outlets. The rising demand for smart TV sticks due to increasing purchasing power among consumers has led to a surge in its distribution through supermarkets & hypermarkets. In addition, these outlets provide customers with a wide range of smart TV stick products, as well as the opportunity to experience the product before purchase.
The online segment is expected to expand at the highest CAGR of 15.5% during the forecast period. Growing internet penetration, increased convenience, and attractive discounts offered by online stores are driving the growth of the online segment. Furthermore, the presence of major players, such as Amazon and Flipkart, offering smart TV sticks on their websites and mobile apps, has been instrumental in driving the growth of the online segment. In addition, the rising trend of online shopping is expected to further drive segmental growth in the near future.
Type Insights
The Android segment accounted for the largest revenue share of 56.2% in the year 2022. Android TV sticks offer a wide variety of functions, including streaming content from multiple sources, such as Netflix, YouTube, etc., as well as gaming, music and other entertainment activities. The growing demand for apps and games, and the increasing availability of content in varied languages and genres, has been instrumental in driving the growth of the Android segment.
The iOS segment is anticipated to expand at the highest CAGR of 10.9% over the forecast period. The increasing popularity of the Apple ecosystem, the availability of advanced features, and the growing number of applications and games for the iOS platform are driving the growth of the segment. Additionally, the high performance and low power consumption of Apple TV sticks are also playing an important role in their increasing adoption.
Regional Insights
Europe is expected to be the largest regional market for smart TV sticks during the forecast period. This is due to the increasing availability of streaming services, such as Netflix and Amazon Prime Video, in the region. Moreover, the presence of several leading electronics manufacturers in the region is expected to further drive the growth of the market. For instance, in April 2021, Amazon launched the new Fire TV Stick Lite in the U.K. and other countries in Europe.
Asia Pacific is expected to be the fastest-growing regional market for smart TV sticks during the forecast period. This is due to the increasing demand for smart TV sticks from countries such as China, Japan, South Korea, and India. Moreover, the increasing demand for streaming services in the region is expected to further drive the growth of the market. For instance, in January 2021, Xiaomi launched Mi TV Stick in India.
Financial Projections
In this part of the Smart TV Sticks Products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a Smart TV Sticks Products business comes from the sales of Smart TV Sticks products. Other potential sources of revenue include advertising, sponsorships, subscription fees, and affiliate marketing.
Projecting Expenses
In this section, all the regular expenses related to keeping the Smart TV Sticks Products business running will be described. The list of operating expenses includes product development and design, distribution costs, inventory management, wages, advertising, marketing, and others.
Key companies & market share insights
Some of the key companies operating in the smart TV sticks market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Amazon launched a new range of Fire TV Sticks, with enhanced features like 4K and HDR streaming, Alexa voice remote and support for Dolby Atmos.
– In August 2022, Roku launched the Roku Streaming Stick+, which offers 4K streaming and includes a voice remote with private listening and voice search capabilities.
– In October 2022, Google launched the Chromecast with Google TV, which offers 4K streaming and includes a voice remote with access to millions of movies and TV shows.
Some of the prominent players in the smart TV sticks market include:
– Amazon
– Roku
– Google
– Apple
– Hisense
– Sony
– LG Electronics
– Skyworth
– TCL
– Xiaomi
Global Smart TV Sticks Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global smart TV sticks products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Streaming Media Stick
– Smart TV Box
– Set-Top Box
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Offline
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Low-end
– Mid-end
– High-end
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the Potential of Smart TV Sticks?
[A]: Smart TV sticks provide users with access to streaming apps, games, and other content. Smart TV sticks are becoming increasingly popular due to their portability, low cost, and ability to access streaming services. Smart TV sticks also support voice commands, allowing users to control the device with their voice. This makes them a more convenient alternative to traditional TV sets.
[Q]: Who are the Key Players in the Smart TV Sticks Market?
[A]: Key players in the global smart TV sticks market include Amazon, Apple, Google, Roku, and Xiaomi.
[Q]: Which Region Offers the Largest Opportunity for Sales of Smart TV Sticks?
[A]: The Asia Pacific region is expected to be the most lucrative for smart TV sticks, due to the increasing number of households with access to streaming services, as well as the growing demand for devices that enable access to streaming services.
[Q]: What are the factors driving the smart TV sticks market?
[A]: The increasing availability of streaming services, the falling cost of smart TV sticks, and the growing demand for smart home products are some of the major factors driving the global smart TV sticks market. Additionally, the availability of affordable, high-speed internet services is expected to further drive the market’s growth.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
To request a free sample copy of this report, please complete the form below.
We value your investment and offer free customization with every report to fulfil your exact research needs.
