Smart TV Sticks Market: Global Industry Analysis and Forecast (2024-2030)

The Global Smart TV Sticks Market size was valued at USD 16.9 Billion in 2023 and the total Global Smart TV Sticks revenue is expected to grow at a CAGR of 7.54% from 2024 to 2030, reaching nearly USD 28.11 Billion by 2030.
Global Smart TV Sticks Market Overview:
Smart TV sticks are gadgets that convert a standard television into a smart television. A user can effortlessly watch online information available on the internet with the help of this equipment. There are several apps available that allow viewers to browse web information. Through smart TV sticks, consumers can access all kinds of media content, including live sporting events, music, movies, TV shows, and series online.

Additionally, consumers are spending more time watching TV because of technological developments in television sets, including big displays and powerful speakers. Only 28 million American homes have smart TV penetration, compared to the 38 million homes that use smart TV sticks. Apple, Chromecast, and Amazon are significant firms with a hefty market share in the United States. The smart TV sticks market around the world is rising significantly due to this product's widespread use in the U.S.

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Global Smart TV Sticks Market Dynamics:
The rising popularity of OTT platforms across the world is driving the growth of the smart TV sticks market.

The Smart TV Stick is a device that turns a regular TV into a smart one. It provides users with access to their favourite television shows and movies from popular streaming services like Netflix, Hulu, HBO Max, Disney+, and Amazon Prime in one location. In addition to live streaming services (such as Sling TV, Hulu + Live TV, and YouTube TV), the Smart TV Stick supports various apps that can replace cable if customers do not subscribe to traditional cable service. This allows viewers to have more control over their entertainment options by subscribing only to the channels they want rather than being forced into a bundle package of channels they may or may not watch. With the rise of over-the-top (OTT) viewing in the United States, other countries are starting to catch on, and demand for smart TV sticks is increasing.

This is driving up sales for Amazon's own e-commerce platform since their devices are available globally through direct customer service. Google has seen a slight increase in market share due to its Chromecast-branded smart TV sticks, as they offer more options outside of just streaming services. During COVID-19, most movie theatres were closed, and web series became more popular as movies were released on OTT platforms. Thus, consumers who didn't own a smart TV preferred to purchase smart TV sticks, as they not only turned their standard television into a smart television but also provided higher video quality with no advertisement interruptions. As a result, these factors are driving the smart TV sticks market growth across the world.



The smart TV sticks market is poised for significant growth, driven by the expanding use of video-on-demand (SVOD). In 2021, Netflix will control the U.S. market. OTT subscription market with a revenue share of 30.8%, followed by Disney at 25.9%. Top players including Netflix, Amazon Prime Video, Hulu, HBO Max and Disney+ have collectively captured the majority of the market, indicating strong demand for streaming services Disney's aggressive expansion, with plans in place to double its availability in many countries by 2024 exceeds market capacity smart TV sticks. Increase as consumers seek versatile and easy ways to access these platforms Furthermore, YouTube, the open streaming leader with 150 million American adult viewers and its largest subscription share of 13.2%, increases streaming video consumption It also reveals . This increase in streaming services and consumer subscriptions is creating a favorable environment for the smart TV sticks market, as these devices offer an affordable and efficient solution for accessing a wide range of digital content.

The increasing demand for smart TV sticks from developing countries is expected to drive the smart TV sticks market growth.

The increasing penetration of the internet and television in developing countries like India, China, and Brazil is leading to a rise in demand for smart TV sticks. In China, more than seventy percent of the population has access to the internet, while Australia claims high rates of internet usage, with almost seventy percent of its citizens accessing it. The entertainment industry's growth in these regions is also contributing to this demand, as movies and shows are becoming increasingly popular among people living there. According to an MMR report, the Global Movie and Entertainment Industry is expected to grow at a rate of 7.2% during the forecast period, which in turn, driving smart TV sticks market growth.

Percentage of global population accessing the internet from 2023, by market maturity



Amazon and Roku are leading streaming Devices in the United States.

Amazon.com said in January 2021 that their streaming gadget, Fire TV, has topped 40 million active users worldwide, retaining its lead over Roku. Whereas, in November 2021, Roku announced that it had 32.3 million active accounts. Because it was the first CTV-focused device on the market, Roku has become the brand most associated with CTV. Currently, in the United States, Roku has more individual users than Amazon Fire TV. The Fire TV is now available in a variety of countries, and it can be used to stream Prime Video content in any of them. On the other hand, Roku ships to a few dozen countries, including the United States, Canada, the United Kingdom, France, and parts of Latin America.

In 2021, Roku or Amazon Smart TVs or devices will be used by 58 percent of TV households in the United States. It is estimated that Roku will grab more than half of the market by 2022, thanks to its sustained success in selling standalone players and TVs during major holiday events. Streaming devices such as Apple TV, Chromecast, and Fire TV have gained popularity as more people shift away from cable TV. Because of the high sales momentum, Amazon boasts that Fire TV has grown to become the No. 1 streaming media player platform in the United States, the United Kingdom, Germany, India, and Japan.

Global Smart TV Sticks Market Recent Development

1. In March 2021, Motorola's 4K Android TV Stick was launched in India by Flipkart, India's domestic e-commerce marketplace. This indicates the company’s entry into a rapidly growing category among Indian consumers.

2. The Motorola 4K Android TV Stick is featured with a great Cortex A53 quad-core 2 GHz 64-bit processor and a Mali G31 MP2 - 850 MHz graphics engine. It runs on Android 9.0 OS, giving consumers the familiarity, convenience of use, and functionality of Google's widely used operating system. The stick works with all Android TVs and includes a built-in “Chromecast” lets user’s project their smartphone screens onto the TV.

3. In August 2021, Xiaomi's Mi TV Stick was released in India, and following its release in Europe in July. It is expected to compete with Amazon's Fire TV Stick by allowing consumers to stream video from Amazon Prime Video, Disney+ Hotstar, Netflix, and other services directly to their televisions.

4. Amazon had released the Amazon Firestick 4K in India. With the addition of 4K streaming, the firm is poised to take a significant portion of the Indian market.
Global Smart TV Sticks Market Segment Analysis:
Smart TV Sticks Market is segmented by Online, Hypermarket & Supermarket, Convenience Stores, and Specialty Store. The hypermarket and supermarket held the major share of 38.75 % in the year 2023. The hypermarket and supermarket are expected to keep their lead in the market due to the benefits they offer to consumers, including real-time purchase decisions, different brands to choose from, and guidance from sales executives on selecting the best product. For instance, Chroma is the top retailer of consumer electronics in India. Presently, there are 125 stores in 28 cities in India offering a variety of smart TV sticks.

The online distribution channel is expected to grow at the highest CAGR of xx% during the forecast period. The rise in the number of internet users, fast-paced lifestyle, ease of internet access, and penetration of e-commerce are some of the key factors contributing to the growth of the online distribution channel segment. Moreover, discounts and user reviews on online platforms are expected to fuel online sales during the forecast period. Additionally, many retailers like Chroma have their presence online and are selling their products through e-commerce giants such as Amazon and Walmart. These factors are driving the growth of smart TV sticks market for online distribution channel segment.
Global Smart TV Sticks Market Regional Insights:
North America is a leading region in terms of adopting new technologies. In the year 2023, North America held 32% of the smart TV sticks market. The main factors contributing to this growth are the increasing adaptation of connected devices, broadband penetration, and the availability of OTT content. For example, homes in the United States watch on average 49 hours of streaming content each month, more than any other country.

APAC is expected to be the fastest-growing region with a CAGR of 8.63% during the forecast period. Customer inclination toward western entertainment content is the major aspect driving the smart TV sticks market in the APAC region. The transformation of network infrastructure, along with broadband, has enhanced the demand for live streaming, thus driving the growth of the smart TV sticks market. For example, according to the MMR report, 5G technology has been standardized so that it works on all Indian bands. This will allow for fast internet connections, which in turn will drive the global market in the Asia-Pacific region.


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Global Smart TV Sticks Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 16.9 Bn.


Forecast Period 2024 to 2030 CAGR:
7.54%
Market Size in 2030:
US $ 28.11 Bn.


 Segments Covered:
by Distribution Channel
Online
Hypermarket & Supermarket
Convenience Stores
Specialty Store



Smart TV Sticks Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Leading Global Smart TV Sticks Market Key Players:
1. Amazon.com, Inc.
2. Roku, Inc.
3. Google.
4. Apple Inc.
5. Sky PLC
6. ASUSTeK Computer
7. Shenzhen Rikomagic Tech
8. Dongguan Sonicway Electrical Appliance
9. Shenzhen Tomato Technology
10. CloudWalker Streaming Technologies
11. Siver Alex
12. Xiomi
13. DishSMRT
14. Torres Alexa
15. Other Key Players

FAQs:
1. What are the growth drivers for the Global Smart TV Sticks market?
Ans. The rising popularity of OTT platforms across the world is expected to be the major factor driving the Global Smart TV Sticks market.

2. What are the factors restraining the Global Smart TV Sticks market growth during the forecast period?
Ans. High Competition from Smart TVs is expected to be the major factors restraining the GlobalSmart TV Sticks market growth during the forecast period.

3. Which region is expected to lead the Global Smart TV Sticks market during the forecast period?
Ans. North America is expected to lead the GlobalSmart TV Sticks market during the forecast period.

4. What is the projected market size and growth rate of the Global Smart TV Sticks Market?
Ans. The Global Smart TV Sticks Market size was valued at USD 16.9 Billion in 2023 and the total Global Smart TV Sticks revenue is expected to grow at a CAGR of 7.54% from 2024 to 2030, reaching nearly USD 28.11 Billion by 2030.

5. What segments are covered in the Global Smart TV Sticks Market report?
Ans. The segments covered in the Global Smart TV Sticks market report are Distribution Channel and Region.