Smart TV Market Share: 11 Stats That Reveal Who Runs the Show

We’d bet a large chunk of money that there’s a TV in your house—and a smart one at that.

Why so bold, you may ask?

Because back in 2017, 38.6 million people were already using a smart TV in the US. And that was years ago, imagine just how much that number has increased in 2022.

Well, actually, no need to burden your imagination. We have all the statistics prepared for you.

How many households have smart TVs? What does the smart TV market share look like? Are smart TV sales still growing?

We’ll tell you all about it.

Stunning Television Sales Statistics (Editor’s Choice)

• In 2010, estimations valued the smart TV market at $86 billion.
• By 2020, the market had already grown to $202.1 billion.
• Recording an 18% YoY increase, the smart TV market reached $239 billion in 2021.
• That year, LG held a 12% share of the global market.
• Samsung had the largest smart TV market share, taking a 29.5% cut of the global sales.
• Combined, these two giants gripped 48% of the smart TV revenue.
• 74% of households in the US have at least one smart TV.

What Does The Smart TV Market Share Look Like in 2022? 

One thing is for sure: the days of regular, non-smart TVs are numbered.

With the technological advancement in developing countries, the massive interest in TV entertainment, and the general growth of the population, the global industry’s billion-dollar size comes to no one’s surprise.

Now, let’s get down to business and see the actual numbers.

1. Global demand for smart TVs reached a whopping 313 million units in 2021.

(Source: Lubbil)

For comparison, the global demand came to 268.9 million units in 2020. That’s a 16% increase in just one year!

And if you thought it doesn’t get any crazier, think again—the forecast for 2028 is counting on 1.18 billion future TVs being shipped.

Fun fact: As impressive as smart TV demand may be, it’s nothing compared to the world’s need for mobile devices. In 2021, companies around the world shipped 1.43 billion smartphones.

2. The global smart TV market was worth $239 billion in 2021.

(Source: IMARC)

And it’s destined to continue growing. With a steady CAGR of 6.2%, analysts expect the industry to reach $358.6 billion by 2027.

What makes them so optimistic?

Larger accessibility to the internet, inflated income levels, as well as the increasing popularity of streaming services (such as Netflix, Disney+, or HBO Max) are making more people turn towards the most popular television brands, looking for a new smart TV.

Fun fact: Nowadays, 62% of the world’s population has internet access. Some countries boast higher percentages, of course. For instance, 93% of people in the US and 98% of people in Northern European countries are online.

3. North America dominated the global smart TV market in 2020.

(Source: Coherent Market Insights)

Combined, Canada and the US held a solid 43.2% of the global market in 2020.

This is hardly surprising, as the majority of adults in the US have a smart TV at home. Specifically, these devices are most popular among those in the 30-49 age range, as 66% of that segment of the population used a smart TV.

As for the rest of the adults in the country, 59% of them have a smart TV, too. The only exception being, perhaps, those who are 65 and older.

Fun fact: Norway boasts the largest share of individuals who have a smart TV at home (76%). Other notable mentions in the European continent include the UK (73%) and Finland (70%).

4. The 4K UHD TV was the biggest segment in 2020.

(Source: Lubbil)

Because of their continuously declining prices, the 4K TVs have now become the absolute go-tos for those who don’t want to break the bank.

Analyses say that the 4K TV sales numbers are extending well beyond the HDTV sales (the previous most popular choice), and taking up about 40% of the market in terms of volume.

By 2020, households worldwide had enabled a total of 557 million 4K TV sets. Specifically, 38% of homes in Europe and 52% of those in the US have one of these models—or, at least, they did in the first year of the pandemic.

Moreover, it’s likely that 4K TVs will continue being a top pick for a couple more years, though 8K TVs are vying for the position, too.

Offering four times more pixels than the 4K UHD TVs and, consequently, better resolution, 8K TVs are the fastest growing segment according to television sales statistics. For 2021-2028, its CAGR should stand at about 19%.

5. More than a third of buyers prefer TVs that are 46-55 inches.

(Source: Lubbil)

This has a direct correlation with the increasing demand for 4K TVs. Generally, 4K resolution works better on larger screens. So, it’s no surprise that 38% of all the TVs that were sold in 2020 had a 46”-55” screen.

That said, people seem to have a growing appreciation for even larger screens. In 2021, Black Friday’s most popular item was a 65” TV with a QLED screen and built-in Roku. Furthermore, the 65+ inches segment is set to register a CAGR of 14% until 2028.

Fun fact: LG has the largest TV on the market. With 8K UHD resolution and a 325” screen, this TV is perfect for a luxurious home cinema. If you have a wall that’s 26-feet tall as well as £100,000+ ($111,500+) to spare, it might just be the one for you.

6. In the US, over 70% of the TVs sold throughout Q1 2022 had a discount.

(Source: npd)

Supply chains had yet to recover from the pandemic when they were put to the test yet again—the Ukrainian war and a looming recession have demand, inventories, and prices going haywire.

TV price trends are decidedly going upwards. LG TVs, for instance, were 26.4% more expensive in 2021 than in 2020. Samsung’s prices saw an even more impressive 32% surge in prices.

Understandably, people are now more inclined to wait for a good deal before buying a television. Back in Q1 2019, only 59% of TVs were sold on promotion. In 2022, that percentage rose all the way to 71%.

Fun fact: As electronics’ prices have been going upwards, discounts have actually been going downwards. For instance, back in 2020, retailers gave an average 27% discount on electronics during Cyber Monday. A year later, they only discounted 12%.

The Big Fish: Samsung vs LG vs Vizio

Some players just know the game better than others. And the truth is that even if those others learned how to play the game, they’d still have a hard time surfacing on top of the market.

For many consecutive years now, Samsung and LG have been the top contenders in the industry, and they won’t give up their hard-earned shares easily. But who is the ultimate top TV manufacturer? What is its market share?

You are seconds away from finding out.

7. If there’s a smart TV in a US household, chances are it’s a Samsung.

(Source: Statista)

As of 2022, 74% of US households have a smart TV. And in 29% of the cases, that television is Samsung-made.

The company’s share of the national smart TV market has remained fairly stable over the years. For instance, in the USA, Samsung televisions were in 31% of the surveyed households in 2020 and in 30% of them in 2019.

Other popular brands in the country include Alcatel (13%), Vizio (12%), and LG (11%).

Fun fact: Samsung sold its first TV in 1970. The company continued producing TV sets and other home appliances (like washing machines and refrigerators) well before making its first phone in 1985.

8. Combined, Samsung and LG take nearly half of the smart TV global market revenue in 2021.

(Source: flatpanelshd)

Not a solid half, but the 48% portion of the global revenue that they command together is still quite impressive.

Ever since 2006, Samsung has been the leader among top-selling television brands, and 2021 was no exception. With a share of 29.5%, the company stands before LG, whose revenue share comes at 18.5%.

Although LG is still significantly behind Samsung, LG’s share is nothing to scoff at. Its 2021 figure represents an all-time record for the company.

The other big players in the global market are Sony (9.5%), TCL (8.0%), and Hisense (6.8%).

9. Samsung leads the market in terms of volume, too.

(Source: Statista)

Samsung’s TV market share is still the largest when it comes to the number of units sold. In 2021, the company shipped 42 million TVs, surpassing any other manufacturer. This number represents 19.8% of worldwide sales.

Back in 2020, however, Samsung’s volume share reached an even larger fraction of the total units. At the time, the electronics giant had distributed 21.9% of all TVs.

10. Despite ranking second, LG’s total market share is only 12%.

(Source: Statista)

Alright, it’s actually 12.8%, but who doesn’t like round numbers better?

The fact is that LG was killing it in 2021. Not only did it take an 18.5% cut of the global smart TV revenue, as we mentioned above, but it also performed quite well on the sales volume metric.

LG shipped nearly 27 million TVs, demonstrating an 11.3% YoY volume growth compared to 2020.

11. Vizio’s market share fell to a mere 3.1% in 2021.

(Source: Statista)

Not that it has ever been much higher, but still—it was 3.3% in 2020.

Although companies like TCL (11.5%) and Hisense (8.7%) come well before Vizio in the global market, the brand is one of the top contenders in the US.

In fact, it has been the third most popular TV brand in US households for two consecutive years now (2020 and 2021), and it even managed to climb all the way to second place back in 2019, reaching an 18% US TV market share.

Wrap Up

Asia is certainly infamous for its electronics, and it seems like smart TVs are no exception. With both Samsung and LG at the top of the game, South Korea’s hegemony is unquestionable, but will it continue much longer?

Probably.

The other main competitors in the global market are Chinese, but their smart TV market share is markedly lower than the South Korean duo’s. As for the US, it has only one champion, Vizio, and its presence seems to be confined to the national market.

So, yeah, we at Web Tribunal would be willing to bet South Korea will continue to reign supreme at least for the next few years.