Consumers Prefer Smart TVs
The global electronic products manufacturing market, one of the segments in the electrical and electronics industry, grew at a compound annual growth rate (CAGR) of around 4.3% during the historic period. This mainly due to rise in disposable income and higher standards of living.
In the forecast period, the electronic products manufacturing market size is expected to be over $954.9 billion by 2021, declining at a CAGR of nearly 4%. The growth rate in the forecast period is lower when compared to the historic period. This can be attributed to several factors which include high degree of price competition and interest rate increase.
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The demand for smart TVs is being driven by the rising consumer preference for built-in smart functions in personal devices, and increasing internet penetration. A smart TV combines the features of televisions and computers, and comprises a television set with integrated functions for internet use. Smart TV users are also offered direct access to streaming services such as Netflix and Amazon Prime Instant Video. To capitalize on this trend, television manufacturers across the world are entering the smart TV market
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