TV tech gets a tune up, as consumers go big and go smart

New Futuresource data highlights OLED growth, AI adoption and shifting global dynamics across TV display markets.

Following a period of turbulence , the global consumer TV market is beginning to regain its footing. That’s according to Futuresource Consulting’s latest consumer TV display market outlook report, which shows a 0.9% year-on-year increase in global TV shipments for 2024, reaching 218 million units. This marks the beginning of a slow but steady growth trajectory through to 2029, with annual volumes forecast to hit 230 million units.

“Major sporting events in 2024, such as the UEFA Euros and the Paris Olympics, played a significant role in fuelling demand,” says Carl Hibbert, Research Director at Futuresource Consulting. “Yet it’s not just sport driving momentum. A rebound in consumer replacement cycles, combined with innovation in screen tech and smart TV functionality, is paving the way for a new phase in TV evolution.”

Premium features will power future profits
Despite the volume growth, retail market value dipped by 0.4% in 2024, as heavy promotional activity and competitive pricing squeezed margins. However, Futuresource expects a gradual recovery during 2025 and beyond, as consumers shift to OLED and larger-format displays.

“LCD remains dominant, accounting for nearly 90% of retail market value,” says Hibbert. “However, OLED shipments jumped by 23% in 2024 and will rise another 24% this year, as declining ASPs and Chinese vendor competition pushes the format into more accessible price tiers. Moving forward, OLED and MicroLED will steadily chip away at LCD’s share, particularly in the premium and ultra-large screen categories. It’s a story of gradual realignment rather than one of disruption.”

Smart TV operating systems provide new revenue opportunities
As hardware margins narrow, manufacturers are exploring new ways to monetise the market, and many are looking to the operating system. With smart TV penetration accelerating beyond 80% of total shipments in 2024, Futuresource expects OS-based advertising and service revenues to play an increasingly vital role in maintaining profitability.

With Android/Google TV, Tizen and webOS leading the pack, TVs aren’t just display devices anymore. They’re becoming content hubs, commerce portals and data platforms. That’s why platform strategies are climbing the strategic agenda for every major brand.

Asia Pacific leads, as North America levels off
Asia Pacific emerged as the fastest-growing region, with 87.3 million TVs shipped in 2024 and some growth expected through to 2029. India remains a standout performer, set to achieve a 4% CAGR over the same period. In contrast, North America is showing signs of saturation, with volume growth expected to plateau from 2026 onward.

Futuresource also notes strong demand for larger screens (70”+) across emerging markets, as brands capitalise on affordability improvements and shifting consumer preferences.

Trade policy threatens to undermine recovery
While the market outlook is positive, it remains vulnerable to geopolitical risk. Futuresource data modelling shows that re-escalation of US tariffs on Chinese-made TVs could cut global shipments by more than 6% in 2026 under a high-tariff scenario.

Vendors are already reacting by shifting production to countries like Mexico and Vietnam. And while tariffs create headwinds, they also drive agility, with shrewd brands building out flexible supply chains and diversified sourcing strategies.

A market in transition
As the TV market enters a new cycle of innovation, this latest Futuresource report explores the key dynamics shaping its evolution, which include:

•   AI-powered TVs with personalised UX and voice control gaining traction
• 4K UHD’s continued dominance, while 8K remains a niche innovation platform
• Smart TV ecosystems serving as primary levers for growth and monetisation
• Regional divergence will require tailored go-to-market strategies and price-point flexibility

“We’re seeing a market in motion,” says Hibbert. “The next five years will be defined by strategic adaptation, and the TV brands that invest in experience, ecosystem and execution will release the full potential of this resurging market.”

About Futuresource Consulting
Futuresource Consulting, established in the 1980s, is a leading research and consulting firm specialising in global market analysis, forecasts and strategic insights. With a deep understanding of emerging trends and technologies, Futuresource helps businesses navigate complex markets and make informed decisions.

To learn more about Futuresource Consulting’s Consumer TV Display Global Market Outlook report or to make a purchase, please contact luke.brodin@futuresource-hq.com or visit here.

Press Contact: Nicola Finn, Marketing Manager, Futuresource Consulting, nicola.finn@futuresource-hq.com