Smart device maker Xiaomi (including Redmi’s share) led the smart TV market in H1 2023 with a 10% share, while Samsung took the second spot, the report said in the market summary
India’s smart TV shipments are expected to decline 7% in 2023 on account of factors such as inflation and other macroeconomic headwinds in the country, said a Counterpoint Research report on Tuesday.
In the first half of 2023, the India Smart TV Shipments have already declined 5%, the report said.
However, the report also added that TV manufacturing is increasing in India with new investments by OEMs in creating manufacturing capacity. Newer OEMs are also entering the market and partnering with leading brands to make their TVs, it said.
“We estimate that India’s smart TV market will see a decline of 7% YoY in 2023. The second half of the year will see an increase in smart TV shipments compared to the first half due to the festive season,” said the latest report from Counterpoint’s IoT Service.
The report also added despite a slowdown, the TV market continued to witness premiumisation as demand for bigger screen size smart TVs, which are 55 inches and above, increased by 18% YoY.
Now Dolby Audio surround sound has become the de facto audio technology for smart TVs, and most of the smart TVs sold in the Indian market are also supporting both Dolby Atmos and Dolby Vision, it said.
Smart TV’s contribution to overall TV shipments was over 91% during the January to June period and online channels contributed 39% of the overall shipments during the period.
Over the decline in TV shipments, Counterpoint’s IoT Service report said, “It was primarily due to the prevailing inflation and other macroeconomic headwinds in the country, which forced people to restrict their purchases to essential items.”
The report also said now QLED (Quantum Light-Emitting Diode) TVs are becoming popular in the mid-segment, with a price bracket between Rs 30,000 and Rs 50,000.
Now most of the brands are launching affordable QLED TVs with smaller screen sizes, it added.
“QLED TV shipments increased more than 21 per cent YoY in H1 2023 and their contribution in the overall smart TV sales is expected to rise further,” it said.
Smart device maker Xiaomi (including Redmi’s share) led the smart TV market in H1 2023 with a 10% share, while Samsung took the second spot, the report said in the market summary.
This was followed by One Plus, LG, TCL and ACER, respectively in the fast-growing Indian smart TV market.
“Acer and Sansui were also among the fastest-growing brands. Both brands updated their portfolios and launched multiple new models which fetched good consumer response,” it said.
The report also highlighted that incumbent leaders in TV markets such as “Xiaomi and Samsung are facing competition in the market, as other players are expanding their reach, especially offline, and launching products at different price points with better features”.
Over the outlook, it said, “We will continue to see the entry of new models and an increasing push towards the online channel. The market is likely to return to normalcy in 2024 and is expected to grow by around 10 per cent YoY.”
Moreover, the increasing preference for premium TVs will drive the overall market’s average selling price (ASP) higher.
