NEW DELHI: India's smart TV shipments declined by 5% year-on-year in the first half of 2023, according to the latest research from Counterpoint's IoT Service. The decline was primarily attributed to the prevailing inflation and other macroeconomic headwinds in the country, which compelled people to limit their purchases to essential items.
“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. 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% YoY,” reads the report.
According to the report, the Chinese tech giant Xiaomi maintained its leadership in the smart TV market during H1 2023 with a 10% share. Samsung secured the second position, while OnePlus, LG, and TCL occupied the third, fourth, and fifth spots, respectively. Acer and Sansui were also among the fastest-growing brands. Both brands updated their portfolios and introduced multiple new models, which received positive responses from consumers.
Commenting on the market trends, Research Analyst Akash Jatwala said, "Many people bought their first smart TV during the COVID-19 pandemic, especially the 32" size. After experiencing the benefits of smart TV, they are now preferring bigger screen sizes for their living rooms, especially 43" and 55".
He also mentioned that in H1 2023, the demand for bigger screen size smart TVs (55" and above) increased by 18% YoY. Further, consumers looking to upgrade their smart TVs will prefer a premium product due to the availability of better features.
“Smart TV share in overall shipments reached its highest ever of 91% during the first half of 2023. This share is expected to go up further due to the increasing broadband penetration and the rising popularity of OTT platforms, among others,” added Akash Jatwala.
The report also highlighted that consumer demand is trending towards premium TVs with larger screen sizes and enhanced features. However, it is worth noting that the INR 10,000 to INR 20,000 price range dominated the market, capturing the largest share of 37% in the overall smart TV market during H1 2023. Shipments for entry-level budget TVs (priced below Rs. 10,000) more than doubled, as this segment primarily caters to first-time buyers.