In India, the 32” smart TV segment leads the market, although its share is declining. The share of larger screen sizes, particularly 55” and above, is increasing.
In 2023, global TV shipments decreased by 3%, totaling 223 million units, as the strength of the US market was unable to compensate for declines in China and Europe. Samsung Electronics maintained its leading position, while Chinese vendors Hisense and TCL experienced mid-single-digit growth, driven by the expanding North American market.
In 2023, premium TV shipments decreased by 1% annually but increased their market share to 10%, driven by a surge in China, where shipments and revenues grew by 39% and 49%, respectively. The shift towards MiniLED LCD TVs by key Chinese OEMs, along with aggressive pricing and promotions, contributed to the segment’s domestic growth.
In India, smart TV shipments experienced growth on a quarterly basis, driven by preparations for the festive season sale in Q3 2023. The 32” smart TV segment continued to lead the market, although its share is declining, while the share of larger screen sizes, particularly 55” and above, is increasing.
The online channel’s share rose to 44% during the quarter, fueled by Independence Day sales, multiple promotional events during the cricket’s Asia Cup, and the anticipation of the upcoming World Cup. Xiaomi maintained its lead in the market in Q2 2023, followed by Samsung and LG.
According to Counterpoint research, the global premium TV segment is expected to grow by mid-single digits in 2024, fueled by recovery in the US and Europe. Better performance is anticipated in the premium segment this year, citing increasing screen sizes and ASPs as contributing factors. Recovery in the US and Europe will play a significant role, but the right balance of features and pricing can also drive replacement rates, as seen in China.
