Offsetting weak first-half sales, festive demand lifted India’s smart TV market in late 2025, with larger screens and premium models driving growth despite margin pressures.
India’s smart TV shipments remained largely unchanged in 2025, according to Counterpoint Research, as weak demand in the first half was offset by stronger festive-led sales later in the year. Shipments in the fourth quarter (Q4) rose 10% year-on-year, supported by promotional offers, financing schemes and the GST rate cut on televisions above 32 inches.
The first half of the year was marked by subdued consumer sentiment, with discretionary spending delayed in the absence of major promotional events. However, demand picked up in the second half as affordability improved, particularly for larger-screen models.
Principal Research Analyst Anshika Jain noted that while the market was flat in 2025, steady growth is expected in 2026 as pandemic-era purchases reach replacement cycles. S
he highlighted 43-inch and 55-inch-plus models as key growth drivers, supported by financing schemes and wider availability. Jain also pointed to a clear premiumisation trend, with the INR 40,000–50,000 segment outperforming the broader market as consumers increasingly opted for feature-rich televisions.
“However, rising DRAM and NAND prices are likely to increase the bill of materials for feature-rich TVs, putting pressure on margins and limiting aggressive pricing in the near term,” she added.
The shipment data further illustrates this shift. Market share for 43–54-inch televisions rose to 20.5% in 2025 from 17.9% in 2024, while 55–64-inch models increased to 7.4% from 5.6%.
The strongest growth was seen in 65-inch and larger, with shipments expanding by 31% year-on-year. Smaller screens up to 32 inches lost share, falling to 33.2% from 39%, though shipments in this category rose 15% YoY, reflecting affordability-driven demand.
Overall shipments dipped 1% from 2024, underscoring that larger screens are becoming the default choice for Indian consumers.
QLED shipments nearly doubled year-on-year, expanding across price tiers, while MiniLED recorded the fastest growth, reflecting brand efforts to position it as a more affordable alternative to OLED.
The top five brands maintained over 55% market share, though competition intensified with the entry of new entrants Lumio and VZY.
Looking ahead, the Sony–TCL partnership announced in January 2026 is expected to enhance Sony’s competitiveness by combining its picture quality expertise with TCL’s manufacturing scale.
