Indian brands had a share of 24% in smart TV shipments in 2022 and displayed the fastest YoY growth. The largest ever contribution of smart TVs to total TV shipments was above 90%.
In 2022, India’s shipments of smart TVs would increase by 28% YoY, according to the most recent study from Counterpoint’s IoT Service. Strong shipments over the holiday season in the third quarter, numerous new launches, discounts, and promotions, as well as the desire for larger screen-size TVs in the lower price range, all contributed significantly to the year’s growth. Due to a downturn in demand during the holiday season, growth for Q4 2022 was practically flat at 2% YoY.
According to research analyst Akash Jatwala, who discussed market trends, “Consumers are preferring bigger screen sizes, especially 43,” which is why shipments of smart TVs with this display size increased 29% YoY in 2022. Additionally, this size has begun to filter down to the affordable price range (INR 20,000-INR 30,000 or $243-$364). Another much desired feature is Dolby integration, which is also available in cheaper TVs. In the INR 10,000–INR 20,000 ($121–$243) price range, Dolby Audio support climbed 37% YoY and was present in around 41% of the smart TVs launched in 2022. In terms of operating systems, Google TV expanded greatly and was present in 4% of the smart TVs launched that year.
In the mid-segment, numerous brands are releasing TVs with Google TV. (INR 30,000 – INR 50,000). Indian brands experienced the quickest growth in terms of nation of origin throughout the year, accounting for 24% of smart TV shipments, while global and Chinese brands held 40% and 36% of the market, respectively.
Looking at the market growth, Senior Research Analyst Anshika Jain states, “OnePlus, Vu, and TCL were among the fastest-growing brands in the smart TV segment in 2022. Xiaomi led the overall smart TV market with an 11% share, followed by Samsung and LG. Smart TV shipments in the INR 20,000-INR 30,000 price band grew 40% YoY to reach a 29% share. The average selling price (ASP) declined 8% YoY to around INR 30,650.”
Jain adds, “Smart TV contribution to overall shipments reached its highest ever of 90% during the year. It is expected to go up further due to more launches in the sub-INR 20,000 price range and non-smart-TV-to-smart-TV migration. Non-smart TV shipments declined 24% YoY in 2022. Online channels increased their contribution to the total shipments to 33% during the year.”
