The smart TV market continues to grow. Once a technology that only offered a few low-resolution live channels, smart TVs are now the central entertainment hub in many homes, especially thanks to streaming services. But with so many brands and models to choose from, it can be tough to decide which one is right for you. Here are the details…
India Smart TV Market Analysis for 1H 2023: Xiaomi Tops, Samsung Follows Closely
The popularity of smart televisions is increasing day by day. Especially with decreasing costs, many people these days prefer to buy a genuinely affordable smart TV rather than purchasing a non-smart TV and making it smart using a streaming tv box. A recent report from IDC confirms this trend. According to the report, a total of 4.5 million smart televisions were sold in India in the first half of 2023. This represents an 8% growth compared to the same period last year.
The decreasing costs had a positive impact, especially on large screen sales. The market share for the 55-inch screen size segment increased from 9% to 12% year over year. This led to a 35% year-on-year growth in the USD$400+ price segment. Users also paid attention to technical features that distinguished a model, such as storage space, HDR, and Dolby certification when making a choice. So, considering all these factors like price and features, who became the leader in India’s smartphone market?
Of course, the top spot hasn’t changed. Xiaomi continued to lead the Indian smart TV market in the first half of 2023 with a 14% share, up from 11% in 2022. Especially when we look at more affordable models, we see that Xiaomi is the undisputed leader in the HD and FHD segment with a 25% share. Xiaomi holds the top spot, followed by Samsung at 13%.
However, don’t be surprised by this second place. As you know, leading the market with premium products is much more advantageous both in terms of brand perception and profitability. Samsung owns 25% of the 4K market and more than 90% of the 8K market.
LG settled in third place with a 12% market share. TCL took fourth place with 8%, while OnePlus once again proved its success in India by securing a 7% market share. The company’s affordable smart TV series, Y1 and Y1S, played a significant role in this achievement, and it is anticipated that their market share will increase in the future.
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