The smart TV market in India has seen some notable growth in the third quarter of this year, when compared to the same time last year. During this period, Xiaomi took the lead in the market while other brands also saw growth as well. So let’s have a look.

According to a Counterpoint Research report, the Chinese tech giant has continued to lead the smart TV market in Q3 2022, with a sizeable 11 percent market share. The company saw great sales, especially with its 4K display and Dolby Audio & Vision offerings on its products. The company’s PatchWall software also offered over 300 live channels, which helped models like the Xiaomi Mi 4A Horizon Edition, 5A series, and even Redmi Smart TV series to see great sales during this period.

Overall, the Indian smart TV market saw a notable growth of 38 percent YoY in this quarter. Global brands had dominated the market with a 40 percent market share, while Chinese brands came in second with a 38 percent market share. Lastly, the Indian brands only accounted for 22 percent of the total shipments in the region, but saw their shares more than double in this category in Q3 2022.

As per Senior Research Analyst Anshika Jain, “OnePlus, Vu and TCL were the fastest growing brands in the smart TV segment in Q3 2022. Xiaomi led the overall smart TV market with an 11% share, followed by Samsung. LG once again secured the third spot due to the introduction of new models, especially in the INR 20,000-INR 30,000 ($250 – $400) price range. Other emerging brands in the top 10 included realme, Sony and Haier.”

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Counterpoint Research has released a report on the Indian smart TV market for 2021. According to the report, the market grew more than the year-earlier and registered its highest-ever shipments. More consumers started preferring large-screen televisions. In fact, they accounted for almost half of the shipments.

Counterpoint reports that the TV shipments in India grew by 24% YoY and 48% YoY in 2021 and Q4 2021 respectively. These numbers stood at 55% YoY and 65% YoY for smart TVs. As a result of the aforementioned growth, the market share of smart televisions increased to 84% from 67%.

The growth of the smart TV category was supported by demand for home entertainment during lockdowns, newer launches at affordable price tags, growth of newcomers, discounts, and availability of premium features at attractive prices.

As mentioned earlier, the market share of large-screen televisions (above 40-inch) increased to 42% last year compared to just 31% in 2020. At the same time, the online channel continued to show growth due to brands’ partnerships with eCommerce platforms and launching their own websites. Anyway, the market is still offline-centric as this channel alone drove 69% of the shipments in 2021.

Talking about brands, Xiaomi led the smart TV market in India throughout 2021 with an 18% market share. It was closely followed by Samsung with a 16% market share. The South Korean electronics giant’s entire TV shipments (smart and non-smart) accounted for 18%. LG, Sony, and OnePlus rounded off the top 5 with 11%, 6%, and 6% market shares respectively.

As far as interesting facts are concerned, OnePlus witnessed a record 354% shipment growth. Further, Sony was the most preferred brand over ₹40,000 segment. Finally, budget models were the best-selling TVs for all the brands.

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Since entering the Indian smart TV market in 2018, Xiaomi has cemented its place in the market as the leading brand, edging out Samsung who had held sway for several years before the emergence of the Mi brand. Last year, Samsung made a push for more market share with the release of multiple models spread across different price segments. Apparently, the Korean giant’s effort is still not enough as the latest report by Counterpoint Research’s TV Tracker Service for the second quarter of 2021 shows that Xiaomi still controls India’s smart TV market.

The report shows that the smart TV market in India grew 65% YoY in Q2 2021. This is attributed to an increase in the demand for smart TVs. This has subsequently led to an increase in the number of smart TVs in their portfolios.

Xiaomi, with a 23% share leads the market and is closely followed by Samsung with a 17% market share. LG occupies the third position claiming an 11% share with Sony at the 4th spot having cornered a 9% market share. The top-five is completed by OnePlus which raked in a 7% market share, recording a 20% QoQ growth.

The report also shows that the non-smart TV market grew 46% YoY in Q2 2021 but the growth is being hampered by the smart TV segment, taking an 80% share of the overall TV market during the quarter.

Despite failing to control the smart Tv market, Samsung leads the overall TV market propelled by the entry-level T4000 series which emerged as the main volume driver in Q2 2021. In addition, the 2021 version of the Crystal series influenced the brand’s market presence. Further, Samsung’s QLED TV business saw a 400% YoY growth in the quarter.

Speaking about India’s TV market, research Associate Debasish Jana stated, “India has always been a very lucrative market for TVs. With a large installed base of CRT and non-smart TVs, the country holds great potential for the growth of the smart TV segment.”

Jana added, “During the COVID-19 lockdowns, people were forced to remain at home for longer periods, resulting in a spurt in the demand for home entertainment, which in turn made the smart TV more popular in the country. Besides, OEMs are offering smart TVs with high specifications at very competitive prices, attracting consumers even more towards the smart TV.”

The rise in prices of panels (or open cells) and other TV components, along with chip shortages, in the global market, is keeping OEMs under pressure and we expect some price increase by a few top TV brands in the country. However, the Indian TV market is growing at a faster pace and is expected to reach the pre-pandemic level by early 2022.

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(source)

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