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India Smart TV sales surge 33% in Q1

Xiaomi led the Smart TV market in India with a 14.3% share, latest data shows. Launched earlier this year, the Redmi Smart TV X43 contributed to 7% of Xiaomi’s total sales. The Chinese manufacturer was followed by Samsung with 13.1%, while LG, OnePlus, and Sony took third, fourth, and fifth positions, respectively.

India’s Smart TV shipments rose 33% on-year during the first quarter, Counterpoint Research data shows. The Rs 10,000-Rs. 20,000 band captured over 40% share in the overall TV market. TVs with 43-inch screens and above are witnessing an increase in market share as people shift to bigger screens. The research also found that India’s smart TV market was mostly offline driven with 69% shipments.

According to Counterpoint’s IoT service, India’s overall Smart TV market reached its highest-ever level at 89%.

Counterpoint Senior Research Analyst Anshika Jain said: “…Brands are putting more emphasis on the display aspect as there has been an increased preference for bigger display sizes.”

“The display size range from 43 inches to 54 inches now contributes to almost one-third of the total smart TV shipments in India. In addition to this, an increasing number of models are being launched in the market with OLED and QLED technologies to enhance the user experience.”

LG had an overall market share of 8%, while OnePlus and Sony took 7% and 5%, respectively.

The data also showed that Realme was one of the most sought-after brands in the sub-Rs 20,000 segment. TCL’s Smart TV shipments rose 58% on year.

Counterpoint said the increased preference for Smart TVs, combined with online sales, are the major growth drivers. Affordable prices and new launches from leading brands, coupled with discounts and promotions, also boosted sales.

Talking about the price range in India, Counterpoint Research Analyst Akash Jatwala said: “The contribution of the premium TV segment (>Rs 30,000) grew 68.6 percent YoY from 23.5 percent in Q1 2021 to 33.6 percent in Q1 2022 as brands are launching more products in the segment with enhanced features such as Dolby Support, better speakers, OLED/QLED display and bigger screen sizes. Due to this, the average selling price increased 10.8 percent YoY in Q1 2022.”

Smaller brands such as BPL, Haier, Sansui, and Toshiba also rose during the quarter. Financial Express

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