Quadintel published a new report on the India Television Market. The research report consists of thorough information about demand, growth, opportunities, challenges, and restraints. In addition, it delivers an in-depth analysis of the structure and possibility of global and regional industries.
Television Market in India (LED, LCD, HD, UHD) 2019
Television is one of the fastest-growing consumer durable goods in India, this can be witnessed from the fact that the total number of homes in the country grew only by ~4.5% during 2017-2018 period whereas the television market witnessed ~7.5% growth during the same period. The rapid penetration of television in Indian households can be attributed to reduced cost of production and increased consumer affordability. Over the years, the television industry has adopted fast-evolving technologies to introduce innovations like foldable TV and virtual voice assistant-enabled TV.
The Indian television market comprises of the television sets incorporated with light-emitting diode (LED), liquid crystal display (LCD), high definition (HD), and ultra-high definition (UHD) technologies. The flat panel television (LED, LCD, HD, and UHD) market in India was valued at INR 690.16 Bn in FY 2018 and is expected to reach INR 1,238.33 Bn by FY 2024, expanding at a compound annual growth rate (CAGR) of ~9.25% during the FY 2019-FY 2024 period.
The reduction of import duty on open cell LED TV panels from 5% to 0% has led to the fall the cost of the overall television sets in the country. Moreover, the industry is witnessing a shift in consumer preferences towards flat panel televisions, with a spurt in its demand, from the traditional CRT displays. However, the adoption of substitute devices like laptops and mobile phones, coupled with a fall in profitability is impeding the growth of flat panel television market in India.
The flat panel television market can be segmented into smart TV and non-smart TV. The smart TV segment accounts for a significant share of more than 70% of the overall television market. Foreign players like Xiaomi, OnePlus and Motorola have disrupted the smart TV segment in India with the launch of its range of affordable products. Domestic players are rapidly reducing prices to deal with the fierce competition in the industry. Xiaomi is one of the important players in the smart TV segment with a share of ~29.50%, followed by LG, Samsung and Sony.
In terms of display size, television sets between 32 inches and 43 inches account for the most notable percentage of sales since they are affordable to the masses. Further, as goods and services tax (GST) rates were reduced, prices of television sets went down.
The Indian television market is highly competitive and is dominated by significant players like Samsung, LG and Sony, and they collectively constitute a substantial share of the market. Nevertheless, foreign players like Xiaomi, Realme and OnePlus are flourishing and have captured a considerable share in a short span, owing to their affordable products with a wide variety of features. Moreover, the online sale of television sets has increased considerably in the past few years, posing a threat to conventional sales channels. Designer Women