India’s smart TV shipments declined 16 percent y-o-y in 2023, according to Counterpoint’s IoT service. It was due to a slow start in H1 2023 due to macroeconomic challenges, excess inventory along with an increase in panel prices and reduced demand for smaller screen-size smart TVs due to which certain long-tail brands exited the market in 2023.
The report says smart TV penetration reached its highest level of 93% of the overall shipments in 2023.
“Last year, it was observed that consumers moved towards premium devices and large-screen smart TVs,” noted Counterpoint.
QLED TVs are gaining popularity as affordable brands have started offering them in 43 inch screen size and at lower prices (below ₹30,000), due to which its shipments more than doubled in 2023.
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In terms of market share, others brand occupied 54.2%, Redmi 11.4%, and Samsung 10.8%. LG had 9.7%, OnePlus got 7.1% and TCL 6.8%.
Panel prices are likely to increase during H1 2024 in line with global price trends, and brands are likely to increase the prices of smart TVs as a result, the report said.
For 2024, the research firm expects smart TV shipments to increase by 9%, as the demand for premium models will increase and consumers will likely upgrade to a larger screen.
The consumers’ confidence in online platforms is increasing, and it will encourage them to buy premium models from these platforms.
The increasing preference for premium TVs will drive the overall market’s average selling price (ASP) further.
““Smart TVs are gaining popularity due to streaming of sports events, TV series, and movies, which creates stickiness among consumers. Smart TVs are now equipped with enhanced display technologies and upgraded features like Google Assistant, ALLM, MEMC, and bezel-less display,” said Anshika Jain, Senior Research Analyst, Counterpoint.
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