India’s smart TV segment continued to witness double-digit growth on the back of festival season and strong pent-up demand. According to the latest research by Counterpoint Research, India’s smart TV shipments grew 38 per cent in the third quarter of CY2022.
This growth was driven by festival season, strong pent-up demand, multiple new launches, discount events and promotions.
“Global brands lead the market with a 40 per cent share, followed by Chinese brands with a 38 per cent share. The share of Indian brands doubled in Q3 2022 to reach 22 per cent of the overall shipments. Many new Indian brands are entering the highly competitive market,” said Akash Jatwala, Research Analyst, Counterpoint.
Although LED displays remain the preferred choice, advanced technology displays such as OLED and QLED are gaining ground. Dolby Audio and better speakers are other features that are increasingly being provided by brands.
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“32 inch is still the most popular screen size, as it caters to a wide array of consumers and comes with an affordable price range, whereas 43 inch is gaining popularity in the mid-range. On the software side, newer models are increasingly coming with Google TV,” Jatwala added.
Smart TV penetration of overall shipments reached its highest ever share of 93 per cent during the quarter. The penetration is expected to go up further due to more launches in the sub-₹20,000 price range. Online channels increased their contribution to the total shipments to 35 per cent during the quarter. Major online platforms offered various promotions and discounts, along with exclusive launches, during the recent festive season sales, the report added.
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“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 per cent share, followed by Samsung (10 per cent). LG once again secured the third spot due to the introduction of new models,” added Anshika Jain, Senior Research Analyst, Counterpoint