The share of smart TVs in India’s overall TV market increased 33 per cent year-on-year (y-o-y) to reach its highest ever at 89 per cent in Q1 2022, according to research from Counterpoint’s IoT Service. The growth was driven by an increased preference for smart TVs along with sales growth in online channels.
Further, new launches by leading brands at affordable prices, along with discounts and promotions, also helped boost shipments, as per the report. India’s smart TV market remained primarily offline-driven, the channel accounting for 69 per cent of the shipments. However, online channels are increasing and offering various discounts.
Research Analyst Akash Jatwala said, “The smart TV market is showing immense growth driven by the rising demand for home entertainment, a wide variety of affordable launches, an increase in broadband penetration, and multiple discounts offer from retailers. Besides, consumers are opting for enhanced specifications to get a better viewing experience like sound system improvements and larger screen sizes.”
Jatwala further added that online channels contributed to 31 per cent of the overall TV shipments with 30 per cent y-o-y growth. “They had special discounts on TVs, which helped drive the overall volume. Flipkart dominated these channels,” Jatwala said.
In terms of the price range, Jatwala further added that the premium TV segment (>₹30,000) grew 68.6 per cent y-o-y from 23.5 per cent in Q1 2021 to 33.6 per cent in Q1 2022 with brands launching more products in the segment with enhanced features such as Dolby Support, better speakers, OLED/QLED display and bigger screen sizes. Owing to this, the average selling price (ASP) increased 10.8 per cent y-o-y in Q1 2022.
Xiaomi in the lead
Xiaomi led the smart TV market during the quarter with a 14.3 per cent market share, followed by Samsung at 13.1 per cent. Senior Research Analyst Anshika Jain said, “The smart TV contribution in the overall TV market reached its highest ever in Q1 2022 at 89 per cent. Xiaomi continued to lead the smart TV segment, followed by Samsung and LG.”
Xiaomi’s Mi 4A series and Redmi series were its major volume drivers, as per the report. The brand also launched the Redmi Smart TV X43 during the quarter. The model contributed around 7 per cent to Xiaomi’s total volume.
Samsung the quarter, organised the Samsung Big TV Festival, offering Galaxy Tabs, Soundbars, cashback, and more on selected models of 55 inch and above. LG took the third spot with an 8 per cent share of the smart TV market in Q1 2022. During the quarter, it launched some bigger-screen TVs and OLED TVs.
OnePlus took the fourth position with a 7 per cent share in smart TV shipments. “During the quarter, OnePlus launched the Y1S Edge range of TVs, which has performed well in the market,” the report said.
“OnePlus reached its highest ever share due to the good performance of its Y1 series. 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,” added Jain.
Sony rounded out the top five with a 5 per cent share of the smart TV market in Q1 2022. During the quarter, Sony launched new W series and X series models. Realme was one of the most preferred smart TV brands in the <₹20,000 price range. TCL witnessed a rise in smart TV shipments by around 58 per cent y-o-y.
“The S5200 series was one of its bestsellers and accounted for most of its volume. TCL is also planning to launch smaller screen size Mini-LED TV and QLED TV in India,” as per the report.
VU increased its QLED TV offerings by launching the Glo QLED TV series. “Share of smaller brands such as BPL, Haier, Toshiba, and Sansui increased during the quarter as they are becoming popular and offering products at discounts,” the report further added.