India Smart Television Market Grew by 8% YoY in 1H23 With 4.5 Million Unit Shipments
According to International Data Corporation (IDC) Quarterly Smart Home Devices Tracker, 4.5 million televisions were shipped to India in 1H23 , an increase of 8% year-over-year (YoY). The frequent sales by e-tailers, multiple new launches/refresh model portfolio by vendors and clearing of old channel inventory, before the festive season starts, fueled the growth in the first half of the year. Share of the online channel grew by 25% in 1H23 YoY reaching 39% driven by online sales festivals.
While the popular screen sizes of 32-inch and 43-inch remain mainstream with 71% collective share, the larger screens are gaining popularity. Share of the 55-inch went up to 12% from 9% a year ago in 1H23 resulting in 35% YoY growth in the USD$400+ price segment.
Upasana Joshi, Research Manager, Client Devices, IDC India, said, “Due to decreasing prices, consumers are opting to buy an affordable smart TV instead of retrofitting non-smart TV with a streaming stick, which is losing popularity, its shipments declining by 85% in 1H23.”
The average selling price (ASP) of smart TVs stood at US$380 in 1H23, a 3% YoY decline. Brands are focusing on low priced models in the budget segment with regular price drops, resulting in share increase of sub-US$200 from 26% to 39% in 1H23.
With an array of features and pre-loaded apps, inbuilt storage in the TV is becoming important. 8GB internal storage is most popular, growing by 33% YoY in 1H23. “Apart from core features, visual aesthetics like narrow bezel or bezel-less TVs in the affordable price segments and features like HDR, better DCI-P3 coverage, Dolby certification, improved sound output etc. are in demand.” says Debasish Jana, Market Analyst, Smart Home Devices, IDC India.
In 2022, 9.8 million units were shipped to India with a 7% YoY growth. The normalization of panel prices resulting in reducing end consumer prices was the key reason for growth. The low-end price segment (sub-US$200) is most popular, with almost 45% share of 32” screen size models and an overall ASP of US$383 in 2022. IDC expects 2023 to remain flat or register single digit growth led by the upcoming festive season. A plethora of offers/discounts across channels will ensure a healthy second half.
1Q23 Top 5 TV Company Highlights
Xiaomi continues to lead the TV market with 14% share in 1H23. Its consistent focus on their TV line up, namely the 5A and Redmi series, cemented their leadership position. In the HD and FHD segment too, Xiaomi leads with 23% share.
Samsung stood second with a 13% market share in 1H23. Apart from high-end QLED TVs, its T4000 series within the budget range is high in demand. Samsung is a close second with a 25% share in the 4K TV segment and holds more than 90% share in the 8K TV segment.
LG stood third with a 12% share in 1H23. Apart from the budget segment TVs, its Nano cell and OLED TVs are gaining momentum. Nano cell range tends to reduce dependency on the more expensive OLED TV range. Further, LG climbed to top spot in 4K TV segment with 26% share in 1Q23. LG’s in-house manufacturing facility gives it a cost benefit over its competitors.
TCL stood fourth with 8% share. Its newly launched S series TV fueled shipment growth in 1Q23. TCL’s Mini-LED TVs are also gaining traction. It has also started panel manufacturing in India.
OnePlus stood fifth with 7% share. The budget series Y1 and Y1S have gained significant shipments through the quarters.
