India's smart TV market grew by 74% year-on-year in Q2 2022, mainly driven by the increasing preference of customers for smart TVs and the launch of smaller, cheaper models.
India’s smart TV market grew by 74% year-on-year (YoY) in the second quarter (Q2 2022), mainly driven by the increasing preference of customers for smart TVs, the launch of smaller size smart TVs in the sub-INR 20,000 ($250) range, and the increasing promotions by retailers and brands, according to the latest research from Counterpoint Technology Market Research’s IoT Service. There were considerable new product launches from brands to cater to different customers and increase offline presence.
Source: India Smart TV Shipments Model Tracker, Q2 2022
“The top five brands contributed to 45% of the smart TV market with Xiaomi being the top player followed by Samsung with 13% and 12% shares respectively. OnePlus took the third spot for the very first time with 123% YoY growth in H1 2022 driven by the continued popularity of its affordable Y1 series, better features and strong marketing efforts. Many new brands are also entering the market to provide affordable devices to customers. The country’s smart TV penetration stood at 90% in Q2 2022, which is the highest ever to date and is expected to rise further with 21% YoY shipment growth in 2022 due to the coming festive season and continuously rising demand,” Senior Research Analyst Anshika Jain said.
“The smart TV market is growing as customers’ preference for smart TVs is increasing along with affordability. Brands are offering various sizes of TVs at different price ranges, and with the increase in broadband penetration, we expect the smart TV penetration to go up further. With the rise in inflation, consumers are shifting their preferences to other things. Against this backdrop, most of the new launches in Q2 2022 were in the 32” screen size and <INR 20,000 ($250) price segment. Shipments of the 32” screen size grew 94% YoY to reach 47% of the total shipments during the quarter,” Research Analyst Akash Jatwala said. “The contribution of the budget- and mid-segment smart TVs in the <INR 30,000 ($380) segment has grown from 60.2% in Q2 2021 to 68.7% in Q2 2022 as brands preferred to launch more products in this price range to cater to the consumer demand. In this price segment, new models were launched with improved features, such as 4K resolution, Dolby Audio support, and a bigger screen size of 43.”
Note: Xiaomi’s share includes Redmi’s share