India’s smart TV market, which experienced rapid growth in recent years, is now facing challenges stemming from declining consumer demand and economic issues. Meanwhile, leading players with strong brand presence and distribution are gaining market share. The market is shifting towards premiumization, driven by the preference for large-screen TVs, QLED displays, and 4K resolutions.
This report delves into the current state of the Indian smart TV market and explores future trends that will contribute to further market growth.
Table of Contents:
Market Overview
Market is Moving Towards Larger and More Advanced Displays
Increasing Preference for Large Screen Displays
Increasing QLED Adoption
The Market is Going Through a Premiumization Trend
Smart TV shipments declined by 14% YoY in 2024 Q1 due to the slowdown in demand, and inventory build-up issues across major brands. The shipments of 4K smart TVs increased by 10% YoY and constituted nearly 50% of the total shipments during the quarter. 43” and 55” smart TVs are becoming the preferred choice, with the share of 55” and above increasing by 22%. Online channel share was 37% during the quarter, due to reduced demand post festive-season sales. Samsung became the leading smart TV player, and it was followed by LG, whereas Xiaomi moved to third position during the quarter. In this report, we have analyzed the market in detail covering brand strategy, price band analysis, key specs analysis, channel share strategies, and market drivers along with forecasts.
India’s smart TV shipments declined 14% YoY in Q1 2024, according to the latest research from Counterpoint’s IoT Service. The decline was attributed to muted demand from consumers, an increase in the cost of inputs like raw materials, which led to a reduction in offers and promotions, excess inventory build-up at major OEMs, and reduced demand for smaller-screen smart TVs.
Key Takeaways:
India’s smart TV shipments fell 14% YoY in Q1 due to a slowdown in demand and an inventory build-up at major OEMs.
Samsung became the leading player for the first time after overtaking Xiaomi.
Smart TV shipments for the 55” and above screen size rose 23% YoY in Q1, making it the only segment to show growth.
QLED smart TV shipments increased by 182% YoY in Q1 2024.
The market is likely to decline by 10% in 2024 due to reduced demand for small-screen TVs.
This Global Smart Devices market tracker comprises all Wi-Fi-enabled devices used in smart homes along with smart wearables. The overall smart device shipments remained almost flat with a 1% YoY decline in Q1 2024. Smart lights, Vehicles, and Cellular CPEs witnessed double-digit YoY growth. In addition, categories like STB, Consumer Routers, Smartwatch and Smart Speakers declined year on year. Out of the total segments, over 62% of the market was taken by Consumer Routers, Set Top Boxes, Smart TV, Laptops, Smart Lights, Tablets and Smartwatches. In this report, we have analyzed the smart devices market in detail by segments covering quarterly shipments by brand from Q1 2021 to Q1 2024 along with the key reasons and drivers for growth.
Table of Contents:
Definitions
Methodology
Key Market Drivers by Segment
Smart Devices Shipments by Brand (2021 Q1 – 2024 Q1)
Smart TV shipments declined by 14% YoY in Q1 2024, because of reduced consumer demand and an inventory buildup issue among the OEMs. The shipments of 4K smart TVs increased by 10% YoY and constituted nearly 60% of the total shipments during the quarter. 32” smart TV continued to lead the market, but its share is decreasing as it is being replaced by 43”, whereas the share of bigger screen size smart TVs of 55” and above is increasing. Online channel share was 35% during the quarter, due to reduced demand during the period. Samsung became the leading player for the first time, followed by LG, whereas Xiaomi slipped to third position. This report analyses the shipments of TVs splitting them into ASPs, price bands, and revenues along with channel and category split. It also includes model and specs level analysis.
This Global Smart Devices market tracker comprises all Wi-Fi-enabled devices used in smart homes along with smart wearables. The overall smart device shipments declined 6% YoY in Q2 2023. The decline was attributed to a decline in markets like Consumer Routers, Set Top Boxes, Laptops, Tablets, Smart Speakers and Smartwatches market. Out of the total segments, over 50% of the market was taken by Set Top Boxes, Consumer Routers, Laptop, Smart TV and Smart Lights. In this report, we have analyzed the smart devices market in detail by segments covering quarterly shipments by brand from Q1 2021 to Q2 2023 along with the key reasons and drivers for growth.
Table of Contents:
Definitions
Methodology
Key Market Drivers by Segment
Smart Devices Shipments by Brand (2021 Q1 – 2023 Q2)
Smart TV Shipments remained flat and declined 2% YoY in Q1 2023 due to the post-festive season cooling period. Xiaomi continued to maintain its lead in the market in Q1 2023 and it was followed by Samsung and OnePlus. 43” and above Smart TVs are growing rapidly, and the price band of sub-INR 20,000 becomes the sweet spot as its share is increasing. This report analyses the shipments of TVs splitting them on ASPs, price bands, and revenues along with channel and category split. It also includes model and specs level analysis.
TV Shipments remained flat during the quarter, as there is a demand cool down in the first quarter of the year. 32” TV leads the total TV market, while 43” and 55” screen sizes TVs share are increasing. Online channel share increased to 34% during the quarter, as Republic Day sales have led to an increase in sales from online channels. Xiaomi continued to maintain its lead in the market in Q1 2023 and it was followed by Samsung and OnePlus. In this report, we have analyzed this market in detail covering brands strategy, price band analysis, market drivers along with forecast.
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