The domestic smart TV market clocked a 28% year-on-year growth in shipments in 2022. The growth came on the back of higher festive season demand, multiple launches, discounts and promotions, and demand for bigger screen-size TVs in the lower price segment, data by Counterpoint showed.
With a strong growth, the smart TV contribution to the overall TV shipments was the highest ever at over 90% during the year. While OnePlus, Vu and TCL were among the fastest-growing brands in the smart TV segment, local brands such as BPL, Adsun, Onida and Sazio also showed the fastest year-on-year growth in 2022 and had a share of 24% in smart TV shipments. Global and Chinese brands had a market share of 40% and 36%, respectively, according to the data.
Xiaomi continued to lead the overall smart TV market in 2022 with an 11% share, followed by Samsung and LG. However, the market share of these brands fell significantly during the year, owing to competition from OnePlus, and other Indian brands in the segment.
“Consumers are preferring bigger screen sizes, especially 43’’ due to which the smart TV shipments in this display size grew 29% y-o-y in 2022. This size has also started trickling down to the budget price range of Rs 20,000-30,000,” said Akash Jatwala, research analyst at Counterpoint.
The growth in smart TVs is also due to an upgrade in the television experience by people.
According to analysts, traction in the sub- Rs 20,000 smart TV segment will further increase their contribution to the overall TV segment.
“Smart TV contribution to the overall shipments reached its highest ever of 90% during the year. It is expected to go up further due to more launches in the sub-Rs 20,000 price range and non-smart-TV-to-smart-TV migration,” said Anshika Jain, senior research analyst at Counterpoint.
According to Jain, non-smart TV shipments declined 24% y-o-y in 2022. Online channels increased their contribution to the total shipments to 33% during the year.
The smart TV shipments also increased owing to a fall in the average selling price as well as offering of quality features like Dolby audio support.
The average selling price of smart TVs fell by 8% y-o-y to around Rs 30,650. Newer features such as integrated soundbars from leading players, video call facility, higher refresh rate for immersive gaming experience, and free live TV channels, among others, are also gaining traction among consumers.
With regard to brand-specific performance, OnePlus was one of the fastest-growing brands in 2022, with an 80% growth in shipments. The company grabbed the second position in the below Rs 30,000 price segment. Sony was among the preferred brands in the premium segment.
In the October-December quarter, smart TV shipments grew 2% y-o-y owing to the slowdown after the festive season. Xiaomi led the market with 9% share, followed by Samsung and OnePlus at 9% and 8%, respectively, according to Counterpoint.