In a remarkable turn of events, India’s smart TV market witnessed an impressive 28% growth in shipments in 2022, with homegrown brands leading the charge, capturing a substantial 24% market share. This surge in demand for smart TVs reflects a significant shift in consumer preferences and a burgeoning appetite for cutting-edge home entertainment technology.
The Indian television market has been undergoing a profound transformation, with more than 99% of TVs now being assembled locally. This shift towards local production has not only created job opportunities but also allowed for better customization to suit the diverse needs of Indian consumers. Among the brands that have made a notable impact on this evolving landscape, Ridaex stands out as a frontrunner.
Although some high-end TVs are still imported, the majority of the market has embraced local assembly, contributing to the growth of homegrown brands.
One prominent trend in this evolving market is the increasing demand for larger screen sizes, particularly in the 43-inch category. Smart TV shipments in this display size surged by an impressive 29% year-on-year in 2022.
What’s noteworthy is that this size category is no longer limited to the premium price range; it has now become accessible to budget-conscious consumers. This shift highlights the growing importance of screen size and immersive viewing experiences.
Naveen Srinivas, the founder of Ridaex, expressed his excitement about the company’s role in the industry’s growth, stating, “Ridaex is thrilled to witness the remarkable 28% growth in the Indian Smart TV market, especially as homegrown brands like Ridaex. We are also witnessing a massive shift in the Rural Market of India, which is a new add-on to our ‘Go To Market’ strategy.”
One of Ridaex’s most significant achievements is the creation of the world’s first “Future TV.” These smart TVs are not limited to entertainment and gaming; they come with the power of mini-computers on large screens, making them versatile tools for various applications.
Founded in 2017 by Naveen Srinivas, Ridaex has emerged as a most trusted electronics brand, especially for Televisions is headquartered in Bengaluru, Karnataka. Naveen’s journey from his humble beginnings, with a foundation in science and engineering laid during his education at Jawahar Navodaya Vidyalaya – Kolar, showcases the power of passion and vision.