OnePlus and Realme will reportedly exit the TV market in India. The companies will also stop the production of TV units in the country, as these were manufactured locally. OnePlus is currently the fourth-biggest smart TV brand in India, with a market share of over 8%.
As per reports, OnePlus and Realme will completely focus on their smartphone division. The exit of these two brands from the TV market in India is surprising, as the segment has witnessed a 28% YoY growth.
OnePlus and Realme Exit TV Market in India
An anonymous source has informed TOI that OnePlus and Realme have decided to exit the TV segment from India. The reason behind this move has not been disclosed yet. Both brands will slowly phase out from the TV category in the country.
OnePlus introduced its first TV in India in September 2019, followed by Realme next year. Since then, both companies have grown their TV business to a sizeable model in the last 4 years. Smart TV sales in India have also witnessed rapid growth in India in the same period.
As per Counterpoint Research, OnePlus is the 4th largest smart TV brand in India, with a market share of 8.2% It is just behind the giants of Samsung and LG, who are the pioneers of the TV market. The premium brand value of OnePlus smartphones has cast a shadow on its TV units, helping it grow to this scale.
At a time when the smart TV market is booming in the country, the decision of OnePlus and Realme to exit the segment is surprising. Both companies have also been manufacturing TVs locally in India. OnePlus has a huge facility in Hyderabad, with a manufacturing capacity of 1 million TVs.
As per reports, both OnePlus and Realme will also halt the local production of these TV units. However, both brands will continue manufacturing phones in the country.
OnePlus and Realme have not officially acknowledged the situation yet. The companies have also not responded to the media when questioned about their exit from the TV market.
TV Market Expected To Keep Growing in India
Data from Counterpoint Research reveals that the average selling price of smart TVs in India has reduced, with the increasing availability of affordable models. The under Rs 20,000 segment in smart TVs is currently witnessing the highest growth in terms of sales. This segment is mostly led by Xiaomi, while the likes of Samsung and LG dominate the premium segment.
Adarsh Nair, the CEO of Airtel Digital, recently said that the OTT consumption on smart TVs is expected to grow exponentially with the rise of 5G deployment in India. AirFiber services will increase the basic internet speeds in households, which will change the habits of OTT consumption of users from smartphones to smart TVs.
Although OnePlus and Realme are reportedly taking an exit, Xiaomi is expected to keep leading the smart TV market in India. A few weeks back, the company launched the Xiaomi TV X Series in India offering 4K display panels at a starting price of Rs 30,000. It looks like Xiaomi will continue its focus on the TV markets in India.
