The Indian TV market has witnessed a decline of 16% in smart TV sales in 2023. According to the latest report from Counterpoint Research, the demand for premium TV sales is expected to grow and lead the overall segment in 2024. Smart TVs are also likely to get more expensive due to the increasing costs of display panels.
Smart TV Market Share of India: Counterpoint Research
Currently, Xiaomi remains the top player in smart TVs in India with a market share of 11.4%. Samsung, LG, OnePlus, and TCL briefly follow it. The report further mentions that smart TVs account for 93% of total TV sales in the country, recording their highest-ever penetration in the market.
Research Analyst Akash Jatvala mentions that Indian consumers are now looking for TVs with larger screen sizes. Factors like 4K screen resolution and display technology are the most-looked features by users while making a new TV purchase.
It was also observed that QLED TVs are gaining popularity from brands like TCL, Hisense, Thomson, Kodak, and others. Companies have also started offering 43-inch QLED TVs under Rs 30,000, which has doubled the growth of this segment.
The entertainment sector in India is transitioning from traditional cable TV to OTT services. Sporting events like the Indian Premiere League (IPL), UEFA Champions League (UCL), and many others are streamed in 4K resolution on OTT, compared to 720p streaming on cable TV.
Hence, customers are looking for smart TVs that are capable of streaming high-resolution content directly. As TVs are also expected to get a little expensive due to increased panel costs, customers are more likely to prefer premium models to get the most value from their new TVs. Prices of smart TVs could rise by over 10% over the next few months.
