The Indian smart TV market has experienced significant growth, with a 28% increase in shipments year-over-year in 2022, according to a report released by Counterpoint Research on Tuesday. The report also showed that domestic brands are taking a larger share of the market, accounting for 24% of smart TV shipments.
The report stated that over 90% of all TV shipments in India were smart TVs, the highest percentage ever recorded. It also revealed that non-smart TV shipments decreased by 24% YoY in 2022.
Xiaomi remains the leader in India’s smart TV market with an 11% market share, followed by Samsung and LG. Other brands such as OnePlus, Vu, and TCL have also experienced rapid growth rates in the smart TV market.
The report highlighted consumers’ preference for larger screen sizes, particularly 43-inch screens, which have started to become more widely available in the budget price range. Dolby technology has also become a highly sought-after feature and is now available in lower-priced televisions.
On the operating system side, Google TV grew multiple times and was available in 4% of the smart TVs shipped during the year, according to the report.
Smart TV shipments in the Rs 20,000-Rs 30,000 price range increased by 40% YoY in 2022, accounting for 29% of the market. The average selling price (ASP) declined 8% YoY to around Rs 30,650.
The report also revealed that non-smart TV shipments declined by 24% YoY in 2022, while online channels increased their share of total shipments to 33%.
The report also noted that MediaTek chips held roughly three-fifths of the total TV market during the year.
Overall, the Indian smart TV market is expected to continue to grow in the coming years, with domestic brands playing an increasingly important role. With the rapid expansion of the market, it will be interesting to see how competition in the industry evolves and how brands continue to innovate to meet the changing demands of consumers.
