According to a recent report from Counterpoint Research, Xiaomi has maintained its lead in India’s smart TV market with an 11% share in 2022. The report indicates that the festive season in the third quarter of 2022 witnessed multiple new launches, discount events, and promotions, leading to double-digit growth of 28% in India’s smart TV shipments. Furthermore, interest in larger screen-size televisions at lower cost levels also drove growth in the market.

The report also highlights that OnePlus and TCL were among the smart TV brands with the fastest growth rates in 2022, despite Sony being one of the preferred premium brands. Meanwhile, Samsung, LG, OnePlus, and TCL came in second and third, respectively.

Moreover, the report states that over 99% of TVs in India were assembled locally, except for a few high-end models imported by brands. 96% of the market was being driven by LED televisions, and MediaTek chips had a three-fifths share of the complete television market during the year.

The report also indicates that MI, Samsung, LG, One Plus, and TCL held 42.6% of the market share during the December quarter. Additionally, shipments of smart TVs in the price range of INR 20,000-30,000 increased by 40% YoY to reach a share of 29%, and the average selling price (ASP) decreased by 8% YoY to approximately INR 30,650.

Furthermore, the contribution of smart TVs to total shipments reached 90%, the highest level ever during the year. Due to increased launches in the sub-INR 20,000 price range, it is anticipated to rise further. Non-smart TV shipments declined by 24% YoY in 2022, and online channels expanded their contribution to total shipments to 33% during the year.