Smart TVs are now one of the most integral parts of modern households. India’s overall TV market has grew 33 percent over the last year to reach its highest ever at 89 percent, according to a CounterPoint IoT service report. As per the report, Xiaomi led the market with 14.3% market share, followed by Samsung with 13.1%. Meanwhile, the premium TV segment that includes devices with prices over Rs 30,000 saw an increase of 68.6% over last year. Moreover, the premium TV segment grew 33.6% in Q1 2022 compared to 23.5% in Q1 2021, which has resulted in a 10.8 per cent year-on-year (YoY) increase in average selling price (ASP).
What’s fueling the growth of smart TVs in India
The report claims that the primary reason for smart TV’s dominance in the Indian market is the growth in e-commerce platforms like Flipkart, Amazon and others which contributed to 31% of total TV shipments. TV sales on online channels increased by 30%. The major growth drivers online include new launches from leading brands at affordable prices, along with discounts and promotions, claims the report.
Meanwhile, the report also says that the TV sets that are priced within the range of Rs 10,000 and Rs 20,000 have captured over 40% share in the overall TV market.
How the top brands performed
According to the report, Xiaomi has been the leader with a 14% share in the market in Q1 2022. The Chinese TV makers’ Mi 4A series and Redmi series of smart TVs have been the best selling products for the company. Samsung took second place in the market and the South Korean tech giant’s “Big TV Festival” helped the brand to push sales, claims the report.
Following the duo are LG, OnePlus and Sony with 8, 7, and 5% market share respectively. The report adds that the OnePlus’ Y1S Edge range of TVs performed quite well in the market.
Apart from these, other brands like — Realme, TCL, BPL, Vu and Haier too saw steady rise in market share. TCL’s shipments increased by 58% over last year and Realme became the most preferred smart TV brand in the Rs 20,000 price range.
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