Source: India Smart TV Shipments Model Tracker, Q4 2023
Note: Xiaomi’s share includes Redmi’s share
Smart TV contribution to overall TV shipments hit record high of 93% in 2023.
· Shipments of smart TVs in the screen size range of 55″ and above increased 29% YoY in 2023.
· QLED smart TV shipments increased by 110% YoY.
· Increasing preference for premium TVs to drive overall market’s ASP further in 2024.
New Delhi, Beijing, Boston, Buenos Aires, Hong Kong, London, San Diego, Seoul – March 28, 2024
India’s smart TV shipments declined 16% YoY in 2023, according to the latest research from Counterpoint’s IoT Service. The decline was attributed to a slow start in the first half of the year due to macroeconomic challenges and excess inventory along with an increase in panel prices and reduced demand for smaller screen-size smart TVs due to which certain long-tail brands exited the market in 2023. However, smart TV penetration reached its highest level of 93% of the overall TV shipments during the year and the share is expected to continue rising. In 2023, it was observed that consumers moved towards premium devices and large-screen smart TVs.
Commenting on the market trend, Research Analyst Akash Jatwala said, “The shipments of larger screen smart TVs (55″ and above) increased by 29% YoY in 2023 as consumers are starting to prefer premium models with better features for their living rooms. This was also evident from Counterpoint Research’s latest consumer insight, which highlighted that nearly 48% of the customers preferred TVs with larger screen size. The insight also showed that Display Technology, Screen Size and 4K Resolution were among the primary specifications that consumers looked for while making a new purchase.”
Looking at the market dynamics, Senior Research Analyst Anshika Jain said, “Smart TVs are gaining popularity due to streaming of sports events, TV series, and movies, which creates stickiness among consumers. Smart TVs are now equipped with enhanced display technologies and upgraded features like Google Assistant, ALLM, MEMC, and bezel-less display.
QLED TVs are gaining popularity as leading brands such as TCL, Hisense, Acer, Kodak, Thomson, and other long-tail brands have started offering them in 43” screen size variants and at lower prices (sub-INR 30,000), due to which its shipments more than doubled in 2023.
Panel prices are likely to increase during H1 2024 in line with global price trends, and brands are likely to increase the prices of smart TVs as a result. For 2024, we expect smart TV shipments to increase by 9%, as the demand for premium models will increase and consumers will likely upgrade to a larger screen. The push towards online purchases are set to increase as consumers’ confidence in online platforms is increasing, which will encourage them to buy premium models from these platforms. The increasing preference for premium TVs will drive the overall market’s average selling price (ASP) further.
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