Xiaomi continues to lead the smart TV segment with a 17 per cent market share.
Smart TVs recorded a 55 per cent annual growth in the Q1 of 2021 in India, said a new report by Counterpoint Research, with brands like Xiaomi, Samsung, LG, and Sony grabbing the biggest share.
Most of the TV OEMs focused on increasing their product portfolios with smart TVs which brought down the entry-level price point to $160, it added.
As per the report, India’s TV shipments grew 10 per cent on-year to reach 3 million units in Q1 2021, driven by increased OTT content consumption and consequently due to a growth in average time spent.
On the phenomenal growth trend, Counterpoint said that India, with around 200 million households, has a large installed base of CRT and non-smart TVs which can be upgraded and, in turn, inflate the smart TV demand even further.
Xiaomi continues to lead the smart TV segment with a 17 per cent market share. Its growth was driven by the MITV 4A, 4A Horizon edition, and 4A Pro models in this quarter.
Samsung which topped the overall TV market benefitted from entry-level and mid-range TVs in Q1 2020 that helped revive its market share.
While LG witnessed a 47 per cent on-year growth and witnessed strong growth in the sub-Rs 30,000 and Rs 50,000 and above segments, Sony secured the third spot in the overall market and performed well in the premium segment, thanks to the W6 series.
New players like OnePlus and Realme also had a strong quarterly performance. OnePlus grew 66 per cent on-quarter in Q1 2021 and made it to the list of top five smart TV brands in the country followed by Realme.
“During the COVID-19 lockdowns, the need for home entertainment became more evident, thus inflating the pent-up demand for TVs. Some new use cases also cropped up during these lockdowns, such as home office set-up and family video-calling, which pushed some consumers to buy a new smart TV. The pent-up demand from 2020 continued into the first quarter of 2021,” Counterpoint added.
In contrast, the non-smart TV category declined in the Indian market and recorded a 46 per cent yearly fall in shipments in Q1 2021. Most of the long-tail OEMs are pushing non-smart TVs in India at lower price points like sub-$150.
“The open-cell or panel price in the global market is continuously rising along with other component prices, such as that of PCBs. Therefore, OEMs are trying to build some inventory as long as global component prices are lower than the future projections,” it said.
