3Q22: 33% Growth In ‘Made in India’ TV Shipments

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  • This quarter witnessed true wireless stereo (TWS) leading the electronic wearables segment in local manufacturing
  • While Samsung topped as a tablet manufacturer, Optiemus led the Made in India smartwatch shipments

As per recent research by Counterpoint, ‘Made in India’ TV shipments saw a 33% QoQ growth in the July-September (Q3) quarter of 2022. Counterpoint’s Made in India service noted that shipments crossed the mark of 5 million units. In terms of local manufacturing, the TWS segment led in the electronic wearables category, with almost 37% of its shipments being manufactured in India.

Priya Joseph, a research analyst working with Counterpoint, commented, “Under the Made in India theme, local manufacturing aims to even go beyond smartphones to cover segments like audio products, wearables and EVs. More and more efforts are being made to make the country a significant player in the global value chain. These efforts now also include semiconductor manufacturing. Many states like Gujarat have even come out with their own semiconductor policies and are bringing about associated reforms and policy changes (like labour and land reforms in Karnataka) to harness India’s potential in this space.”

The report pointed out that the policy push for ‘Make in India’ and enhancing design capabilities in India will impact the local value addition in the wearables segment. We may see many companies increasing their capacities, with the new entrants also opting for local manufacturing, predicted the report.

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The research underlined the performance of different brands in various segments. It said that Radiant followed Dixon in the Made in India TV shipments. Moreover, Bharat FIH topped the Made in India True Wireless Stereo (TWS) shipments, followed by Padget. It must be noted that Dixon Technologies’ share does not include Padget Electronics. Also, Avishkaran Enterprises manufactures for Mivi.

Talking about the local manufacturing ecosystem, Counterpoint’s senior research analyst Prachir Singh remarked, “The TV market showed high QoQ growth due to the festive season, which drove the consumer demand, increasing the local manufacturing shipments as well. The top five manufacturers contributed to more than 55% of the locally manufactured TV shipments in Q3 2022. Local manufacturing continues to stay robust for segments like smartwatches, TWS, tablets and neckbands also. The local manufacturing share in the TWS segment increased to 37% in Q3 2022 from 16% in the previous quarter. Bharat FIH, Padget, Avishkaran and Optiemus were the top four brands and cumulatively contributed to almost 90% of the locally manufactured TWS shipments. In the tablets category, Samsung, Dixon and Wingtech contributed to more than 90% of the locally manufactured shipments. However, in the smartwatch category, Optiemus dominated the local manufacturing and contributed to more than 90% of the shipments.”

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry.


 

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