- This quarter also witnessed the fastest YoY growth of Indian brands in the industry, making up 22% share of the shipments
- Online marketplaces contributed 35% of the overall shipments, owing to festive season sales during the quarter
Going by Counterpoint’s latest research, India’s smart TV shipments grew 38% YoY in the last quarter. The festive season majorly drove the growth, with multiple new launches, discount events, and promotions. It is noteworthy that the smart TV penetration of overall TV shipments touched its highest-ever share of 93% in 3Q22. The report hopes this penetration to continue further with more launches in the sub-Rs 20,000 ($250) price range.
According to the India Smart TV Shipments Model Tracker, the share of smaller-size TVs is increasing, with 32”-42” displays making up almost half of the total shipments during the quarter. Advanced technology displays such as OLED and QLED are gaining ground amid well-established LED displays. Brands are also providing Dolby Audio, higher refresh rates, higher sound output and better speakers.
Counterpoint’s Research Analyst Akash Jatwala commented on the trend, “Dolby Audio is becoming popular. Most of the new TV models have Dolby Audio support. 32” is still the most popular screen size, as it caters to a wide array of consumers and comes with an affordable price range, whereas 43” is gaining popularity in the mid-range. On the software side, newer models are increasingly coming with Google TV, mainly in the >Rs 25,000 ($300) segment. The major benefit of Google TV is its user interface and content recommendations, as it can recommend content across various streaming apps, and YouTube, which is not available on Android TV.”
During the festive season, online channels increased their contribution to the total shipments by 35% by offering attractive promotions, sales and discounts, along with exclusive launches in the quarter.
Senior Research Analyst with Counterpoint, Anshika Jain remarked, “OnePlus, Vu and TCL were the fastest growing brands in the smart TV segment in Q3 2022. Xiaomi led the overall smart TV market with an 11% share, followed by Samsung. LG once again secured the third spot due to the introduction of new models, especially in the Rs 20,000 to 30,000 ($250 – $400) price range. Other emerging brands in the top 10 included realme, Sony and Haier.”
Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry.