The smart TV market continued to grab a share from the non-smart TV market, taking an 80 per cent share of the overall TV market during the quarter, it added
India’s smart TV market witnessed a 65 per cent year-on-year (YoY) growth in the second quarter of 2021 which has led to OEMs rapidly increasing smart TVs in their portfolios, as per a report by research firm Counterpoint.
As per Counterpoint Research’s TV Tracker Service, Xiaomi, Samsung, LG and Sony held the lion’s share in the smart TV market in Q2 2021 while OnePlus retained its position in the top five with a 20 per cent quarter-on-quarter growth.
Xiaomi continued to lead the smart TV segment with a 23 per cent market share. On the other hand, LG continued to increase its share in the market with a 65 per cent YoY growth.
The smart TV market continued to grab a share from the non-smart TV market, taking an 80 per cent share of the overall TV market during the quarter, it added.
Research Associate Debasish Jana said, “India has always been a very lucrative market for TVs. With a large installed base of CRT and non-smart TVs, the country holds great potential for the growth of the smart TV segment.”
Counterpoint added that sales channels, both offline and online, are playing a very important role in the market.
The online channel continues to grow at a fast pace after the pandemic forced consumers to shop online while also permanently changing the shopping habit of some.
Commenting on the retail channels, Jana said, “TV brands in India are leveraging the growth of online channels. They are partnering with e-commerce websites and using them as a launch platform to attain countrywide reach. This symbiotic relationship between the brands and e-commerce websites is also benefiting the end consumer, both in terms of accessibility and affordability.”
The rise in prices of panels (or open cells) and other TV components, along with chip shortages, in the global market is keeping OEMs under pressure and we expect some price increase by a few top TV brands in the country.
However, the Indian TV market is growing at a faster pace and is expected to reach pre-pandemic level by early 2022, added the report.