68.7% share of the smart TV market is occupied by the sub-INR 30,000 price band.
As per reports, India’s smart TV market has grown in Q2 2022. This majority portion of this growth is due to the introduction of sub-INR 20,000 ($250) range smart TVs. The total contribution of smart TVs accounted for 90% in the total TV market.
Customers now prefer OTT facilities and online gaming apart from better screen resolution. This has resulted in a total of 74% YoY increase.
Xiaomi continues to lead with a 13% market share, while Samsung and OnePlus have a 12% and 8% share respectively in the market in Q2 2022. TCL smart TV shipments have doubled in the quarter even though LG takes the fourth place with a 7.5% share.
Sales from major online retailer platforms contribute to 31% of the total.
Senior Research Analyst Anshika Jain said, “OnePlus took the third spot for the very first time with 123% YoY growth in H1 2022 driven by the continued popularity of its affordable Y1 series, better features and strong marketing efforts. Many new brands are also entering the market to provide affordable devices to customers. The country’s smart TV penetration stood at 90% in Q2 2022, which is the highest ever to date and is expected to rise further with 21% YoY shipment growth in 2022 due to the coming festive season and continuously rising demand.”
Research Analyst Akash Jatwala said, “With the rise in inflation, consumers are shifting their preferences to other things. Against this backdrop, most of the new launches in Q2 2022 were in the 32” screen size and <INR 20,000 ($250) price segment. Shipments of the 32” screen size grew 94% YoY to reach 47% of the total shipments during the quarter.”