Smart TVs record 55% YoY growth in India in 2021: Report

The post-pandemic economic recovery, faster upgrades in the entry tier and pent-up demand aided by festive sales contributed to growth of TV market in India. The country registered a 24% YoY in TV shipments, and a 55% YoY growth in 2021 in smart TV space says Counterpoint Research.

 

“The smart TV market is showing tremendous growth, which is attributed to increase in demand for home entertainment amid lockdown, newer launches at affordable prices, growth of new entrants, discount schemes, and premium features at attractive prices. Newer brands are offering advanced display technologies like OLED and QLED at attractive prices, which is also helping in enhancing the viewer experience. Besides, features such as Dolby Atmos and Vision, better sound system, higher refresh rate and larger screen size are gaining ground among buyers,” says Akash Jatwala, Research Analyst, Counterpoint Research

 

Xiaomi was the market leader in the smart TV segment in 2021 with an 18% market share. The MI TV 4A, MI TV 4X, MI TV 4A Horizon edition and Redmi Smart TV X series were its best-selling models. However, Samsung led the overall TV shipments in 2021 with an 18% share. 

It had a 16% share in the smart TV segment. The entry-level T4000 series was Samsung’s main volume driver in 2021 and helped it lead the overall TV market. The new launches from the Crystal series also performed well during the year. Samsung’s QLED TV segment grew about 2x during the year. LG had a healthy share of 11% in 2021 driven by its entry-level models. During the year, LG launched the premium NanoCell TVs which saw great traction. Interesingly, Sony was the most sought brand in the less than Rs 40,000 price range, although the affordable W series was its main volume driver. In the ultra-premium category of over Rs 70,000, the X series was one of the top-selling series in 2021. 

According to Counterpoint Research, OnePlus saw a record 354% shipment growth during the year and ranked fifth in smart TV shipments. And realme’s shipments grew 72% YoY in 2021. In the “Others” category, there were many brands that performed well in 2021, such as Nokia, TCL, Panasonic, BPL, Kodak and Blaupunkt, which were able to make a mark through portfolio expansion.

 

“The share of TVs which are above 40” reached 42% in 2021, compared to 31% a year ago, which implies Indian consumers are moving towards bigger-size TVs, especially for watching OTT content and communicating with their dear ones virtually. With brands offering bigger-size TVs at affordable prices, this share is expected to grow much more in the coming period,” adds Jatwala on the display size.

India’s smart TV market is mostly offline-driven, with 69% of the shipments coming from offline channels.

Also Read: Eveready Batteries' Chairman, MD resign post open offer from Burman group

Also Read: India accuses Huawei of tax evasion: Report