Online sales of smart TVs see growth of 25%; Xiaomi, Samsung, LG in the lead

The television market in India is experiencing a surge, with a whopping 4.5 million TVs shipped in the first half of 2023, marking an 8% year-over-year increase, according to the International Data Corporation (IDC) Quarterly Smart Home Devices Tracker.

This growth can be attributed to several factors, including frequent sales by online retailers, a flurry of new TV launches, and the clearing of older inventory, all aimed at preparing for the upcoming festive season.

One striking trend in the market is the dominance of online sales channels, which have seen a meteoric rise, now commanding a 39% market share, reflecting a substantial 25% year-over-year growth. Special online sales festivals have played a pivotal role in driving this shift.

While 32-inch and 43-inch screens remain popular choices, larger screens, particularly 55-inch TVs, are gaining favor among buyers. This shift has resulted in a 35% year-over-year growth in the USD$400+ price segment.

The decline of streaming sticks is another noteworthy development. The once-popular trend of retrofitting non-smart TVs with streaming sticks is losing its appeal, with shipments of these devices plummeting by a staggering 85% in the first half of 2023. Consumers are increasingly opting for affordable smart TVs instead.

Affordability is a key driver of the market, with the average selling price of smart TVs dropping by 3% year-over-year to reach US$380 in the first half of 2023. Brands are actively focusing on budget-friendly models, leading to a surge in the share of sub-US$200 TVs, which has risen from 26% to an impressive 39%.

TVs with built-in features and pre-loaded apps are also gaining traction. Among these, TVs equipped with 8GB internal storage are the most popular, boasting a remarkable 33% year-over-year growth in the first half of 2023. Additionally, visual aesthetics like narrow bezels and features such as HDR, improved sound output, and Dolby certification are in high demand.

Looking back at 2022, a total of 9.8 million TVs were shipped to India, witnessing a healthy 7% year-over-year growth. The normalization of panel prices, which led to reduced end consumer prices, was a significant contributor to this growth. Notably, the sub-US$200 price segment emerged as the most popular, constituting 45% of 32-inch screen size models, with an overall average selling price of US$383.

As for the future, IDC expects the TV market to remain flat or achieve single-digit growth in 2023, largely driven by the upcoming festive season. A plethora of offers and discounts across various channels is expected to ensure a vibrant second half of the year for the television market.

In terms of market leaders, Xiaomi maintains its position at the helm of the TV market in the first half of 2023, with a commanding 14% share. Samsung follows closely with a 13% market share, and LG stands strong with 12%. TCL holds an 8% share, while OnePlus rounds off the top five with a 7% share.

Each of these companies has carved a unique niche in the market, with Xiaomi focusing on budget-friendly options, Samsung excelling in high-end QLED TVs, LG gaining momentum with Nano cell and OLED TVs, TCL making strides with new offerings, and OnePlus proving its mettle with its budget series.

In summary, India's television market is riding a wave of innovation, affordability, and online sales. As technology continues to evolve, the market is set for exciting times ahead.

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