IBEF: September 20, 2021
As per a report published by Counterpoint Research, in the second quarter of 2021, smart TV shipments from India increased by 65% YoY, due to rising expansion activities adopted by original equipment manufacturers (OEMs) for their smart TV portfolios.
In the second quarter of 2021, India’s smart TV market was majorly dominated by key players such as Xiaomi, Samsung, LG, and Sony. OnePlus continued to remain in the top fifth position and registered an increase of 20% quarter-over-quarter.
The growth of the market was primarily driven by Samsung’s T4000 series that contributed to the company’s growth to remain among the top five players in the market. Samsung’s QLED TV business registered an increase of 400% YoY.
Xiaomi held a market share of 28% to the total smart TV segment in India. The best-selling models in the market were Mi TV 4A, 4A Pro and 4A Horizon edition. In addition, Redmi TVs, which were the new product launched also gathered significant volume sales.
LG secured the third position in the market and registered a growth of 65% YoY.
In the review quarter, smart TV market accounted for 80% of the market share to the total TV market in India.
Research Associate, Mr. Debasish Jana, stated, “In the pandemic, people remained inside their home due to COVID-19 induced lockdowns and restrictions. This resulted in increased demand for home entertainment, leading to rising demand for smart TVs for more enhanced entertainment experience. Also, OEMs are providing smart TVs with more specifications at a competitive prices, interesting more consumers.”
As per the report, in the second quarter of 2021, the total TV shipments increased by 46% YoY, driven by post pandemic recovery in the sales and rising demand from consumers.
For sales, both online and offline channels played significant contribution to the growth of the market, while consumers preferred online channel more due to pandemic induced restrictions.
Mr. Jana added, “TV brands are collaborating with e-commerce websites and leveraging them for product launches to reach maximum number of customers. This collaboration of key brands with e-commerce websites is benefitting customers in terms of affordability and accessibility.”
As per the report, TV market in India is registering significant growth and is projected to reach pre-pandemic level by early 2022.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.