Xiaomi to lead India smart TV market in 2022: Counterpoint Research
According to a report by Counterpoint Research, smart TV shipments in India are expected to grow by 28 percent in 2022, driven primarily by the festive season in Q3 and a flurry of new launches, discounts and promotions.
In addition, demand for larger screen televisions in the lower price range also drove growth, the company said.
In the December quarter, post-festival sales, smart TV sales remained almost flat at 2 percent year-on-year (YoY), due to a decline in demand.
Smart device maker Xiaomi continued to lead the Indian smart TV market in 2022 with an 11 percent share.
In the fast-growing Indian smart TV market, Samsung, LG, OnePlus and TCL followed respectively.
OnePlus and TCL were among the fastest-growing smart TV brands in 2022, according to a report by Counterpoint Research.
While Sony was among the favorite brands in the premium segment.
In 2022, more than 99 percent of TVs were locally assembled, while only a portion of high-end TVs were imported by the brands, the company said.
In addition, 96 percent of the market is LED TVs and MediaTek chips had about three-fifths share of the total TV market during the year.
In the December quarter, the top five brands MI, Samsung, LG, OnePlus and TCL held 42.6 percent of the market share.
Senior Research Analyst Anshika Jain said, “OnePlus, Vu and TCL were among the fastest growing brands in the smart TV segment in 2022. Xiaomi led the overall smart TV market with 11 percent share, followed by Samsung and LG.” Smart TV shipments in the price range of Rs. 20,000-Rs. 30,000 grew 40 percent YoY to 29 percent share. The average selling price (ASP) declined 8 percent YoY to around Rs. 30,650, Jain added.
“Smart TV’s contribution to total shipments reached an all-time high of 90 per cent during the year. This is expected to increase further on account of more launches in the sub-Rs. 20,000 price bracket and migration from non-smart TV to smart TV. Non-smart TV shipments declined 24 per cent YoY in 2022. Online channels increased their contribution to total shipments to 33 per cent during the year,” he said.
