India’s Smart TV market experienced a double-digit growth of 28 percent in 2022 due to the festive season in the third quarter and the launch of multiple new TVs, discount events, and promotions. The demand for bigger screen-size TVs in the lower price tier also contributed to the growth. Xiaomi led the smart TV market in India with an 11 percent share, followed by Samsung, LG, OnePlus and TCL.
According to Counterpoint Research, over 99 percent of the TVs were assembled locally, while only some high-end TV sets were imported by the brands. Moreover, 96 percent of the market was driven by LED TVs, and MediaTek chips had around a three-fifths share of the total TV market during the year. The Smart TV contribution to overall shipments reached its highest-ever of 90 percent in 2022, and it is expected to go up further due to more launches in the sub-Rs. 20,000 price range and non-smart-TV-to-smart-TV migration.
The average selling price of Smart TVs declined 8 percent YoY to around Rs. 30,650, while Smart TV shipments in the Rs. 20,000-Rs 30,000 price band grew 40 percent YoY to reach a 29 percent share. The online channels increased their contribution to the total shipments to 33 percent during the year.
In conclusion, India witnessed a significant growth in Smart TV market in 2022 due to the festive season and multiple new launches, discount events, and promotions. The demand for bigger screen-size TVs in the lower price tier along with the high smart TV contribution to overall shipments is expected to drive the market further in the coming years.