India’s Smart TV Shipments Reportedly Declined in 2023: Premium TVs Could Drive Sales in 2024

In a recent shift in the Indian TV market, sales of smart TVs have seen a 16% decrease in 2023. This trend, highlighted in a report from Counterpoint Research, contrasts with the anticipated growth in premium TV sales expected to dominate in 2024.

The surge in display panel costs is poised to push up the prices of smart TVs, affecting consumer choices significantly.

Market Dynamics and Preferences

As per Counterpoint Research, Xiaomi continues to lead the smart TV segment in India, boasting a market share of 11.4%. Following closely are major brands like Samsung, LG, OnePlus, and TCL. A notable trend is the smart TV's dominance in the Indian market, accounting for 93% of total TV sales and achieving the highest market penetration to date.

Research Analyst Akash Jatvala of Counterpoint points out the shift in consumer preferences towards larger TV screens, with a keen interest in 4K resolution and advanced display technologies.

Additionally, QLED TVs have seen a rise in popularity, with brands such as TCL, Hisense, Thomson, Kodak, and others making significant strides in this area. The availability of 43-inch QLED TVs for under Rs 30,000 has notably propelled the growth of this segment.

Transitioning Entertainment Preferences

The entertainment landscape in India is undergoing a transformation, with a move away from traditional cable TV towards Over-The-Top (OTT) services.

High-profile sporting events like the IPL and UCL are now streamed in 4K resolution on OTT platforms, a significant upgrade from the 720p offered by cable services. This shift is influencing consumers to opt for smart TVs capable of streaming high-resolution content directly.

With the impending increase in smart TV prices due to rising panel costs, the market is likely to see a preference for premium models. Prices are expected to escalate by over 10% in the coming months, pushing consumers to seek better value in high-end TVs.

This trend underscores the evolving consumer priorities and market dynamics in India's TV industry, setting the stage for an interesting year ahead in the smart TV segment.

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