Indian Smart TV Sales Drop 16% in 2023, but Premium Market Poised for Boom in 2024

The Indian TV industry has faced a 16% drop in smart TV sales in 2023. Despite this, a recent study by Counterpoint Research forecasts a surge in demand for premium TVs, leading the market in 2024. This shift comes as smart TVs are predicted to see a price increase due to the rising costs of display panels.

Market Dynamics

Xiaomi leads the Indian smart TV market with an 11.4% share, closely followed by Samsung, LG, OnePlus, and TCL. Notably, smart TVs now make up 93% of all TV sales in India, achieving their highest market penetration to date, according to Counterpoint Research.

Akash Jatvala, a research analyst, highlighted the growing consumer interest in larger screen sizes, 4K resolution, and advanced display technologies. Additionally, QLED TVs are becoming increasingly popular, with sales doubling in this segment as companies like TCL and Kodak offer 43-inch models for under Rs 30,000.

The shift towards OTT platforms for entertainment, driven by the desire to watch events like the IPL and UEFA Champions League in 4K, further fuels the demand for smart TVs capable of streaming high-quality content. With the impending price hike due to the cost of display panels, consumers are leaning more towards premium smart TVs to maximize value, expecting prices to increase by more than 10% in the coming months.

This trend indicates a significant shift in consumer preferences towards high-quality viewing experiences, driven by technological advancements and the evolving landscape of entertainment consumption in India.

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