The demand for smart TVs has skyrocketed due to the rapid growth of OTT platforms, thanks to the people stuck in their homes due to the pandemic. According to Counterpoint Research’s TV Tracker Service, India’s smart TV market registered an astonishing 65% year-on-year growth in the second quarter of 2021, and a 46% year-on-year growth in TV shipments across India in the same quarter. Hui. The report also reveals that the smart TV market continues to gain share from the non-smart TV market, which accounted for 80% of the total TV market during the quarter.
With the dominance of Xiaomi, Samsung, LG and Sony in the smart TV market, OnePlus remained in the top five with 20% QoQ growth.
Samsung and LG’s non-smart TVs still hold some market share, but the report states that they account for little in the product portfolio of these brands.
I have some component purchase issues
In general, the Indian television market is growing at a rapid pace and is expected to reach pre-pandemic levels by early 2022.
Debashish Jana, Research Associate, Counterpoint, said: With a large CRT and non-smart TV installation base, the smart TV segment in the country has great growth potential. OEMs offer high-end Smart TVs at very competitive prices, attracting consumers to Smart TVs. “
He added: “Indian TV brands are taking advantage of the growth of online channels. They are partnering with e-commerce websites and using them as launch platforms to gain national reach. This symbiotic relationship between India and e-commerce websites also benefits the end users in terms of both accessibility and affordability. “
However, rising prices of panels (or open cell) and other TV components in the global market, coupled with shortages of chips, have continued to put pressure on OEMs.
An uphill battle between top brands
Among individual brands, the aggressive Xiaomi continues to lead the smart TV segment with 23% market share. The Mi TV 4A, 4A Horizon Edition and 4A Pro were the best selling models, but the newly launched Redmi TV also helped the brand win the volume.
For Samsung, the entry-level T4000 series was a major volume driver in the quarter and helped lead the overall TV market. Separately, the 2021 edition of the Crystal series is on the market. Samsung’s QLED TV business grew 400% year-on-year in the quarter.
According to the Counterpoint report, LG continued to gain market share with 65% year-on-year growth. The brand has announced a new campaign, Together We Can Make Life Better, which offers exclusive deals and secure gifts.
Sony is primarily targeting the premium segment, but the affordable series is also doing well. In the premium segment, the X-Series was in demand in Q2 2021. Sony has sold TVs for the IPL season with discounts and extended warranties.
“OnePlus and Realme have established themselves as strong players in the market and are in an uphill battle, especially in the affordable and mid-priced segments,” the report said.
India’s Smart TV Market Logs 65% Growth in Q2 – Xiaomi Lead Pack
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