Thanks to people being confined to their homes due to the pandemic, the demand for smart TVs has skyrocketed as OTT platforms mushroom. The smart TV market in the country recorded an extraordinary 65% year-over-year growth in the second quarter of 2021, and India’s total TV shipments grew 46% year-over-year in the same quarter, according to the TV Tracker Service of India. Counterpoint Research. The report also noted that the smart TV market continued to gain market share over the non-smart TV market, taking 80% share of the total TV market during the quarter.
Xiaomi, Samsung, LG and Sony dominated the smart TV market, while OnePlus maintained its position in the top five with 20% quarter-on-quarter growth.
Non-smart TVs from Samsung and LG still have some traction in the market but have very little share of these brands’ product portfolios, the report said.
Some component sourcing issues exist
Overall, the Indian TV market is growing at a faster pace and is expected to reach pre-pandemic levels in early 2022.
Counterpoint research associate Debasish Jana said, “India has always been a very lucrative market for TVs. With a large number of CRT and non-smart TVs, the country has great potential for the growth of the smart TV segment. OEMs are offering high-spec smart TVs at very competitive prices, driving consumers to the smart TV even more.”
He added: “TV brands in India are benefiting from the growth of online channels. They partner with e-commerce websites and use them as a launching pad to reach nationwide. This symbiotic relationship between the brands and e-commerce websites also benefits the end consumer, both in terms of accessibility and affordability.”
However, rising prices of panels (or open cells) and other TV components, along with chip shortages, in the global market are keeping OEMs under pressure.
Tough battle between top brands
Among the individual brands, the aggressive Xiaomi continued to lead the smart TV segment with a market share of 23%. The MI TV 4A, 4A Horizon edition and 4A Pro were the best-selling models, while the newly launched Redmi TVs also helped the brand grab volumes.
For Samsung, the entry-level T4000 series was the key volume driver in the quarter and helped lead the overall TV market. Apart from that, the 2021 version of the Crystal series has made its mark in the market. Samsung’s QLED TV business grew 400% year-over-year in the quarter.
According to the Counterpoint report, LG continued to increase its market share with a 65% year-over-year growth. The brand has announced a new campaign, “Together We Can Make Life Better,” which offers exclusive deals and insured gifts.
Sony mainly focuses on the premium segment, although the affordable series is also doing well. In the premium category, the X series was in high demand in the second quarter of 2021. Sony held a sale for its TVs targeting the IPL season with discounts and extended warranty.
“OnePlus and Realme have established themselves in the market as strong players and are fighting an uphill battle, especially in the affordable and mid-range price segments,” the report added.