 "India's smart TV mkt clocks 65% growth in Q2 at 2.2mn units: Counterpoint")
India's smart TV market in India recorded 65 per cent year-on-year growth in the June 2021 quarter to 2.2 million units as post-pandemic economic improvement, aided by active retail channels fulfilling the pent-up demand, drove growth, according to Counterpoint Research.
The overall TV shipments grew 46 per cent y-o-y in the June 2021 quarter to 2.7 million units.
The smart TV market continued to grab a share from the non-smart TV market, taking an 80 per cent share of the overall TV market during the quarter, the report said.
"Due to the increasing smart TV demand, OEMs (Original Equipment Manufacturers) are rapidly increasing smart TVs in their portfolios. Xiaomi, Samsung, LG, and Sony held the lion's share in the smart TV market in Q2 2021, while OnePlus retained its position in the top five with a 20 per cent quarter-on-quarter growth," it added.
Non-smart TVs from Samsung and LG still have some traction in the market but have very little share in these brands' product portfolios as some long-tail brands have rushed in to benefit from the void in this segment, Counterpoint noted.
India has always been a very lucrative market for TVs. With a large installed base of CRT and non-smart TVs, the country holds great potential for the growth of the smart TV segment, Counterpoint Research Associate Debasish Jana said.
Also Read
He added that during the COVID-19 lockdowns, people were forced to remain at home for longer periods, resulting in a spurt in the demand for home entertainment that in turn, made the smart TV more popular in the country.
"Besides, OEMs are offering smart TVs with high specifications at very competitive prices, attracting consumers even more towards the smart TV, he said.
Counterpoint said the sales channels - both offline and online - are playing a very important role in the market.
The online channel continues to grow at a fast pace after the pandemic forced consumers to shop online while also permanently changing the shopping habits of some.
TV brands in India are leveraging the growth of online channels. They are partnering with e-commerce websites and using them as a launch platform to attain countrywide reach. This symbiotic relationship between the brands and e-commerce websites is also benefiting the end consumer, both in terms of accessibility and affordability, Jana said.
The rise in prices of panels (or open cells) and other TV components, along with chip shortages, in the global market, is keeping OEMs under pressure and Counterpoint expects some price increase by a few top TV brands in the country.
However, the Indian TV market is growing at a faster pace and is expected to reach the pre-pandemic level by early 2022, it added.
Xiaomi led the smart TV segment with 23 per cent market share, followed by Samsung (17 per cent), LG (11 per cent), Sony (9 per cent) and OnePlus (7 per cent).
OnePlus and realme have established themselves in the market as strong players and are giving a tough fight, particularly in the affordable and mid-range price segments, Counterpoint said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)