Based on the most current analysis from Counterpoint’s IoT Service, the smart TV Indian market increased 74% YoY in Q2 2022. Smaller smart TVs costing roughly INR 20,000 ($250) have been introduced, and businesses and retailers are offering greater discounts as consumer preference for smart TVs grows.
Brands launched a large number of new products to appeal to various consumers and strengthen their offline presence.
Oneplus ranks 3rd in the List
According to Senior Research Analyst Anshika Jain, when looking at the entire industry, the top five brands accounted for 45% of smart TV sales, with Xiaomi coming in the first place, followed by Samsung with 13% and 12% of the market, respectively.
With a 123% YoY rise in H1 2022, OnePlus moved up to the third place for the first time, thanks to the sustained success of its budget-friendly Y1 series, improved features, and effective marketing initiatives. To give customers devices at reasonable prices, several new brands are also joining the market.
The penetration of smart TVs in the nation reached 90% in Q2 2022, which is the greatest level ever recorded. Due to the impending holiday season and ongoing demand growth, it is anticipated that this number will increase further with a 21% YoY shipping growth in 2022.
Word from Akash Jatwala
Regarding the pricing range, Jatwala stated that brands preferred to launch more goods in this price range to meet customer demand, which resulted in a growth in the contribution of the budget- and mid-segment smart TVs in the INR 30,000 ($380) category from 60.2% in Q2 2021 to 68.7% in Q2 2022. New models in this price range have been introduced with enhanced features like 4K resolution, Dolby Audio compatibility, and a larger screen size of 43″.
Furthermore, he added that consumers are changing their preferences for other goods as a result of the increase in inflation. In light of this, the majority of the new product introductions in Q2 2022 fell under the 32″ screen size and INR 20,000 ($250) price range. Shipments of devices with 32″ screens increased 94% year over year and accounted for 47% of all shipments during the quarter.
Regarding the pricing range, Jatwala stated that brands preferred to launch more goods in this price range to meet customer demand, which resulted in a growth in the contribution of the budget- and mid-segment smart TVs in the INR 30,000 ($380) category from 60.2% in Q2 2021 to 68.7% in Q2 2022. New models in this price range have been introduced with enhanced features like 4K resolution, Dolby Audio compatibility, and a larger screen size of 43″.
Indian Market and Smart TV
India now has the highest rate of smart TV adoption ever thanks to the growth of online sales channels, a shift in consumer preferences toward better screen resolution and sound systems, growth in OTT use, and the popularity of online gaming.
With a 13% market share in Q2 2022, Xiaomi maintained its dominance in the smart TV market. Xiaomi introduced an OLED TV and the Mi TV 5A series throughout the quarter. The main volume generators for Xiaomi were the Mi 4A series, Mi 5A series, and Redmi Smart TV series.
With a 12% market share for smart TVs in Q2 2022, Samsung placed second. Even during the quarter, Samsung unveiled its more modern Crystal series and QLED TVs. The T4000 and T5000 series vehicles dominated the market.
With an 8% share of the shipments of smart TVs in Q2 2022, OnePlus took third place. The Y1 series served as the brand’s volume driver and received positive consumer feedback. OnePlus broadened the range of its product portfolio throughout the quarter by launching the Y1S Pro series. Additionally, OnePlus hosted the OnePlus Community sale, offering various financing plans and discounts.
LG held a 7.5% market share for smart TVs in Q2 2022. Throughout the quarter, LG unveiled a couple of 32″ mid-segment devices in addition to upgraded versions of its OLED portfolio. In Q2 2022, TCL smart TV shipments increased by more than double year over year.
The S5200 range of devices represented the majority of its volume. During the quarter, TCL unveiled several innovative smart TVs, including Mini-LED TVs. During the quarter, TCL ran a TV Upgrade sale where it gave customers discounts on numerous models.
Online channels contributed 31% of all purchases during the period. Major online retailers like Flipkart, Amazon, and Croma grew their market share during the quarter by running multiple campaigns that included discounts and no-cost EMIs.
