OnePlus and Realme, despite continuing to operate in the Indian smartphone market, have decided to leave the television category, according to industry sources.
Realme and OnePlus to stop selling and production of TVs in India: Reasons behind this
Even though compatriot Xiaomi continues to be the market leader and has remained strong, both businesses who had seemed to be headed in the direction of developing a sizable smart TV business have abruptly exited the space.
Is sales the main reason behind the shutdown of this operation?
In the first half of 2023, 4.5 million TVs were supplied to India, an 8% YoY increase, according to the International Data Corporation (IDC) Quarterly Smart Home Devices Tracker.
The companies had made investments in creating a sales channel and brand for TVs, a market that has grown in recent years as a result of the internet boom and extremely low data rates. A further factor driving demand for smart TVs is the expansion of streaming services like Netflix, Amazon Prime, and Disney Hotstar.
According to IDC, the growth in the first half of the year was powered by frequent sales by e-tailers, several new launches/refresh model portfolios by vendors, and the clearing of old channel inventories before the start of the holiday season. Because of online sales events, the share of the online channel increased by 25% in H1 2023 YoY to reach 39%.
In addition to long-standing competitors like LG, Samsung, Sony, and Panasonic, the Indian TV industry also features newcomers like Xiaomi and TCL from China, as well as Indian brands like Vu and Thomson (under brand licensing).
It’s noteworthy that the time that OnePlus and Realme left the TV market also saw an increase in TV sales driven by the on-going holiday season and the cricket World Cup.
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