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Smart TV Shipments Decline in India by 16% in 2023: expected price hike in Q3 2024

In 2023, the sales of smart TVs in the Indian TV market declined by sixteen percent. In 2024, premium TV sales are predicted to witness growth and take the lead in the market, as per the most recent report by Counterpoint Research. Because of the rising price of display panels, smart TVs should likewise become more expensive.

Smart TV Shipments Decline in India by 16% in 2023

With a 11.4% market share, Xiaomi is the industry leader in India for smart TVs, closely followed by Samsung, LG, OnePlus, and TCL. Interestingly, according to Counterpoint Research, smart TV sales in India now account for 93% of all TV sales, marking their largest market penetration to date.

Smart TV Shipments Decline in India by 16% in 2023
Smart TV Shipments Decline in India by 16% in 2023

The increasing demand from consumers for bigger screens, 4K resolution, and cutting-edge display technology was brought to light by research analyst Akash Jatvala. Furthermore, QLED TVs are growing in popularity; sales in this market have doubled as a result of brands like Kodak and TCL offering 43-inch models for less than Rs 30,000.

Smart TV Shipments Decline in India by 16% in 2023
Credit: Counterpoint (Smart TV Shipments Decline in India by 16% in 2023)

With consumer confidence in e-commerce platforms increasing, it is anticipated that the trend toward online shopping would pick up steam. The market for smart TVs is expected to grow even more as a result of this trend, which is likely to encourage customers to buy expensive models from online retailers.

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The research also emphasizes how the adoption of smart TVs is growing, peaking at 93% of all TV shipments in the year. In the upcoming years, it is expected that the adoption of smart TVs would continue on its rising trajectory.

Screenshot 2024 03 30 at 7.41.24 PM Smart TV Shipments Decline in India by 16% in 2023: expected price hike in Q3 2024
Smart TV Shipments Decline in India by 16% in 2023

The ability to stream movies, TV shows, and sports events on smart TVs is making them more and more popular among consumers. According to Anshika Jain, Senior Research Analyst at Counterpoint, “Smart TVs now come with improved features and enhanced display technologies like Google Assistant, ALLM, MEMC, and bezel-less display.”

The rising demand for QLED TVs is one significant trend seen in the market. Prominent brands including Hisense, Acer, Thomson, TCL, and Kodak have begun to sell QLED TVs with 43-inch screen sizes at cheap costs (below Rs 30,000). Shipments of QLED TVs have increased significantly as a result of this calculated approach, more than doubling in 2023.

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