The most recent research indicates that Xiaomi was the leader in 2022, with an 11% (10.5%, to be exact) market share in the Indian smart TV market. The South Korean juggernaut Samsung came in second to Xiaomi in 2022, capturing a 10.2% market share in India. However, Samsung most likely made more money than Xiaomi because it sells more expensive TVs than Xiaomi does.
The world’s fastest-growing smart TV market is actually in India, where the country’s market is quite large and growing quickly. Every TV manufacturer is vying for a fair chunk of the market.
According to a report by Counterpoint Research, the smart TV market in India increased by a significant 28% in 2022. The Q3 of 2022 festive season sale, new launches, discount events, and promotions were the main drivers of this growth in the Indian smart TV market.
The demand for large TVs at affordable prices also aided in accelerating the growth and Xiaomi is known to capitalise on the affordable market demand.
Samsung unveiled new models like the 32-inch and 43-inch T4000 series. Additionally, new QLED TV models priced over INR 50,000 (roughly $620) were introduced. During occasions like Big TV Days and Big TV Festival, Samsung offered a variety of discounts on its televisions. Even free smartphones with a few models were available, along with EMIs at attractive rates.
In India, Samsung’s market share for smart TVs is down 5.2% from 2021. Xiaomi and Samsung were able to secure nearly identical market shares in the final quarter of 2022, at 8.7% and 8.5%, respectively. In terms of market share for smart TVs in India, LG came in third behind Samsung and Xiaomi, followed by OnePlus in fourth and TCL in fifth. In the high-end TV market, Sony was the most popular brand.
A further intriguing fact from the report is that in 2022, about 99% of TVs were made locally. However, according to a report by Counterpoint Research, some premium TV sets were imported by the brands. Additionally, LED TVs took 96% of the market share, and MediaTek chips accounted for 35% of the total TV market share in 2022.
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