According to a research from the International Data Corporation (IDC), the Indian television market grew by 8% YoY in the first half of 2023 (1H23). This increase was ascribed to strong online platform sales, the launch of new TV models by manufacturers, and store inventory clearance in front of the impending holiday season.
There were 4.5 million TVs shipped to India overall in 1H23. TV sales were significantly boosted by internet sales festivals, which accounted for 39% of overall sales and a 25% YoY increase in the online channel.
While the 32-inch and 43-inch screen sizes maintained their dominance in the Indian TV industry, holding a combined 71 percent of the market, the 55-inch TV sector experienced growth, rising from 9 percent in 2022 to 12 percent in the first half of 2023. The US$400 and above price group saw a 35 percent YoY increase as a result of this expansion.
The share of low-cost TVs increased from 26% in the previous year to 39% in the first half of this year as a result of brands concentrating on affordable products and periodic price cuts. Budget TVs were those priced below $200 (about Rs 16,630). In 1H23, the average selling price (ASP) of smart TVs was US$380 (about Rs 31,598), a 3 percent year-over-year decrease.
According to Upasana Joshi, Research Manager for Client Devices at IDC India, as the cost of TVs drops, more people are opting for reasonably priced smart TVs rather than retrofitting non-smart TVs with streaming sticks, which saw an 85% drop in shipments in 1H23.
Xiaomi still holds the top spot in terms of market share with a 14 percent share, closely followed by Samsung with a 13 percent share and LG with a 12 percent share. Samsung did well in the entry-level T4000 series, while Xiaomi’s success was attributable to its persistent focus on its 5A and Redmi series TV lineups. With 8% and 7% of the market, TCL and OnePlus took the fourth and fifth spots, respectively.
In the first quarter of 2023, LG dominated the 4K segment with a 26 percent share, followed by Samsung with 25 percent, while Xiaomi held the top spot in the HD and FHD market with a 23 percent share.
The survey noted that 8GB internal storage, which saw a 33 percent YoY growth, became the most popular storage option for TVs. According to Debasish Jana, a market analyst at IDC India, consumers are increasingly looking for visual aesthetics like bezel-less or narrow bezel TVs in the lower price ranges, as well as features like HDR, better DCI-P3 coverage, Dolby certification, and improved sound output, in addition to core features.
In contrast, the Indian TV market grew by 7% YoY in 2022, with 9.8 million sales. The second half of 2023 should see “healthy” sales because to the impending holiday season, which will feature a variety of deals and discounts across channels. However, it is anticipated that 2023’s overall growth would be comparatively flat.
