‘Made in India’ TV shipments grew 33% QoQ in Q3 2022 (July-September) to reach over 5 million units, according to the latest research from Counterpoint’s Made in India service. In the electronic wearables category, the TWS segment led in terms of local manufacturing with almost 34% of its shipments being manufactured in India.
Counterpoint
Commenting on the local manufacturing ecosystem, Senior Research Analyst Prachir Singh said, “The TV market showed high QoQ growth due to the festive season, which drove the consumer demand, increasing the local manufacturing shipments as well. The top five manufacturers contributed to more than 55% of the locally manufactured TV shipments in Q3 2022. Local manufacturing continues to stay robust for segments like smartwatches, TWS, tablets and neckbands also. The local manufacturing share in the TWS segment increased to 34% in Q3 2022 from 16% in the previous quarter. Bharat FIH, Padget, Avishkaran and Optiemus were the top four brands and cumulatively contributed to almost 90% of the locally manufactured TWS shipments. In the tablets category, Samsung, Dixon and Wingtech contributed to more than 90% of the locally manufactured shipments. However, in the smartwatch category, Optiemus dominated the local manufacturing and contributed to more than 90% of the shipments.”
Apple pushed some iPhone 14 production to India to diversify away from China. the country is following the Europeans in standardizing on USB-C, and it is the most populous nation in the world (okay, at some point this year, it will be if not quite yet). India isn’t a homogenous market, and it certainly has its share of socio-economic barriers, but there is nary a soul on this planet who doesn’t have or want a smartphone and streaming TVs. And while Europe and the Americas may be facing uncertain times, and China is under pressure internally and externally post-Covid, India is a market that has plenty of room for development.
And the “Made in India” campaign is probably going to create its own opportunities for local firms to leverage a government backed surge in manufacturing to create market opportunities abroad, as well.
