According to IDC, Xiaomi remains the dominant force in the Indian TV market with a 14% share in 1H23, followed closely by Samsung with 13%. LG is in third place with 12%, while TCL and OnePlus hold the fourth and fifth spots with 8% and 7% respectively.
Television shipments to India in 1H23 reached 4.5 million units, marking an 8% increase from the previous year. This growth was due in part to frequent sales by online retailers, the introduction of new TV models by manufacturers, and the clearance of old channel inventory in preparation for the holiday season. The online channel saw its share grow by 25%, accounting for 39% of total TV sales.
Despite the dominance of 32-inch and 43-inch TVs, which collectively accounted for 71% of the market, there’s a noticeable shift towards larger screen sizes; 55-inch TVs saw their market share grow from 9% to 12% in 1H23. This trend has resulted in 35% YoY growth in the $400+ price segment. Dropping prices are prompting Indian consumers to purchase affordable smart TVs, relegating streaming sticks to lesser popularity, as evidenced by an 85% drop in their shipments in 1H23.
The average selling price of smart TVs decreased to $380 in 1H23, a 3% decline from the previous year. With manufacturers emphasizing budget-friendly models and frequent price cuts, TVs priced under $200 increased their market share from 26% to 39% in the same period. Modern TVs are also focusing on features like increased internal storage, with 8GB storage models witnessing a 33% annual growth. Other features such as narrow bezels, HDR, Dolby certification, and enhanced sound output are becoming increasingly sought after by consumers.