India’s smart television market grew by 8 per cent y-o-y in 1H23 with 4.5 million unit shipments, according to International Data Corporation (IDC).
The frequent sales by e-tailers, multiple new launches/refresh model portfolios by vendors, and clearing of old channel inventory, before the festive season starts, fueled the growth in the first half of the year. Share of the online channel grew by 25 per cent in 1H23 y-o-y reaching 39 per cent driven by online sales festivals.
While the popular screen sizes of 32-inch and 43-inch remain mainstream with 71 per cent collective share, the larger screens are gaining popularity. Share of the 55-inch went up to 12 per cent from 9 per cent a year ago in 1H23 resulting in 35 per cent y-o-y growth in the over $400 price segment.
“Due to decreasing prices, consumers are opting to buy an affordable smart TV instead of retrofitting non-smart TV with a streaming stick, which is losing popularity, its shipments declining by 85 per cent in 1H23,” said Upasana Joshi, Research Manager, Client Devices, IDC India.
The average selling price (ASP) of smart TVs stood at $380 in 1H23, a 3 per cent y-o-y decline. Brands are focusing on low-priced models in the budget segment with regular price drops, resulting in share increase of sub $200 from 26 to 39 per cent in 1H23.
With an array of features and pre-loaded apps, inbuilt storage in the TV is becoming important. 8GB internal storage is the most popular, growing by 33 per cent y-o-y in 1H23. “Apart from core features, visual aesthetics like narrow bezel or bezel-less TVs in the affordable price segments and features like HDR, better DCI-P3 coverage, Dolby certification, improved sound output, etc. are in demand,” said Debasish Jana, Market Analyst, Smart Home Devices, IDC India.
In 2022, 9.8 million units were shipped to India with a 7 per cent y-o-y growth. The normalisation of panel prices resulting in reducing end consumer prices was the key reason for growth. IDC expects 2023 to remain flat or register single-digit growth led by the upcoming festival season. A plethora of offers/discounts across channels will ensure a healthy second half.
Published on September 25, 2023
