Xiaomi Leads India’s Smart TV Market in 2022: Counterpoint Research

India’s good TV shipments recorded double-digit development of 28 % in 2022, which was led primarily by the festive season in the third quarter of a number of new launches, low cost occasions, and promotions, mentioned a Counterpoint Research report.

Moreover, demand for larger screen-size TVs in the lower cost tier additionally fueled the expansion, it mentioned.

While in the December quarter, after the competition gross sales, good TV shipments had been virtually flat at 2 % Year-on-Year (YoY) as a result of a slowdown in demand.

Smart gadget maker Xiaomi continued to steer India’s good TV market in 2022 with an 11 % share.

This was adopted by Samsung, LG, OnePlus and TCL, respectively in the fast-growing Indian good TV market.

OnePlus and TCL had been among the many fastest-growing good TV manufacturers in 2022, mentioned the Counterpoint Research report.

While Sony was among the many most well-liked manufacturers in the premium section.

In 2022, over 99 % of the TVs had been assembled regionally, whereas just some high-end TV units had been imported by the manufacturers, it mentioned.

Moreover, 96 % of the market is being pushed by LED TVs, and MediaTek chips had round a three-fifths share of the entire TV market through the 12 months.

In the December quarter, high 5 manufacturers MI, Samsung, LG, One Plus and TCL managed 42.6 % of the market share.

Senior Research Analyst Anshika Jain mentioned, “OnePlus, Vu, and TCL were among the fastest-growing brands in the smart TV segment in 2022. Xiaomi led the overall smart TV market with an 11 percent share, followed by Samsung and LG.” Smart TV shipments in Rs. 20,000-Rs 30,000 worth band grew 40 % YoY to succeed in a 29 % share. The common promoting worth (ASP) declined 8 % YoY to round Rs. 30,650, Jain added.

“Smart TV contribution to overall shipments reached its highest-ever of 90 percent during the year. It is expected to go up further due to more launches in the sub-Rs. 20,000 price range and non-smart-TV-to-smart-TV migration. Non-smart TV shipments declined 24 percent YoY in 2022. Online channels increased their contribution to the total shipments to 33 percent during the year,” he mentioned.