Counterpoint recently released the 2022 Q3 Indian market smart TV shipments report. Global brands led the Indian smart TV market with a 40% share, followed by Chinese brands with a 38% share. Indian brands show the fastest year-over-year growth, with a 22% share of shipments. Smart TVs in the Indian market are starting to offer better features such as Dolby Atmos, higher refresh rates and stronger sound output at prices below INR 30,000 (approximately Rs. 2,541, $400). During the quarter, smart TVs contributed to the highest-ever 93 percent of overall TV shipments. The online channel contributed 35% of overall shipments during the quarter.
According to new research from Counterpoint IoT Services, smart TV shipments in India grew 38 percent year-over-year in the third quarter of 2022. The growth is mainly due to holiday availability to meet strong pent-up demand, multiple new product launches, discount campaigns and promotions.
The share of smaller TVs is increasing, with 32-inch-42-inch displays accounting for about half of the total shipments in the quarter. While LED displays are still the preferred choice, advanced technology displays such as OLED and QLED are gaining support. More models are being introduced with QLED displays. Dolby sound and better speakers are other features that more and more brands are offering.
Regarding market trends, research analysts say, “Dolby Atmos is becoming popular. Most new TV models support Dolby Atmos. 32 inches remains the most popular screen size because it caters to a wide range of consumers and is affordable, while 43 inches is becoming increasingly popular in the mid-range market. On the software side, newer models are increasingly coming with Google TV, primarily in the greater than INR 25,000 (about Rs. 2,118, $300) segment. the main benefit of Google TV is its user interface and content recommendations for content from various streaming apps, as well as YouTube, which is not available on Android TV.”
Regarding Smart TV shipments by brand origin, the analyst said, “Global brands lead the market with a 40 percent share, followed by Chinese brands with a 38 percent share. The share of Indian brands doubled in Q3 2022 to 22% of overall shipments. Many new Indian brands are entering this highly competitive market.”
Looking at brand growth, the senior research analyst said, “OnePlus, Vu and TCL are the fastest growing brands in the smart TV segment in Q3 2022. Xiaomi leads the overall smart TV market with 11% share, followed by Samsung. LG again holds the third position due to the launch of new models, especially in the INR 20,000 (~RMB. 1,694) – INR 30,000 (RMB 2,541) ($250-400) price range. Other emerging brands in the top 10 include realme, Sony and Haier.”
This quarter, smart TV penetration in overall shipments reached an all-time high of 93 percent. Penetration is expected to rise further as more products are launched in the price range below INR 20,000 (about RMB 1,694, $250). The online channel’s contribution to total shipments increased to 35 percent during the quarter. During the recent holiday sales, major online platforms offered various promotions and discounts, along with exclusive products.
The following is a market analysis.
Xiaomi continued to lead the smart TV market with an 11% share in Q3 2022. During the quarter, Xiaomi launched the Mi TV X series with a 4K display featuring Dolby Atmos and Dolby Vision. These models also have PatchWall, which has more than 300 live channels and other features. Xiaomi’s Mi 4A Horizon Edition, 5A series and Redmi Smart TV series are its main sales drivers.
Samsung held a 10 percent share of the smart TV market in the third quarter of 2022, placing it in second place. During the quarter, Samsung launched new models in 32-inch and 43-inch screen sizes. the T4000 and T5000 series models were the main drivers of sales. Samsung offers a model that turns TVs into PCs, offering content recommendation guides, web browsers, and streaming free TV channels through Samsung TV Plus.
LG’s smart TV market share was 9 percent in the third quarter of 2022. During the quarter, LG launched QNED TVs, while its OLED TVs were a hit in the premium segment. LG offers profile options where viewers can create their own profiles for personalized content, game optimizers and cloud-based games in its lower-end models.
The Y1, Y1S and Y1S Pro series contributed the majority of sales during the quarter. Yiga has some better features such as Dolby Audio support, 4K display and Oxygen Play, as well as a recommendation system and other features for a personalized viewing experience.
VU share more than doubled in the third quarter of 2022. This quarter, VU launched the GloLED series with a 4K display, Google TV support and a built-in subwoofer with 104W sound output. The series is one of the brand’s best-selling products.
