India Smart Television Market Grew by 8% YoY in 1H23 With 4.5 Mn Unit Shipments
According
to International Data Corporation (IDC) Quarterly Smart Home Devices Tracker, 4.5
million televisions were shipped to India in 1H23 , an increase of 8%
year-over-year (YoY). The frequent sales by e-tailers, multiple new
launches/refresh model portfolio 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% in 1H23 YoY reaching
39% driven by online sales festivals.
While the popular screen sizes of 32-inch and 43-inch remain
mainstream with 71% collective share, the larger screens are gaining
popularity. Share of the 55-inch went up to 12% from 9% a year ago in 1H23
resulting in 35% YoY growth in the USD$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% in 1H23,”
says Upasana Joshi, Research Manager, Client
Devices, IDC India.
The average selling price (ASP) of smart TVs stood at US$380 in
1H23, a 3% YoY decline. Brands are focusing on low priced models in the budget
segment with regular price drops, resulting in share increase of sub-US$200
from 26% to 39% in 1H23.
With an array of features and pre-loaded apps, inbuilt storage in
the TV is becoming important. 8GB internal storage is most popular, growing by
33% YoY 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.” says Debasish Jana, Market Analyst, Smart Home Devices, IDC India.
In 2022,
9.8 million units were shipped to India with a 7% YoY growth. The normalization
of panel prices resulting in reducing end consumer prices was the key reason
for growth. The low-end price segment (sub-US$200) is most popular, with almost
45% share of 32” screen size models and an overall ASP of US$383 in 2022. IDC
expects 2023 to remain flat or register single digit growth led by the upcoming
festive season. A plethora of offers/discounts across channels will ensure a
healthy second half.
Leave A Comment