Recent data from Counterpoint Research shows that smart TV shipments in India dropped by 14% compared to last year’s January to March quarter. This decline is attributed to several factors including low consumer demand, excess stockpiling by major brands, and less interest in smaller-screen TVs. Counterpoint predicts a further 10% decrease in shipments for the whole year due to a lack of interest in smaller TVs.
However, there’s a silver lining as shipments of QLED smart TVs soared by 182% during the same period. The demand for larger screen sizes, particularly 55 inches and above, also grew by 23%. Anshika Jain, a senior research analyst, believes this shift is because consumers prefer bigger screens and higher-quality models for their living rooms.
In a surprising turn, Samsung overtook Xiaomi in the March quarter to become the top player in the smart TV segment, followed by LG and Xiaomi. On the other hand, shipments of Chinese brands like OnePlus, Haier, and Realme fell by 30% year-on-year.
Future Prospects
Jain highlighted the rising popularity of QLED TVs, especially among mid-tier brands offering affordable options even in smaller sizes and lower price brackets. Additionally, the demand for 4K resolution TVs increased by 10% year-on-year in Q1 2024, driven by the availability of 4K content on OTT platforms like IPL telecasts.
The decline in shipments is attributed to various factors including subdued consumer demand, excess inventory, and rising input costs. Analyst Akash Jatwala noted a trend towards market consolidation, with the top five players capturing 57% of the market share in Q1 2024, up from 41% in Q1 2023. He also mentioned positive growth among mid-tier players like Hisense, Panasonic, and Motorola, thanks to their offerings in QLED and 4K TVs at competitive prices.
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