India’s smart TV shipments fall 14%, demand for large screen TVs continues to rise
| Photo Credit: Special Arrangement
India’s smart TV shipments declined 14% yoy (year-on-year) in Q1 2024, due to muted demand, increased input costs, which led to a reduction in offers and promotions, excess inventory build-up, and reduced demand for smaller-screen smart TVs, noted Counterpoint.
India’s smart TV market is moving towards consolidation, with the share of the top five players increasing to 57% in Q1 2024 from 41% in Q1 2023, the report said.
Among the mid-tier players, Hisense, Panasonic, Westel, Toshiba and Motorola recorded positive yoy growth for offering 4K, QLED TVs at lower price.
Brand wise, Samsung (16%) leads the segment, followed by LG (15%) and Xiaomi (12%). TCL with 7% came fourth while Sony with similar percentage stood fifth.
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The shipments of Chinese brands declined by 30% yoy.
The shipments of larger-screen smart TVs (55-inch and above) increased by 23% yoy in Q1 2024 as consumers are preferring large-screen and premium models with better features. This was the only segment that showed positive growth during the quarter.
QLED smart TV shipments increased 182% yoy in Q1 2024. The 4K shipments increased 10% yoy during Q1 2024.
OEMs are offering guaranteed software updates for newer models, as most of the smart TVs from mid-tier to long-tier brands don’t receive software updates, and OS becomes slow and offers a laggy experience due to lower memory available on the device.
They are also offering complimentary subscriptions for leading OTT platforms to differentiate themselves.
Overall, the input cost of smart TVs increased due to high panel prices and increased demand for bigger displays.
In 2024, the market is likely to remain muted and witness a decline of 10% yoy due to stagnant consumer demand and preference for small-screen TVs declining further.
The demand for premium products and large-screen TVs will continue to increase. However, with an increase in ASP (average selling price), the overall revenue is likely to remain flat.
