smart TV Now one of the most integral parts of modern homes. India’s overall TV market grew by 33 percent over the previous year to an all-time high of 89 percent Counterpoint IoT service report. according to the report, Xiaomi Leading the market with 14.3% market share, followed by samsung with 13.1%. Meanwhile, the premium TV segment which includes devices priced above Rs 30,000 saw a growth of 68.6% over the previous year. Further, the premium TV segment grew by 33.6% in Q1 2022 as compared to 23.5% in Q1 2021, resulting in a year-on-year (YoY) growth of 10.8 percent in Average Selling Price (ASP).
What is driving the growth of Smart TV in India
The report claims that the primary reason for this smart TVDominance in the Indian market, as e-commerce platforms grow Flipkart, Amazon and others which contributed 31% of the total TV shipments. TV sales on online channels increased by 30%. The report claims that the key drivers of online growth include new launches, discounts and promotions from leading brands at affordable prices.
Meanwhile, the report also states that TV sets that cost between Rs 10,000 and Rs 20,000 have captured over 40% share in the total TV market.
How Top Brands Performed
As per the report, Xiaomi has been leading the market in Q1 2022 with a 14% share. Chinese TV makers’ Mi 4A series and Redmi series of smart TVs have been the best-selling products for the company. The report claimed that Samsung took the second spot in the market and the South Korean tech giant’s “Big TV Festival” helped the brand boost sales.
Both are followed by LG, OnePlus and Sony with 8, 7 and 5% market share respectively. The report states that OnePlus’ Y1S Edge range of TVs performed quite well in the market.
Apart from these, other brands such as – Realme, TCL, BPL, Vu and Haier also saw a steady increase in market share. TCL’s shipments grew by 58% as compared to last year and Realme became the most preferred Smart TV brand in the Rs 20,000 price range.
Read also: Xiaomi India Offering 3 months YouTube Premium for free, but there’s a catch. For more information, click here.