The first half of 2023 saw a surge in TV shipments to India, with 4.5 million units marking an 8% YoY increase, as per the IDC Quarterly Smart Home Devices Tracker.
What Happened? This growth is attributed to frequent e-tailer sales, a slew of new launches, and the clearing of old inventory before the festive season. The online channel’s share grew by 25%, reaching 39%, propelled by online sales festivals.
The tracker reveals that consumers are increasingly gravitating towards affordable smart TVs, with the 55-inch screen size gaining traction, capturing 12% market share, a rise from last year's 9%.
This shift is causing a decline in the popularity of streaming sticks, with shipments plummeting by 85% in 1H23. The average selling price of smart TVs has seen a 3% YoY decline, standing at $380 or ₹31,580, with brands focusing more on budget-friendly models.
The leaderboards: Xiaomi continues to dominate the market with a 14% share, followed by Samsung and LG with 13% and 12% respectively. TCL and OnePlus are also notable contenders, with their newly launched series gaining significant traction.
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The market is experiencing a demand for TVs with enhanced features and aesthetics, like narrow or bezel-less designs, HDR, and improved sound output, especially in the affordable price segments. IDC anticipates the growth trend to continue, with the upcoming festive season expected to bring a plethora of offers and discounts, ensuring a robust market performance in the second half of 2023.
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