According to a Counterpoint Research research, the July to September quarter saw a 38 percent year-over-year increase in shipments for India's smart TV industry, mostly due to holiday season supply, several new launches, sale events, and promotions.
The survey claims that international companies have a 40 percent market share in India's smart TV market, followed by Chinese brands with a 38 percent market share. While Indian brands doubled their share to 22 percent of the overall shipments of smart TVs, they had the fastest increase.
With 32-inch to 42-inch displays accounting for over half of the total shipments during the quarter, the percentage of smaller-sized TVs is rising. OLED and QLED displays, which use modern technology, are gaining traction even if LED displays are still the most popular option, according to the survey.
More models are being introduced right now with QLED displays. Dolby Audio and better speakers are additional features that brands are increasingly offering, it was added.
The research noted that "Smart TV penetration of overall shipments attained its highest-ever share of 93 percent during the quarter" and predicted future growth owing to more releases in the sub-Rs 20,000 price category.
Due to the numerous promotions and discounts that all major e-commerce platforms provided during the recent holiday season sales, combined with unique releases, the contribution of online channels to total shipments climbed to 35% during the quarter.
With an 11 percent market share in the third quarter of 2022, Xiaomi (which includes Redmi's share) maintained its lead over Samsung (with a 10 percent share) and LG (with a 9 percent share).
OnePlus had 89 percent YoY growth during the quarter, capturing an 8.5 percent market share for shipments of smart TVs.
The report also stated that the domestic brand VU share more than doubled in the third quarter of 2022.
Numerous fresh Indian brands are reportedly making their way into the fiercely competitive smart TV market.
The three brands with the quickest rate of growth in the smart TV market in Q3 2022 were OnePlus, Vu, and TCL, according to Counterpoint Senior Research Analyst Anshika Jain.
Due to the release of new models, notably in the Rs. 20,000–Rs. 30,000 price bracket, LG has once more claimed the third position. Realme and Haier were two additional up-and-coming brands in the top 10, she continued.
