Xiaomi Leads Smart TV Market in India for Q3 2022: Counterpoint
India’s smart TV market recorded a 38 percent year-on-year growth in shipments during the July-September quarter, mainly driven by festive season supplies, multiple new launches, discount events, and promotions, said a Counterpoint Research report.
According to the report, global brands led India’s smart TV segment with a 40 percent share, followed by Chinese brands with a 38 percent share. While the Indian brands showed the fastest growth, doubling their share to 22 percent of the total smart TV shipments.
“The share of smaller size TV is increasing, with 32-inch to 42-inch displays making up approximately half of the total shipments during the quarter. Although LED displays remain the preferred choice, advanced technology displays such as OLED and QLED are gaining ground,” the report said.
Now more models are being launched with QLED displays. Besides, Dolby Audio and better speakers are other features that are increasingly being provided by brands, it added.
“Smart TV penetration of overall shipments reached its highest-ever share of 93 percent during the quarter,” said the report, adding, this penetration is expected to go up further due to more launches in the sub-Rs. 20,000 price range.
During the quarter, the contribution from the online channels in the total shipments increased to 35 percent as all major e-commerce platforms offered various promotions and discounts, along with exclusive launches, during the recent festive season sales.
Xiaomi (which includes Redmi’s share) continued to lead the smart TV market in the third quarter of 2022 with an 11 percent market share, followed by Samsung with 10 percent share and LG with 9 percent.
During the quarter, OnePlus grew 89 percent YoY, cornering an 8.5 percent share in smart TV shipments.
While the homegrown brand VU share was more than doubled in the third quarter of 2022, the report added.
According to the report, many new Indian brands are entering the highly competitive smart TV market.
“OnePlus, Vu and TCL were the fastest growing brands in the smart TV segment in Q3 2022,” said Counterpoint Senior Research Analyst Anshika Jain.
Once again, LG has secured the third spot due to the introduction of new models, especially in the Rs. 20,000- Rs. 30,000 price range. Other emerging brands in the top 10 included Realme and Haier, she added.