Recent data from the International Data Corporation Quarterly Smart Home Devices Tracker reveals that 4.5 million televisions were delivered to India in H1 2023, showcasing an 8% year-over-year (YoY) growth in smart TV shipment in the country.
The increase in shipment can be attributed to frequent sales by e-tailers, a wave of new product releases and updated model portfolios by suppliers, and the clearing of old channel inventories ahead of the holiday season, when demand for consumer electronics generally increases. The internet channel also contributed to this growth, with its share increasing by 25% YoY to 39%, driven by online sales festivals.
The 32-inch and 43-inch screens remained the most popular options, accounting for 71% of the market share. Models with larger screen sizes, such as 55-inch models, also increased their share from 9% to 12% from the previous year. This move resulted in a 35% YoY increase in the $400+ price group.
“Due to decreasing prices, consumers are opting to buy an affordable smart TV instead of retrofitting [a] non-smart TV with a streaming stick, which is losing popularity — its shipments declining by 85% in 1H23,” explained Upasana Joshi, research manager, client devices, IDC India.
In the first half of 2023, the average selling price of smart TVs was $380, a 3% decrease YoY. Brands are focused on low-priced models in the budget category, with regular price decreases, resulting in an increase of 39% from 26% in the proportion of sub-$200 TVs in H1 2023.
With a wide range of features and pre-loaded apps, the built-in storage of the TV is becoming increasingly important. 8GB of internal storage is the most popular, increasing by 33% YoY in H1 2023.
“Apart from core features, visual aesthetics like narrow bezel or bezel-less TVs in the affordable price segments and features like HDR, better DCI-P3 coverage, Dolby certification, improved sound output etc. are in demand,” said Debasish Jana, market analyst, smart home devices, IDC India.
India imported 9.8 million units of smart TV in 2022, a 7% increase YoY. A significant factor in this growth was the stabilization of panel pricing, which resulted in lower end-consumer prices. The sub-$200 price group remained the most popular, accounting for about 45% of 32-inch screen-size models and an overall ASP of $383 in 2022. IDC predicts that the Indian smart TV market will stay constant or increase by a single digit in the second half of 2023, mainly because of the upcoming festive season and a lot of deals and discounts across channels.
