TVs have become way more smarter in 2023, don't you think?
The Indian television market is buzzing with activity, according to the latest IDC report. In the first half of 2023, a whopping 4.5 million televisions found their way to Indian homes, marking an 8% growth compared to the previous year. This surge is reportedly attributed to frequent online sales, new model launches, and clearing of old inventory before the festive season.
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According to the IDC report, while the 32-inch and 43-inch TV screens remain the most sought-after in the Indian market, the 55-inch category is catching up fast and picking up speed among customers trying to upgrade. This shift towards bigger screens has led to a notable 35% growth in the premium segment, according to the industry report on Indian TV trends for 2023.
Smart TVs reign supreme, streaming sticks fade
It seems that the attraction of smart TVs is undeniable. As prices drop, more consumers are choosing smart TVs over the once-popular streaming sticks, which saw a staggering 85% dip in shipments this year. The average cost of a smart TV now stands at US$380, a slight decrease from last year. This price drop has also boosted the popularity of TVs priced under US$200.
Furthermore, with the plethora of features and apps available, TVs with 8GB internal storage are becoming the new norm. Features like narrow bezels, HDR, and improved sound output are also in high demand among consumers.
Market leaders: Xiaomi takes the crown, LG and Samsung follow
Xiaomi continues its reign in the TV market, holding a 14% share, thanks to its popular 5A and Redmi series. Samsung isn’t far behind, securing the second spot with a 13% market share, while LG, with its diverse range from budget to OLED TVs, claims the third position. TCL and OnePlus also make their mark, standing fourth and fifth respectively.
From this IDC report one thing is clear as day, that the Indian TV market is thriving, with brands constantly innovating and consumers reaping the benefits. As the festive season approaches, the market is expected to maintain its momentum, promising exciting times ahead for both manufacturers and buyers, according to the IDC report.
Source: IDC
Editor’s note: The original IDC report has prices mentioned in US Dollars, with no explicit guidance on Rupee markup, if any.