Shipments of smart TVs in India declined 14 per cent in the March quarter on account of muted consumer demand and excess inventory and is likely to witness a decline of 10 per cent this calendar year, according to a Counterpoint Research report on Thursday.
Moreover, Samsung reclaimed the top slot after overtaking Xiaomi as shipments of smart TVs from Chinese brands declined 30 per cent during the quarter. The 30 per cent decline in the shipment of Chinese brands was “due to brands such as OnePlus, Haier, and Realme”, according to the report.
In the first quarter, Samsung gained 40 per cent in the number of shipments, having 16 per cent in the overall Indian smart TV shipment. It is followed by LG, another South Korean maker, which reported a 43 per cent growth with a 15 per cent share in overall smart TV shipment in India, the report said.
Chinese brands MI and TCL reported 2 and 4 per cent decline in the shipments, respectively, with a share of 12 per cent and 7 per cent, it said.
Sony also reported 19 per cent growth in the number of shipments in the January-March period, having a share of 7 per cent in the overall Indian smart TV shipments.
Commenting on the trends, research analyst Akash Jatwala said the preference for leading and well-known brands is increasing, and long-tail players are gradually exiting the market.
“Samsung became the leading player for the first time. It was followed by LG and Xiaomi,” he said, adding, “India’s smart TV market is slowly moving towards consolidation, with the share of the top five players increasing to 57 per cent in the first quarter of 2024 from 41 per cent in the first quarter of 2023.” The preference for leading and well-known brands is increasing, and long-tail players are gradually exiting the market.
“Among the mid-tier players, Hisense, Panasonic, Westel, Toshiba and Motorola recorded positive year-on-year growth, as these players are offering QLED TVs, along with 4K resolution and better color vibrance, to provide an improved visual experience in the lower price range” Jatwala added.
According to the report, the overall decline in India TV shipment is “attributed to muted demand from consumers, an increase in the cost of inputs like raw materials, which led to a reduction in offers and promotions, excess inventory build-up at major OEMs, and reduced demand for smaller-screen smart TVs,” it said.
“Overall, the input cost of smart TVs has increased due to high panel prices and increased demand for bigger displays. In 2024, the market is likely to remain muted and witness a decline of 10 per cent YoY thanks to consumer demand remaining stagnant, with the preference for small-screen TVs declining further,” the report added.
