SmartTVs Conquer 89% Of Indian TV Market; Xiaomi Beats Samsung To Become #1 SmartTV Brand In India
The Smart TV segment in India seems to have prospered in the first quarter of 2022, according to the data shared by Counterpoint Research.
Growth In Smart TV Segment
The Smart TV segment grew by 33% YoY, during the quarter.
Hence, it reached a market share of 89% overall which is just phenomenal.
This indicates that the rise of the over-the-top (OTT) industry and platforms in India is inevitable.
It’s just a matter of time when it will happen.
Many new OTT platforms have emerged in the Indian market in the past five years.
Smart TVs Playing Big Role For OTTs
Notably, for OTT to prosper, Smart TVs have to play a big role as they allow users to consume OTT content directly from several platforms.
So, OTT firms would definitely want more people to buy new Smart TVs.
Besides this, the fiber is also reaching every part of the country.
Although, this shouldn’t stop users from consuming OTT content via mobile networks, however much expensive that may be.
Xiaomi, Samsung and LG Emerged As Market Leaders
Xiaomi was the market leader with a 14.3% share during the quarter ending March 2022 as per the Counterpoint data.
The second position is occupied by Samsung with 13% market share and LG has occupied the third place with 8% share.
OTT companies will definitely find this data attractive and be encouraged to invest more in the country.
Also, this data coupled with the PLI (Production Liked Incentives) that the government is offering should motivate manufacturers to build their Smart TVs as well as components in India itself.
Growth In Online Sales
Considering the digitization in the country, Smart TV sales via online sales channels also grew significantly.
This growth contributed to 31% of the total sales with Flipkart dominating.
Still, 69% of the market still purchased their Smart TVs from offline retail channels.
That makes sense too as users would first want to experience the Smart TV they are planning to purchase.
In simple words, TVs are all about experiences which can only be taken by going to the store.
The other factor is the size of the screen as the users nowadays are more interested in going for Smart TVs with larger screens, the Counterpoint report q noted.