India’s TV shipments grew 10% to cross three million sets in the January-March quarter as compared to a year ago, according to the latest numbers from tracker Counterpoint Research. The researcher attributed this to the increasing consumption of OTT content and growth in average time spent apart from other factors such as using the TV for home office set-up and family video-calling due to the pandemic pushing consumers to buy a smart TV.
“The pent-up demand from 2020 continued into the first quarter of 2021.The smart TV market in India had a record first quarter this year with a 55% YoY growth,” said Counterpoint Research. It said as most of the TV manufacturers are focusing more on increasing smart TVs in their product portfolios, such TVs are also diffusing into lower price points of as low as $160.
The researcher said brands like Xiaomi, Samsung, LG and Sony captured the lion’s share in India’s smart TV market during the quarter. OnePlus witnessed an impressive 66% quarter-on-quarter growth and made it to the top five smart TV brands.
Counterpoint said India with around 200 million households has a large installed base of CRT and non-smart TVs which can be upgraded and boost demand.
Counterpoint said the non-smart TV category continued to decline in the Indian market and recorded a 46% year-on-year fall in shipments in Q1. Samsung and LG are still popular in this category but have a very little share of such TVs in their product portfolios.
The online TV market has witnessed a significant surge with offline shopping restricted due to the lockdowns and people hesitant to go out for shopping keeping in mind the social distancing norms. “Over 38% of the TVs sold during Q1 2021 were bought online,” said the researcher.
The open-cell or panel price in the global market is continuously rising along with other component prices, such as that of PCBs. Therefore, OEMs are trying to build some inventory as long as global component prices are lower than the future projections. The researcher said almost 98% of the TVs sold during the quarter were assembled in India.