India smart TV market grew 8% first half of 2023: Report

About 4.5 million televisions were shipped to India in the first half of 2023 with an increase of 8 per cent on a yearly basis. According to a report by International Data Corporation (IDC),  frequent sales by e-tailers, multiple new launches, and clearing of old inventory before the festive season starts, fuelled the growth.

IDC expects 2023 to remain flat or register single-digit growth led by the upcoming festive season. A plethora of offers or discounts are expected to ensure a healthy second half of the year.

Share of the online channel grew by 25 per cent in 2023 year-on-year reaching 39 per cent driven by online sales festivals, the global market intelligence and advisory services provider IDC said in the report.

“Due to decreasing prices, consumers are opting to buy an affordable smart TV instead of retrofitting non-smart TV with a streaming stick, which is losing popularity, its shipments declining by 85 per cent in 1H23,” said Upasana Joshi, Research Manager, Client Devices, IDC India. 

While the popular screen sizes of 32-inch and 43-inch remain mainstream with 71 per cent collective share, the larger screens are gaining popularity. Share of the 55-inch, according to IDC, went up to 12 per cent from 9 per cent a year ago, resulting in 35 per cent YoY growth in the USD 400+ price segment.

In the first half of 2023, the average selling price of smart TVs stood at USD 380, a 3 per decline from last year. IDC said brands are focusing on low-priced models in the budget segment with regular price drops.

“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,” says Debasish Jana, Market Analyst, Smart Home Devices, IDC India.

In 2022, 9.8 million units were shipped to India with a 7 per cent yearly growth, with the normalization of panel prices resulting in reduced end-consumer prices.