Smart TV shipments drop 16% as premium TVs drive growth in India: Report

India's smart TV shipments declined 16 per cent (year-on-year) in 2023 but QLED smart TV shipments increased by 110 per cent YoY, a new report showed on Thursday.

The decline was attributed to a slow start in the first half of the year due to macroeconomic challenges and excess inventory, along with an increase in panel prices and reduced demand for smaller screen-size smart TVs due to which, certain long-tail brands exited the market in 2023, according to Counterpoint Research.

"The shipments of larger screen smart TVs (55-inch and above) increased by 29 per cent YoY in 2023 as consumers are starting to prefer premium models with better features for their living rooms," said research analyst Akash Jatwala.

Display technology, screen size and 4K resolution are among the primary specifications that consumers looked for while making a new purchase.

Smart TVs are gaining popularity due to streaming of sports events, TV series, and movies, which creates stickiness among consumers.

"Smart TVs are now equipped with enhanced display technologies and upgraded features like Google Assistant, and bezel-less display, along with Dolby Atmos and Dolby Vision which had a 21 per cent penetration in overall smart TV shipments in 2023," said senior research analyst Anshika Jain.

QLED TVs are gaining popularity as leading brands such as TCL, Hisense, Acer, Kodak, Thomson, and other long-tail brands have started offering them in 43-inch screen size variants and at lower prices (sub-Rs 30,000), due to which its shipments more than doubled in 2023.