India's smart TV shipments grows 74% in 2Q22

India's smart TV shipments continue to grow rapidly, attracting more and more new competitors to launch new products. The upcoming 5G rollout is expected to encourage more demand for smart TV.

According to Counterpoint Research, India's smart TV shipments grew 74% year-on-year in the second quarter of 2022, with smart TV penetration increasing to the highest-ever 90%. Counterpoint forecasts that India's smart TV shipment will increase by an annual 21% in 2022.

Xiaomi was the top vendor, followed closely by Samsung Electronics in second place. OnePlus's smart TV shipments grew by 123% in the first half of 2022, surpassing LG Electronics and taking the third spot in the second quarter. TCL doubled its shipments in India, squeezing Sony out of the top five.

According to Counterpoint, the shipment growth can be attributed to consumers' preference for smart TVs over traditional ones, the launch of smaller size products with lower price tags, increasing promotions by retailers and brands, and new product launches catering to different customers. The shipment share of smart TVs priced below INR30,000 (US$380) is increasing from 60.2% in the second quarter of the previous year to 68.7% in the latest quarter.

The top five vendors in India's smart TV market have a combined market share of 45%, indicating a low market concentration rate. New competitors are rushing into the market to grab a slice of the rapidly-growly market. TCL has achieved its goal, set in June, of surpassing Sony by the end of 2022, while Realme aims to sell one million smart TVs in 2022 and will invest in the SMT and display panels plant, according to The Economic Times.

Reliance Industries announced a plan to launch the 5G service in October, starting from several metropolitans, and to launch a 5G hotspot device, Jio Air Fiber, at the annual general meeting on August 29.

According to Newsdrum, Karan Taurani, senior vice president of Elara Capita, believes Jio AirFiber will help improve Internet speed in Indian households, further stimulating the growth of smart TVs and OTT services, adding that India's smart TV shipments will grow 25-30% annually in the next three years.

Telecom Regulatory Authority of India's data shows that the number of fixed-line subscribers in India grew from 19.08 million in January 2020 to 28.71 million in June 2022, well below the 772 million wireless subscribers for the same period. According to Taurani, the Jio AirFiber 5G hotspots would help Reliance bypass the differences with local cable operators and multi-system operators over last-mile revenue-sharing and boost in-home internet speed, benefitting smart TVs.

Source: Counterpoint Research, compiled by DIGITIMES Asia, August 2022