Smart TV Market Dropped By 5% In 2023, Smartphones Winning The Race
Just imagine, you’re a very busy person and you’ve 2 choices – a Smart TV for ₹40,000 or an excellent Smartphone at the same ₹40k budget. What would you prefer?
In the first half of 2023, the Smart TV market in India actually went down by 5%. It’s mainly because the country has been facing rising prices for Smart TVs, and shift to smartphones, which made people think twice before spending their money on TVs.
Even though the overall market went down, the demand for bigger Smart TVs, like those 55 inches or larger, actually went up by 18% compared to the previous year.
People seem to be loving those big screens, especially the ones around 43 inches and 55 inches for their living rooms.
You know those online streaming platforms like Netflix and Amazon Prime? They’re a big deal, and they’re making Smart TVs more popular.
Almost 40% of Smart TVs were sold online, showing that more and more people are buying them through the internet.
When it comes to the technology inside these TVs, Dolby Audio is the go-to choice for better sound, and QLED TVs are getting more attention, especially in the mid-price range of 30,000 to 50,000 Indian Rupees.
In terms of brands, Xiaomi is still leading the way with a 10% share of the market. Samsung and OnePlus are also doing well and coming in second and third place. But, interestingly, newer players like Acer and Sansui are catching up and giving tough competition to the previous brands.
Looking ahead, things might get better. The festive season and events like the Cricket World Cup could boost the Smart TV market.
By 2024, experts think the market could grow by about 10% year-on-year, and more people might be interested in buying premium TVs.
The decline in India’s Smart TV market, and it’s quite interesting. People are still into big screens; demand for larger sizes has gone up by 18% despite the overall drop.
This might be because we want a better experience in our living rooms, especially in the 43″ and 55″ categories.
The online streaming and the rise of OTT platforms are changing the game. More and more people are watching stuff on their smartphones while on the go or during work breaks.
So, they might prefer investing in a good smartphone rather than a Smart TV. Plus, with the inflation, people are tightening their belts and focusing on other shopping lists.
However, it isn’t so straight, though. The upcoming festive season and events like the Cricket World Cup are expected to give the market a boost. By 2024, things are predicted to pick up, especially for premium TVs.
Mostly, if our main thing is watching shows on our holidays or special occasions, a Smart TV is still a good choice. But for our everyday quick streaming, a smartphone seems to be winning the race.