Report: Premium TVs drive growth in India while Smart TV shipments decrease by 16%

India’s smart TV shipments saw a 16% decline in 2023, but QLED smart TV shipments spiked by 110% year-on-year, according to a report by Counterpoint Research. The decrease was due to various factors such as macroeconomic challenges and excess inventory, resulting in certain brands exiting the market.

Research analyst Akash Jatwala mentioned that the demand for larger screen smart TVs (55-inch and above) increased by 29% as consumers opt for premium models with enhanced features. Consumers prioritize display technology, screen size, and 4K resolution when making a purchase decision.

Smart TVs are becoming more popular due to the streaming of sports events, TV series, and movies, creating a loyal customer base. They now come with advanced features like Google Assistant, bezel-less display, Dolby Atmos, and Dolby Vision, with a 21% penetration in total smart TV shipments in 2023, as stated by senior research analyst Anshika Jain.

QLED TVs are gaining traction with leading brands offering them in 43-inch variants at lower prices (sub-Rs 30,000), leading to a significant increase in shipments in 2023. Brands such as TCL, Hisense, Acer, Kodak, and Thomson are contributing to the popularity of QLED TVs in the market.

The trend towards larger screen sizes, advanced features, and enhanced display technologies signifies a shift in consumer preferences in the smart TV market. With an increase in demand for premium models and innovative features, the smart TV industry is evolving to cater to the evolving needs of consumers.