New Delhi: Smart TV shipments in India experienced a 14% year-on-year decline in the first quarter of 2024, primarily due to subdued demand and inventory accumulation among major original equipment manufacturers (OEMs), according to a recent report.
The report by Counterpoint Research highlighted that this decline was exacerbated by rising input costs, particularly of raw materials, resulting in reduced promotional activities and increased inventory levels at leading OEMs. Additionally, there was a decrease in demand for smaller-screen smart TVs.
However, Samsung emerged as the top player for the first time, surpassing Xiaomi and LG.
“Samsung achieved the leading position for the first time, followed by LG and Xiaomi. India’s smart TV market is gradually consolidating, with the combined market share of the top five players increasing from 41% in Q1 2023 to 57% in Q1 2024,” stated Research Analyst Akash Jatwala.
The report also highlighted a significant 30% year-on-year decline in shipments of Chinese brands such as OnePlus, Haier, and realme.
Notably, the segment for smart TVs sized 55 inches and above saw a notable 23% year-on-year growth in Q1, marking the sole area of expansion in the market.
Analysts predict that the market will likely remain subdued throughout the year, with an anticipated 10% year-on-year decline, as consumer demand remains stagnant and preferences continue shifting towards premium and larger-screen TVs.
