Smart TV Prices to Increase in India as Shipments Decline by 16% in 2023

New Delhi, Mar 28 – The smart TV market in India is poised for a price adjustment in the first half of the current year, as a consequence of the surge in panel prices on the global stage. This development, highlighted in a recent report by Counterpoint's IoT Service, suggests that brands will likely transfer the increased costs to consumers, leading to a rise in smart TV prices. Despite this anticipated price hike, the demand for smart TVs is expected to grow by 9% within the year, fueled by a consumer shift towards premium models and larger screens.

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The trend towards online shopping is also expected to bolster the market, as growing confidence in e-commerce platforms encourages consumers to opt for higher-end models through these channels. This shift is anticipated to elevate the average selling price (ASP) of the market further. The report contrasts this outlook with the performance in 2023, where smart TV shipments saw a 16% decline, primarily due to macroeconomic pressures and an oversupply situation in the first half of the year.

However, 2023 also marked a significant move towards premiumization within the TV market, with consumers gravitating towards high-end devices and larger display smart TVs. This trend has propelled smart TV penetration to an all-time high, accounting for 93% of overall TV shipments last year, a figure that is only expected to grow.

Moreover, QLED TVs have emerged as a popular choice among consumers. Brands like TCL, Hisense, Acer, Kodak, Thomson, and other niche players have expanded their offerings to include 43-inch variants priced below Rs 30,000. This strategic pricing has more than doubled their shipments in 2023. Anshika Jain, a Senior Research Analyst at Counterpoint, attributes the rising popularity of smart TVs to their ability to stream sports events, TV series, and movies, which significantly enhances consumer engagement and loyalty.

In summary, while the smart TV market faces an imminent price increase due to rising panel costs internationally, the demand for premium and larger screen models is expected to sustain growth. The increasing consumer confidence in online purchases and the shift towards premiumization are set to drive the market forward. With QLED TVs becoming more accessible and content streaming continuing to attract consumers, the smart TV market in India is on a trajectory of robust growth despite initial challenges.