Xiaomi dominated India’s smart TV market in Q2 2022 with a 13% share, followed by Samsung with a 12% share. But the most impressive performer of the quarter was OnePlus, which took the third spot for the very first time with an 8% share. The brand grew 187% YoY with the popularity of its Y1 Series.
Over all, India’s smart TV market grew 74% YoY in Q2 2022, as per the latest research from Counterpoint’s IoT Service. The launch of smaller size smart TVs in the sub-Rs 20,000 range is among the reasons for the good show in the market. The top five brands contributed to 45% of the smart TV market.
The country’s smart TV penetration stood at 90% in Q2 2022, which is the highest ever to date and is expected to rise further with 21% YoY shipment growth in 2022 due to the coming festive season and continuously rising demand.
Demand for Budget TVs growing
Counterpoint said most of the new launches in Q2 2022 were in the 32” screen size and <Rs 20,000 price segment. Shipments of the 32” screen size grew 94% YoY to reach 47% of the total shipments during the quarter.
The contribution of the budget- and mid-segment smart TVs in the <Rs 30,000 segment has grown from 60.2% in Q2 2021 to 68.7% in Q2 2022 as brands preferred to launch more products in this price range to cater to the consumer demand. In this price segment, new models were launched with improved features, such as 4K resolution, Dolby Audio support, and a bigger screen size of 43”, the report said.
Xiaomi, which had a 13% market share, launched the Mi TV 5A series and an OLED TV. Xiaomi’s Mi 4A series, 5A series and Redmi Smart TV series were its major volume drivers. Samsung, at 12% market share, launched the newer Crystal series and QLED TVs. The T4000 and T5000 series models were its top attractions.
For OnePlus, the Y1 series was its main performer. During the quarter, OnePlus expanded its product line-up by launching the Y1S Pro series.
LG had a 7.5% share and launched newer versions of its OLED line-up and some 32” mid-segment devices. TCL smart TV shipments more than doubled YoY in Q2 2022. The S5200 series devices accounted for most of its volume. During the quarter, TCL launched various new smart TVs, including Mini-LED TVs. Online channels contributed 31% of the total shipments during the quarter, Counterpoint said.
