India’s smart TV shipments dropped by 14 per cent (year-on-year) in the first quarter (Q1) of 2024 due to a slowdown in demand and an inventory build-up at major OEMs (original equipment manufacturers), a new report said on Thursday.
According to Counterpoint Research, the drop was also attributed to an increase in the cost of inputs like raw materials, which led to a reduction in offers and promotions, excess inventory build-up at major OEMs, and reduced demand for smaller-screen smart TVs.
However, Samsung became the leading player for the first time after overtaking Xiaomi.
"Samsung became the leading player for the first time. It was followed by LG and Xiaomi. India’s smart TV market is slowly moving towards consolidation, with the share of the top five players increasing to 57 per cent in Q1 2024 from 41 per cent in Q1 2023," said Research Analyst Akash Jatwala.
In addition, the shipments of Chinese brands dropped by 30 per cent (year-on-year) due to brands such as OnePlus, Haier, and realme.
Smart TV shipments for the 55-inch and above screen size grew 23 per cent (year-on-year) in Q1, making it the only segment to show growth, the report noted.
As per the analysts, the market is likely to remain muted this year and witness a decline of 10 per cent (year-on-year) due to consumer demand remaining stagnant, with the preference for small-screen TVs declining further.
The preference for premium products and large-screen TVs will continue to increase, they mentioned.
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