India Smart TV Industry Overview
The India smart TV market size was valued at USD 1.42 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 16.8% from 2021 to 2028.
The market is expected to benefit from rising disposable income and OTT services. Indian households are transitioning, as consumers are shifting from traditional TVs to smart TV sets. By the end of 2019, consumer spending in India accounted for nearly USD26.94 billion due to changing lifestyles, the adoption of new technologies, increasing internet penetration, and rising income levels of the middle-class population. The COVID-19 pandemic had a substantial impact on the TV industry wherein delayed production, shutting down of manufacturing sites, and supply chain disruption negatively impacted sales and revenues. However, a surge in sales was observed during the first quarter of 2021 as the need for home entertainment increased. Most of the sales were through online platforms as e-commerce sites commenced delivery for non-essential products, as people were hesitant to step out due to social distancing norms.
Gather more insights about the market drivers, restrains and growth of the India Smart TV Market
Additionally, government initiatives primarily in tier-II and tier-III cities are some of the key factors likely to bolster the growth of the smart TV market in India over the forecast period. According to the India Brand Equity Foundation (IBEF) 2020, TV penetration was 69% in India and was driven by the Direct-To-Home (DTH) market. The number of active DTH subscribers was estimated to be 70.99 million in the country in December 2020, compared to 70.7 million in September 2020.
There has been a significant change in the way consumers access media content. Previously, viewers watched programs via cable or satellite at a specific time. The subscribers used to choose a channel package. In recent days, customers are shifting their preferences and preferring over-the-top content such as Netflix, Amazon Prime, Hulu, and YouTube. This shift is providing flexibility to customers as they can watch the programs according to their choice on a bigger screen.
According to the world data speed monitoring platform’s (Ookla’s) report, amongst 138 countries listed, India ranks 129th and the average 4G speed is lower than countries such as Myanmar, Sri Lanka, and Pakistan. People are striving to gain access to higher internet speeds on their 4G connections, due to which, the Telecommunication Ministry is building “Digital India”.
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- Smart TV Market - The global smart TV market demand stood at 268.9 million units in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 20.8% from 2021 to 2028. A continuous surge in the use of streaming devices, coupled with the rising internet penetration is driving the market growth.
- E-commerce Market - The global e-commerce market size was valued at USD 9.09 trillion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 14.7% from 2020 to 2027. Increasing penetration of the internet is bolstering the smartphone-using population across the world.
India Smart TV Market Segmentation
Grand View Research has segmented the India smart TV market based on resolution, screen size, and screen shape:
India Smart TV Resolution Outlook (Volume in Million Units; Revenue, USD Million, 2016 - 2028)
- 4K UHD TV
- HDTV
- Full HD TV
- 8K TV
India Smart TV Screen Size Type Outlook (Volume in Million Units; Revenue, USD Million, 2016 - 2028)
- Below 32 inches
- 32 to 45 inches
- 46 to 55 inches
- 56 to 65 inches
- Above 65 inches
India Smart TV Screen shape Outlook (Volume in Million Units; Revenue, USD Million, 2016 - 2028)
- Flat
- Curved
Market Share Insights
- July 2020: Shinco, an Indian TV brand, launched a 43-inch 4K HDR LED Smart TV named S43UQLS. It is the most affordable 4K TV, as most 43-inch TVs are available in full-HD LED displays.
- June 2020: Flipkart partnered with Nokia to develop, manufacture, and distribute Nokia Smart TVs. As a result, Flipkart launched Nokia-branded smart TV.
Key Companies profiled:
Some prominent players in the India smart tv market include
- Panasonic Corporation
- Samsung India Electronics Pvt. Ltd.
- LG Electronics India Pvt. Ltd.
- Sony India Pvt. Ltd.
- Xiaomi Inc.
- Koninklijke Philips N.V
- Vu Technologies Pvt. Ltd.
- Intex Technologies
- Micromax Informatics Ltd.
- TCL India
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