The Indian smart TV market is pretty huge and is, in fact, the fastest-growing smart TV market in the world. All TV manufacturers are trying to grab their fair share of the market. According to the newest research report, leading the way in 2022 was Xiaomi, with an 11% (10.5% to be exact) market share. Next to Xiaomi was the South Korean giant Samsung, which managed to grab a 10.2% market share in 2022 in India. However, since Samsung sells more high-end TVs than Xiaomi, Samsung most probably had more revenue than Xiaomi.
A report by Counterpoint Research says that the smart TV market in India witnessed a double-digit jump of 28% in 2022. The festive season sale in the Q3 of 2022, new launches, discount events, and promotions primarily fueled this growth of the smart TV market in India. Also, the demand for big-size TVs at lower prices helped accelerate the growth.
In 2022, LED TVs dominated the Indian smart TV market
Speaking of Samsung, it launched new models such as the T4000 series in 32-inch and 43-inch sizes. New QLED TV models over the INR 50,000 (roughly $620) price range were also launched. Samsung offered various discounts on its TVs during events like Big TV Days and Big TV Festival. It even offered free smartphones with select models and EMIs at exciting costs.
Compared to 2021, Samsung's smart TV market share in India is down by 5.2%. In the last quarter of 2022, Xiaomi and Samsung managed to grab almost similar market shares, 8.7%, and 8.5%, respectively. After Xiaomi and Samsung, it was LG in third place, OnePlus in fourth place, and TCL in fifth place in the Indian smart TV market share. Sony was the preferred brand in the premium TV segment.
Another interesting tidbit from the report is that around 99% of the TVs were assembled locally in 2022. However, some high-end TV sets were imported by the brands, says Counterpoint Research report. Moreover, 96% of the market share was captured by LED TVs, and MediaTek chips grabbed three-fifths of the total TV market share during 2022.
