In the initial six months of 2023, approximately 4.5 million television units found their way into India, marking an 8% year-on-year increase. This significant uptick, as detailed in a report by the International Data Corporation (IDC), can be attributed to a combination of factors: consistent sales efforts by e-commerce giants, a flurry of new product launches, and a concerted effort to clear out older inventory ahead of the impending festive season. IDC's forecast for 2023 suggests that the market will either maintain a steady course or achieve modest single-digit growth, primarily driven by the upcoming festive shopping spree. The latter half of the year is expected to remain vibrant, thanks to an array of enticing offers and discounts.
IDC's report highlights that the online sales channel witnessed remarkable growth, surging by 25% in 2023 compared to the previous year, capturing a 39% market share. This surge can be attributed to online sales festivals, according to the global market intelligence and advisory services provider. Upasana Joshi, Research Manager for Client Devices at IDC India, noted that consumers are increasingly opting for affordable smart TVs over retrofitting non-smart TVs with streaming sticks, which have experienced an 85% decline in shipments during the first half of 2023 due to decreasing popularity.
While 32-inch and 43-inch screen sizes continue to dominate, accounting for 71% of the market, larger screens are gaining traction. According to IDC, the market share of 55-inch TVs rose from 9% to 12% compared to the previous year, resulting in a remarkable 35% year-on-year growth in the USD 400+ price segment. During the first half of 2023, the average selling price for smart TVs stood at USD 380, reflecting a 3% decrease from the previous year. IDC points out that brands are increasingly focusing on competitively priced models in the budget segment, regularly reducing prices to meet consumer demands.
Debasish Jana, Market Analyst for Smart Home Devices at IDC India, notes that beyond core features, consumers are seeking visual aesthetics such as narrow bezels or bezel-less TVs in the affordable price range. Additionally, features like High Dynamic Range (HDR), improved DCI-P3 color coverage, Dolby certification, and enhanced sound output are high in demand. In 2022, India received 9.8 million TV units, experiencing a 7% annual growth rate, thanks to normalized panel prices that translated into reduced prices for end consumers.
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