NEW DELHI – Smart TV shipments in India experienced a significant decline of 14% in the first quarter of 2024 compared to the same period last year. This drop was attributed to weak consumer demand, rising raw material costs, and an excess inventory build-up, as reported by Counterpoint on Thursday. Chinese brands like OnePlus, Haier, and Realme were hit particularly hard, with their shipments plummeting by 30% year-over-year. In contrast, only a few brands such as Samsung, LG, and Sony saw double-digit growth, while other brands like Xiaomi and TCL faced declines. Samsung emerged as the top player, achieving a 40% growth in shipments and increasing its market share from 10% in Q1 2023 to 16% in Q1 2024. LG, in second place, saw a 43%. Chinese brands faced a significant 30% decline in shipments, particularly affecting companies like OnePlus, Haier, and Realme. Conversely, only a few brands managed to see growth. Samsung, LG, and Sony experienced double-digit growth, while Xiaomi and TCL saw a decrease. Samsung, now leading the market for the first time, recorded a 40% increase in shipments, boosting its market share from 10% in Q1 2023 to 16% in Q1 2024. LG followed with a 43% rise in shipments, increasing its share from 9% to 15%. Xiaomi, although in third place, saw a 2% drop in shipments but increased its market share from 10% to 12%. TCL’s shipments fell by 7%, whereas Sony’s grew by 19%, placing them fourth and fifth in the market, each with a 7% share. "Samsung emerged as the market leader, followed by LG and Xiaomi. Samsung's introduction of new mid-range models and attractive deals on its Crystal Vision Pro series contributed to its growth," analysts noted. The top five brands now hold 57% of the market share, up from 41% in the same period last year, indicating a trend towards market consolidation. Consumers are increasingly favoring established brands, leading to smaller players exiting the market. Mid-tier brands like Hisense, Panasonic, Westel, Toshiba, and Motorola showed positive year-over-year growth by offering QLED TVs with 4K resolution and enhanced color quality at affordable prices. Larger screen TVs (55 inches and above) saw a 23% increase in shipments as consumers opted for premium models to enhance their viewing experience. This was the only segment to show positive growth during the quarter. Senior Research Analyst Anshika Jain highlighted that QLED TV shipments surged by 182% year-over-year in Q1 2024. Additionally, 4K TV shipments grew by 10%, driven by the increasing availability of 4K content on OTT platforms and events like IPL broadcasts. Overall, the cost of smart TVs has risen due to higher panel prices and increased demand for larger displays. Counterpoint expects the market to remain subdued in 2024, projecting a 10% year-over-year decline due to stagnant consumer demand and a decreasing preference for smaller screen TVs. However, with a rise in average selling prices, the total revenue is likely to stay flat. Thousands of discounts are available on 5G smartphones of these cool brands Samsung Unveils Galaxy F55 5G in India: Price, Features, and Launch Offers 5000mAh battery, 50MP camera and stylish look, this strong Samsung phone will be launched today