In a surprising development, OnePlus and Realme, both subsidiaries of BBK Electronics, are set to withdraw from India's competitive TV market. While renowned for their successful smartphone ventures, the two companies have also ventured into the smart TV realm, offering products powered by Google TV, in addition to a range of electronic offerings including audio devices, tablets, smartwatches, and more. Reports indicate that OnePlus and Realme have opted to step away from the television sector while maintaining their commitment to the smartphone industry.
OnePlus and Realme's Exit from the Thriving Indian TV Market: This unexpected decision to exit the TV market by OnePlus and Realme arrives as a surprise, considering their consistent growth in India's smart TV market. Furthermore, the television market itself has been flourishing in recent years, thanks to the proliferation of the internet and the widespread popularity of streaming services like Netflix, Amazon Prime, and others. The announcement of their withdrawal from the TV market coincides with a surge in TV sales during the festive season.
According to the International Data Corporation (IDC), the first half of 2023 witnessed the shipment of 4.5 million TVs to India, marking an 8% year-over-year increase. Moreover, the online channel's share of TV sales surged by 25% during the same period, accounting for 39% of total TV sales. Xiaomi dominates the Indian smart TV market, with Samsung, LG, TCL, and OnePlus holding subsequent positions, as per the report.
OnePlus and Realme had invested significantly in establishing sales channels and building their TV brand presence, which had earned them a noticeable share in the market. OnePlus, in particular, had secured a place among the top 5 smart TV companies in India, holding a market share of 7%, largely driven by the success of its budget-friendly Y1 and Y1s series throughout the quarters.
While the data reveals a strong position in the TV market, it does not elucidate the rationale behind their exit. OnePlus and Realme have not issued any official statements regarding this report. We will provide updates as soon as they respond, either confirming or refuting this news.