Xiaomi, OnePlus, Hisense, Samsung, Vu, LG and Sony lead the market competition
The India smart TV market size is anticipated to be valued at US$32.57 billion by 2030, with an estimated CAGR of 16.7% from 2023, according to a ResearchAndMarkets report.
The demand for technologically advanced TV among consumers is expected to shift trend toward smart TV across India, said the “India Smart TV Market”.
The rising disposable income, developments in terms of 5G technology boosting internet connectivity across India along with competitive pricing for smart TVs is offering lucrative opportunity for market players to cater to consumers in India.
The forced lockdown restrictions during the COVID-19 pandemic resulted in temporary shutdowns of smart TV production operations, thereby decreasing smart TV production during 2020. The demand for smart TVs was catered through online/e-commerce platforms as there is a restriction to people’s movement during the pandemic.
Smart TV offers ease of watching content through not only cable TV but also through various online applications such as Netflix, Amazon Prime, Hulu, and YouTube, enabling easy access to entertainment for users. People can also rent content through the VOD facility, play video games or participate in video conferences using smart TVs. The shift in trends toward viewing preferences from traditional cable TV to OTT platforms is expected to boost the growth of India’s Smart TV market.
The high competition among market players such as Xiaomi, OnePlus, Hisense, Samsung, Vu, LG, and Sony among others continues to push the manufacturers to offer new smart TV products at a competitive process and offer larger market share. More smart TV manufacturers in India are attempting to follow in the footsteps of their international competitors and offer solutions to demand for the cost-efficient smart TV products.
In India, the demand for smart TVs surges throughout the holiday season, and to match the need, market players introduce several new launches, conduct sales, and promotional events to boost product sales, the report said on 6 Apr 2023. fiinews.com
