India Smart TV Market expected to register a CAGR of over 16.8% during the forecast period.

Posted on 2022-11-24 by researchinsights in Industrial, Technology // 0 Comments

India Smart TV Industry Overview

The India smart TV market size is expected to reach USD 4.93 billion by 2028, registering a CAGR of 16.8% from 2021 to 2028, according to a new report by Grand View Research, Inc. The increasing disposable income and rising popularity of OTT VOD platforms, such as Netflix, Amazon Prime Video, SonyLIV, and Disney+Hotstar, have been significant factors driving the demand for smart TVs in the country. The availability of supporting content for these devices, such as HD videos and games, has further boosted the demand for smart TVs in India.

India Smart TV Market Segmentation

Grand View Research has segmented the India smart TV market based on resolution, screen size, and screen shape:

Based on the Resolution Insights, the market is segmented into 4K UHD TV, HDTV, Full HD TV and 8K TV

The HDTV segment dominated the market in 2020 and accounted for more than 49.0% share of the global revenue. With technological advancements, companies are upgrading their products by adding Dolby Vision IQ, HDMI 2.1, and filmmaker mode. Companies such as Philips, LG, Panasonic, and Samsung have launched TVs with these features.
The 8K segment is anticipated to expand at the highest CAGR over the forecast period. The increasing demand for higher resolution and advancements in display technology among consumers is boosting the growth of the 8K TV segment. Content creators are exploring 8K resolution cameras, which offer an opportunity for segment growth. With the growth of 8K content, the demand for 8K TVs is expected to increase. Since 2015, YouTube has accepted 8K uploads.

Based on the Screen Size Insights, the market is segmented into Below 32 inches, 32 to 45 inches, 46 to 55 inches, 56 to 65 inches, Above 65 inches

The 32 to 45 inches segment dominated the India smart TV market in 2020 and accounted for more than 35.0% share of the global revenue. It is expected to register a CAGR of over 14.0% during the forecast period. Integration of 4K technology with advanced features and declining prices of TVs are attracting consumers to purchase TVs with large screen sizes. In recent years, vendors have introduced a varied range of 4K TVs with different screen sizes to extend their customer base, thereby contributing to the growth of the segment.
Consumers are opting for larger screen sizes to have a pixel-free, smooth image. Brands such as Acer are entering into the smart TV segment in India. Acer partnered with Indkal Technologies, a Bangalore-based company, for support and distribution of its televisions in India

Based on the Screen Shape insights, the market is segmented into Flat and Curved

The flat segment dominated the market in 2020 and accounted for more than 98.0% share of the global revenue. It is anticipated to grow at the highest CAGR over the forecast period. Consumers prefer flat-screen TVs as they are easier to mount on the wall. Furthermore, the cost of flat-screen TVs is much lower compared to curved TVs, which makes them affordable for consumers.
The prices of flat-screen TVs have declined due to higher penetration levels, low import duty on LCD panels, and the introduction of small entry size models. TCL is set to launch Mini LED TVs in India. Furthermore, Nokia launched two new smart TVs, namely Nokia Ultra HD 4K QLED Smart Android TV and Ultra HD 4K LED Smart Android TV,to expand its product portfolio in India. The variants of these models include 50-inch and 55-inch screens with JBL speakers.

Key Companies Profile & Market Share Insights

The competitive landscape of the market is highly fragmented. The market players are focused on strategies such as partnerships, joint ventures, product innovation, research and development, and geographical expansion to strengthen their market position.

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