Chinese electronics companies OnePlus and Realme have announced their decision to halt the production and sale of televisions in India, according to a report by a leading media house published on Monday.
Citing undisclosed sources, the report states that both OnePlus and Realme will continue to operate in the smartphone market within the country. This development occurs against the backdrop of heightened scrutiny and pressure on Chinese companies in India, even as Xiaomi continues to thrive in the television segment.
In precise terms, OnePlus and Realme have chosen to exit the television market while continuing their operations in the smartphone sector, as per the information.
Consumers had been increasingly attracted to the competitive pricing and features offered by these two companies in the television category. The smart TV sector has seen a surge in popularity in India in recent years, driven by streaming platforms like Netflix, Amazon Prime, and Disney Hotstar.
The report further states that OnePlus and Realme had made substantial investments in building sales channels and brand presence in the television category.
The Indian television market includes established players such as LG, Samsung, Sony and Panasonic, alongside newer entrants like Xiaomi and TCL from China. Homegrown brands like Vu and Thomson (operated under brand licensing) have also made their mark in this segment.
Interestingly, OnePlus and Realme have chosen to exit the television market at a time when TV sales are experiencing robust growth. This surge is attributed to the ongoing cricket World Cup, in which India is a top contender, as well as the concurrent festive season, driving increased sales of electronics, particularly televisions.
A recent report from the International Data Corporation (IDC) revealed that the Indian smart TV market grew by eight per cent year-over-year in the first half of 2023, with nearly 4.5 million units shipped during this period.
In 2022, India saw the shipment of 9.8 million units, marking a seven per cent year-over-year growth.
“Due to declining prices, consumers are now opting for affordable smart TVs rather than retrofitting non-smart TVs with streaming sticks, which have witnessed an 85 per cent decline in shipments during the first half of 2023,” stated Upasana Joshi, Research Manager, Client Devices, IDC India.
In terms of market share, Xiaomi maintained its lead with a 14 per cent share in the first half of 2023, followed by Samsung at 13 per cent. LG held the third position with a 12 per cent share, TCL was fourth with eight per cent, and OnePlus secured a seven per cent share.
