Prices of smart TVs are projected to rise in the first half of the current calendar year due to an increase in panel prices in the international market, as per a report released on Thursday.
Brands are anticipated to pass on these higher costs to consumers, resulting in a hike in smart TV prices, according to the latest research from Counterpoint’s IoT Service.
However, despite the expected price increase, the report forecasts a 9 per cent growth in smart TV shipments this year. This growth is attributed to an anticipated rise in demand for premium models and consumers’ inclination towards upgrading to larger screens.
The report highlights a shift towards online purchases, driven by increasing consumer confidence in online platforms. This trend is expected to encourage consumers to purchase premium models from online platforms, consequently driving up the overall market’s average selling price (ASP).
In 2023, India’s smart TV shipments experienced a 16 per cent decline, primarily due to macroeconomic challenges and excess inventory in the first half of the year, according to a Counterpoint Research report released on Thursday.
The year also witnessed a trend towards premiumization in the TV market, with consumers gravitating towards premium devices and larger-screen smart TVs. Smart TV penetration reached its highest level, accounting for 93% of overall TV shipments during the year, and this share is anticipated to continue increasing.
The report notes the growing popularity of QLED TVs, with leading brands and long-tail brands offering them in smaller screen size variants at lower prices (sub-Rs 30,000). Shipments of QLED TVs more than doubled in 2023.
Senior Research Analyst Anshika Jain emphasises the increasing popularity of smart TVs due to their ability to stream sports events, TV series, and movies, which enhances consumer engagement and loyalty.
