Posted On: 2018-07-02
India smart TV market registered robust growth in 2017 attributed to a sharp drop in the prices of smart TVs as well as the rising penetration of smart TV vendors. Substantial investment flows by video streaming media companies like Netflix, Amazon Prime, and Hotstar led to an increase in the number of Pay-Tv subscribers. Furthermore, the rise in disposable income levels and growing internet penetration in the country also contributed to an increase in sales of smart TVs.
According to 6Wresearch, India Smart TV market is projected to grow at a CAGR of 30.2% by 2024. The surge in the number of households with easy accessibility to the internet and the rise in the purchasing power of people would drive the adoption of smart TVs in the country. In addition to government initiatives such as Digital India and Make in India, rapid urbanization and growing awareness of smart TVs in tier-II and tier-III cities in the country would additionally encourage the growth of smart TVs in near-future.
According to Rishi Malhotra, Senior Research Analyst - IT & Electronics, Research and Consulting, 6Wresearch, "Offline distribution channels held the majority of the revenue share in 2017 an as large number of users, primarily in tier-II and tier-III cities, still prefer to purchase offline attributed to reasons such as time taken for delivery of the product, fear of damaged product and experience of buying it in-person including the touch and feel factor. Also, it helps buyers to avail reasonable and convenient returns."
"However, with players tapping in open commerce marketing system, online distribution channels are expected to grow at a faster rate than the offline distribution channels during the forecast period. Availability of lower-priced television set in online channels including discounted rates and cashback offers are encouraging more and more consumers to purchase smart TV online especially in tier 1 cities," Rishi further added.
According to Akshay Thakur, Research Associate - IT & Electronics, Research and Consulting, 6Wresearch, "The Full HD TV segment held the highest revenue share in 2017 due to its low ownership cost and high demand among the middle-income segment of the Indian population. The growth of this segment is driven by transition among the households from conventional TV sets to smart TV sets.
"Moreover, amongst the regions, the Southern part of the country exhibited a healthy contribution to the growth of the smart TV market and is expected to maintain its leadership during the forecast period as well. The high degree of adoption rate among the tech-friendly consumers in South India and increasing internet penetration led to higher acceptance of smart TV in the Southern part of the nation," Akshay further added.
Some of the key players in India smart TV market include- Samsung, LG, Sony, Panasonic, Philips, Xiaomi, Vu Technologies, Intex, Micromax, and TCL India.
"India Smart TV Market (2018-2024)" provides an in-depth analysis with over 59 figures and 9 tables covered in more than 115 pages. The report estimates and forecasts the overall India smart TV market by screen type, screen size, resolution, technology, distribution channels, verticals, and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas, and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.