Increasing internet subscribers, rising pay TV market, ongoing TV digitization, increasing usage of technologically advanced devices and launch of HD channels are some of the factors that are spurring the market of smart TVs in India.
Smart TV market in India is still in the nascent stage but is displaying a healthy growth rate. The market growth is expected to stem mostly from the increasing demand for web-enabled TVs from individual customers, encouraged by the increasing number of functions and features offered by the smart TV vendors.
According to 6Wresearch, India smart TV market is expected to ship 9.86 million units of smart TVs in 2017, at a CAGR of 109.93% from 2012-2017. In 2011, smart TVs accounted for less than 5.0% of the total flat TVs unit shipments and are expected to cross 50% mark in 2017. One of the major reasons for the increase in the number of smart TV shipments is the increasing customer spending on consumer electronics. The Indian consumers have shown positive responses for the TVs with display size of 32 & 42 inches.
Lack of awareness is the major issue that is needed to be addressed by the industry. Even retailers are unaware of the basic features of the Smart TVs that they sell, and hence are unable to educate consumers about the benefits of Smart TVs. This issue, if not resolved can become a major hurdle for the market.
Samsung, LG, Sony, Panasonic and others are some of the key players that are offering smart TVs based on 2D and 3D technologies. By the end of 2012, it is expected that top 3 players of the market are expected to hold more than 80% of the market share.