India Smart TV Market Forecast 2024-2030: Entertainment Technology and Consumer Electronics Trends

?? India Smart TV Market Soars to New Heights, Expected to Reach USD 33.72 Billion by 2030!

In a significant leap forward, the India Smart TV Market has witnessed remarkable growth, with the market size surging from USD 11.53 Billion in 2023 to a projected USD 33.72 Billion by 2030. This impressive expansion is anticipated to be driven by a robust Compound Annual Growth Rate (CAGR) of 16.57% from 2024 to 2030.

Overview: India's Smart TV landscape has evolved, transforming the traditional television experience into a seamless, connected, and interactive entertainment hub. Smart TVs, equipped with internet connectivity and Android operating systems, have become an integral part of the smart home trend. These feature-rich devices offer access to popular OTT platforms like Hulu, Netflix, and YouTube, coupled with social media apps such as Twitter and Facebook through Google Play. The incorporation of voice commands further elevates the user experience, making Smart TVs a comprehensive entertainment and connectivity solution.

Driving Factors: The surge in Smart TV sales is attributed to factors such as the increasing interest in Over-The-Top (OTT) platforms, pre-loaded apps, and in-built functions. A boost in financial freedom, coupled with improving internet usage, has led to a preference for affordable Smart TVs, driving sales and market growth. The market has also witnessed a shift in consumer behavior, with a preference for inexpensive Smart TVs over retrofitting older non-smart TVs with streaming sticks.

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Market Dynamics: In 2023, the Indian Smart TV market witnessed a TV penetration of 69%, with rural areas contributing significantly to the surge. The entry-level Smart TVs, priced under $200 USD, have democratized access to this technology. Leading brands like OnePlus, Vu, and TCL experienced rapid growth rates, capturing a substantial market share.

Market Leaders: 小米科技 leads the Indian Smart TV market with an 11% market share, followed by LG电子 and 三星电子 . The market share of Smart TVs in the INR 20,000–INR 30,000 price range increased by 40% YoY to 29%. Notably, OnePlus , Vu, and TCL showcased impressive growth rates in 2023, contributing to the dynamic market landscape.

Competitive Landscape: Xiaomi, with a 14% market share, solidifies its position as the market leader, emphasizing its Redmi and 5A series. Samsung, with a 13% market share, excels in both high-end QLED TVs and affordable T4000 series. LG, with 10%, gains traction with Nano cell and OLED TVs. One Plus secures a 7% share, with the BRAVIA XR 86X95K 4K Mini LED TV making waves in the market.

Market Segmentation:

• Resolution: HDTV dominates with a 45% revenue share, followed by 4K UHD TV at 35%. The 8K TV segment is expected to grow at a CAGR of 15%.
• Screen Type: Flat screens lead with a 17% CAGR, driven by consumer preference and the removal of import duties on LCD panels.
• Screen Size: The 32 to 45 inches segment holds over 36% market share, while above 65 inches is expected to grow at 17.8% CAGR.
• Distribution Channel: The offline segment witnesses a remarkable rise, leveraging supermarkets, hypermarkets, and specialty stores.
• Technology of Screen: LED, Micro-LED, Nano Cell, and HDR technologies play pivotal roles in enhancing picture quality and driving market growth.

Market Dynamics:

• Drivers: Growing interest in customized entertainment, high-speed internet boom, increased income levels, and government initiatives fuel market growth.
• Operating Systems: Android TV OS exhibits consistent growth, providing access to a broad Play Store and facilitating advanced features.
• Smart TV Taxes: Taxes pose a potential barrier, impacting consumer behavior and business dynamics, leading to market restraint.

Conclusion: The India Smart TV Market is on an upward trajectory, driven by technological advancements, changing consumer preferences, and a dynamic competitive landscape. With continuous innovation, expanding product offerings, and strategic collaborations, the market is poised for sustained growth, marking a new era in the Indian television industry.

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