Overview:
India’s smart TV shipments declined 14% YoY in Q1 2024, according to the latest research from Counterpoint’s IoT Service. The decline was attributed to muted demand from consumers, an increase in the cost of inputs like raw materials, which led to a reduction in offers and promotions, excess inventory build-up at major OEMs, and reduced demand for smaller-screen smart TVs.
Key Takeaways:
- India’s smart TV shipments fell 14% YoY in Q1 due to a slowdown in demand and an inventory build-up at major OEMs.
- Samsung became the leading player for the first time after overtaking Xiaomi.
- Smart TV shipments for the 55” and above screen size rose 23% YoY in Q1, making it the only segment to show growth.
- QLED smart TV shipments increased by 182% YoY in Q1 2024.
- The market is likely to decline by 10% in 2024 due to reduced demand for small-screen TVs.
Published Date: May 2024