GVR Report cover India Smart TV Market Size, Share & Trends Report

India Smart TV Market Size, Share & Trends Analysis Report By Resolution (4K UHD TV, HDTV, Full HD TV, 8K TV), By Screen Size, By Screen Shape (Flat, Curved), And Segment Forecasts, 2021 - 2028

  • Published Date: Oct, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-4-68038-367-6
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 68

Report Overview

The India smart TV market size was valued at USD 1.42 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 16.8% from 2021 to 2028. The market is expected to benefit from rising disposable income and OTT services. Indian households are transitioning, as consumers are shifting from traditional TVs to smart TV sets. By the end of 2019, consumer spending in India accounted for nearly USD26.94 billion due to changing lifestyles, the adoption of new technologies, increasing internet penetration, and rising income levels of the middle-class population. The COVID-19 pandemic had a substantial impact on the TV industry wherein delayed production, shutting down of manufacturing sites, and supply chain disruption negatively impacted sales and revenues. However, a surge in sales was observed during the first quarter of 2021 as the need for home entertainment increased. Most of the sales were through online platforms as e-commerce sites commenced delivery for non-essential products, as people were hesitant to step out due to social distancing norms.

India smart TV market size, by resolution, 2018 - 2028 (USD Billion)

Additionally, government initiatives primarily in tier-II and tier-III cities are some of the key factors likely to bolster the growth of the smart TV market in India over the forecast period. According to the India Brand Equity Foundation (IBEF) 2020, TV penetration was 69% in India and was driven by the Direct-To-Home (DTH) market. The number of active DTH subscribers was estimated to be 70.99 million in the country in December 2020, compared to 70.7 million in September 2020.

There has been a significant change in the way consumers access media content. Previously, viewers watched programs via cable or satellite at a specific time. The subscribers used to choose a channel package. In recent days, customers are shifting their preferences and preferring over-the-top content such as Netflix, Amazon Prime, Hulu, and YouTube. This shift is providing flexibility to customers as they can watch the programs according to their choice on a bigger screen.

According to the world data speed monitoring platform’s (Ookla’s) report, amongst 138 countries listed, India ranks 129th and the average 4G speed is lower than countries such as Myanmar, Sri Lanka, and Pakistan. People are striving to gain access to higher internet speeds on their 4G connections, due to which, the Telecommunication Ministry is building “Digital India”.

Resolution Insights

The HDTV segment dominated the market in 2020 and accounted for more than 49.0% share of the global revenue. With technological advancements, companies are upgrading their products by adding Dolby Vision IQ, HDMI 2.1, and filmmaker mode. Companies such as Philips, LG, Panasonic, and Samsung have launched TVs with these features.

The 8K segment is anticipated to expand at the highest CAGR over the forecast period. The increasing demand for higher resolution and advancements in display technology among consumers is boosting the growth of the 8K TV segment. Content creators are exploring 8K resolution cameras, which offer an opportunity for segment growth. With the growth of 8K content, the demand for 8K TVs is expected to increase. Since 2015, YouTube has accepted 8K uploads.

Sales of 8K TVs are expected to increase as the cost difference between 4K and 8K panels narrows. Consumers are more likely to opt for 8K TVs if the cost difference is smaller. Recently, Sony launched Sony Bravia XR Master Series 85Z9J 8K LED TV in India. It is one of the most expensive TVs in the company’s product range.

Screen Size Insights

The 32 to 45 inches segment dominated the India smart TV market in 2020 and accounted for more than 35.0% share of the global revenue. It is expected to register a CAGR of over 14.0% during the forecast period. Integration of 4K technology with advanced features and declining prices of TVs are attracting consumers to purchase TVs with large screen sizes. In recent years, vendors have introduced a varied range of 4K TVs with different screen sizes to extend their customer base, thereby contributing to the growth of the segment.

Consumers are opting for larger screen sizes to have a pixel-free, smooth image. Brands such as Acer are entering into the smart TV segment in India. Acer partnered with Indkal Technologies, a Bangalore-based company, for support and distribution of its televisions in India. Acer plans to launch TV models with a wide spectrum of sizes, ranging from 32 inches to 70 inches.

India Smart TV Market Share, By Screen Size, 2020 (%)

The flat segment dominated the market in 2020 and accounted for more than 98.0% share of the global revenue. It is anticipated to grow at the highest CAGR over the forecast period. Consumers prefer flat-screen TVsas they are easier to mount on the wall. Furthermore, the cost of flat-screen TVs is much lower compared to curved TVs, which makes them affordable for consumers.

The prices of flat-screen TVs have declined due to higher penetration levels, low import duty on LCD panels, and the introduction of small entry size models. TCL is set to launch Mini LED TVs in India. Furthermore, Nokia launched two new smart TVs, namely Nokia Ultra HD 4K QLED Smart Android TV and Ultra HD 4K LED Smart Android TV,to expand its product portfolio in India. The variants of these models include 50-inch and 55-inch screens with JBL speakers.

Key Companies & Market Share Insights

The competitive landscape of the market is highly fragmented. The market players are focused on strategies such as partnerships, joint ventures, product innovation, research and development, and geographical expansion to strengthen their market position. The market players focus on enhancing their product offerings to better cater to the changing needs of users and stay competitive. Some of the prominent players operating in the India smart TV market are:

  • Panasonic Corporation

  • Samsung India Electronics Pvt. Ltd.

  • LG Electronics India Pvt. Ltd.

  • Sony India Pvt. Ltd.

  • Xiaomi Inc.

  • Koninklijke Philips N.V

  • Vu Technologies Pvt. Ltd.

  • Intex Technologies

  • Micromax Informatics Ltd.

  • TCL India

India Smart TV Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 1.66 billion

Revenue forecast in 2028

USD 4.93 billion

Growth rate

CAGR of 16.8% from 2021 to 2028

Base year of estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million, volume in million units, and CAGR from 2021 to 2028

Report coverage

Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Resolution, screen size, screen shape

Country scope

India

Key companies profiled

Panasonic Corporation; Samsung India Electronics Pvt. Ltd.; LG Electronics India Pvt. Ltd.; Sony India Pvt. Ltd.; Xiaomi Inc.; Koninklijke Philips N.V; Vu Technologies Pvt. Ltd.; Intex Technologies; Micromax Informatics Ltd.; TCL India

Customization scope

Free report customization (equivalent to up to 8 analysts working days) with purchase.

Pricing and purchase options

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Segments Covered in the Report

The report forecasts volume and revenue growth at the country level and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For this study, Grand View Research has segmented the India smart TV market report based on resolution, screen size, and screen shape:

  • Resolution Outlook (Volume in Million Units; Revenue, USD Million, 2016 - 2028)

    • 4K UHD TV

    • HDTV

    • Full HD TV

    • 8K TV

  • Screen Size Type Outlook (Volume in Million Units; Revenue, USD Million, 2016 - 2028)

    • Below 32 inches

    • 32 to 45 inches

    • 46 to 55 inches

    • 56 to 65 inches

    • Above 65 inches

  • Screen shape Outlook (Volume in Million Units; Revenue, USD Million, 2016 - 2028)

    • Flat

    • Curved

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