IPL 2024 is the 17th annual cricket tournament. Analysts also expect an increase in TV sales this season. Although there are no exact numbers, according to a report by IoT Service Counterpoint, Smart TV supplies is likely to increase.
Senior research analyst Anshika Jain of Counterpoint told The Economic Times that smart TVs are gaining popularity due to the streaming of sports events (such as IPL 2024), TV series and movies “which create appeal among consumers”.
The report further predicts that TV shipments in India will grow by 9% in 2024, with demand for premium models likely to increase as consumers may switch to models with a screen size of 55 inches and above.
“The push for online shopping will increase as consumers trust online platforms, which will encourage them to buy premium models on those platforms. The growing preference for premium TVs will further push average selling price (ASP) in the overall market,” – the report says.
However, the report also notes the rise in prices for smart TVs in the first half of the current calendar year. As noted in the report, prices for television panels have risen on the international market. The report notes that TV brands are likely to pass on component price increases to customers, which could lead to higher overall smart TV prices.
How the Indian Smart TV Market Developed in 2023
Smart TV shipments in India to decline by 16% in 2023. The report noted that the television market was affected by a hit in the first half of the year due to macroeconomic issues and overstocking.
Meanwhile, the TV market witnessed premiumization last year as consumers shifted to premium devices and large-screen smart TVs.
The report also adds that smart TV penetration will reach an all-time high of 93% of total TV shipments during 2023. It is expected that this share will increase.
“QLED TVs are gaining popularity as leading brands such as TCL, Hisense, Acer, Kodak, Thomson and other long-tail brands have started offering them in 43-inch screen size variants and at lower prices (below Rs 30,000), which will see shipments more than double in 2023.” attached to the report.
