India’s Smart TV Market Projected to Reach $33.72 Billion by 2030, Driven by Technological Advancements and Consumer Demand

The Indian Smart TV market is experiencing significant growth, with projections indicating an increase from $11.53 billion in 2023 to $33.72 billion by 2030, reflecting a Compound Annual Growth Rate (CAGR) of 16.57% during the forecast period.

This surge is attributed to technological advancements, increased internet penetration, and a growing preference for Over-The-Top (OTT) content consumption.

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Competitive Landscape and Regional Demand

The market is dominated by key players such as Xiaomi, Samsung, LG, OnePlus, Vu, and TCL, with Xiaomi leading with an 11% market share.

Notably, the Asia-Pacific region, particularly India, has emerged as a significant market due to increasing disposable incomes and a burgeoning middle-class population.

United States: Smart TV Market Trends and Consolidation

In the United States, the Smart TV market continues to evolve with technological innovations and strategic acquisitions. A notable development is Walmart’s acquisition of Vizio for $2.3 billion, aiming to enhance its advertising business through Vizio’s Platform Plus.

This move underscores the growing importance of integrated advertising and streaming services in the Smart TV ecosystem.

Asia-Pacific: Smart TV Market Growth and Opportunities

The Asia-Pacific region, with India at the forefront, presents substantial growth opportunities. India’s Smart TV shipments grew by 28% year-on-year in 2022, with homegrown brands capturing a 24% market share. The proliferation of affordable Smart TVs and the increasing popularity of OTT platforms have significantly contributed to this growth.

Europe: Smart TV Market Trends and Updation

In Europe, the Smart TV market is witnessing a shift with Chinese manufacturers like Hisense, TCL, and Xiaomi gaining prominence. These companies have surpassed traditional Japanese brands in market share by offering advanced features such as OLED displays and AI integration at competitive prices. This trend indicates a dynamic market landscape with increasing competition and innovation.

Middle East and Africa: Smart TV Market Trends and Growth

The Middle East and Africa regions are experiencing a steady adoption of Smart TVs, driven by urbanization and a growing appetite for digital content. While specific data on mergers and acquisitions in these regions is limited, the global trend of integrating advanced features and affordable pricing is influencing consumer preferences, leading to market growth.

Recent Developments and Strategic Collaborations

The Smart TV industry has seen significant strategic movements, including Walmart’s acquisition of Vizio, aiming to bolster its advertising capabilities.

Additionally, analysts have identified Roku as a potential acquisition target due to its extensive user base and integration capabilities, making it attractive to companies like Netflix, Amazon, and Microsoft. These developments highlight the industry’s focus on expanding digital advertising reach and enhancing user experiences through technological integration.

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India Smart TV Market segmentation :

by Operating System

Android TV

Tizen

WebOS

Others

by Resolution

HDTV

FULL HD TV

4K UHD TV

8K UHD

Others

Over the course of the forecast period, Resolution, which holds the greatest revenue share of over 45% in the HDTV resolution group, is anticipated to witness a notable increase in the India Smart TV Market. With a 35% market share, 4K UHD TV is the second most popular category. Thanks to cost-effectiveness and technological developments, Indian consumers may now purchase 4K HD TVs. Large companies like Samsung Electronics Co. and Sony Corporation have adopted nanotechnology and quantum dot technology to improve the image quality of their goods. In the Indian smart TV market, several factors are driving the segment’s growth.

by Technology

QLED

OLED

Nano-cell

HDR

Others

by Screen Type

Flat

Curved

In terms of screen type, the flat screen segment dominated the market in 2023 and is anticipated to expand at a compound annual growth rate (CAGR) of almost 17.0% over the forecast period in the Indian smart TV market. The surge is driven by consumers’ choice for flat-screen TVs over more costly options. It’s also easier to mount these TVs on walls. The introduction of compact, entry-level smart TV models with flat displays and the elimination of import taxes on LCD panels have also contributed to the growth of the Indian smart TV market.

by Screen Size

Below 32 Inches

32 To 45 Inches

46 To 55 Inches

56 To 65 Inches

Above 65 Inches

In terms of screen size, the 32-45 inch sector topped the market in 2023 with a share of almost 36%. The medium-screen TV market is expanding due to the growing popularity of the Indian smart TV industry, and 4K technology is being integrated into these models. Companies in the Indian smart TV market are also launching low-cost smart TVs with screens that range from 32 to 45 inches or smaller than 32 inches in order to appeal to the middle-class and lower-class people. In 2023, the 46- to 55-inch screen size segment will account for 41% of the Indian smart TV market. Customers are purchasing TVs with bigger screens as a result of reduced product costs and the quick integration of 4K technology with alluring features.

by Prize Range

Online

Offline

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Learn about the top players driving innovation in the India Smart TV Market :

1. Samsung India Electronics Pvt. Ltd.

2. LG Electronics India Pvt. Ltd.

3. Sony

4. Skyworth

5. Panasonic Corporation

6. TCL India

7. Croma

8. Philips

9. JVC

10. Haier India

11. Intex Technologies

12. Vu Televisions

13. Videocon Industries Ltd.

14. Sansui Electric Co. Ltd.

15. Toshiba Corporation

16. Vu Televisions

17. Xiaomi

18. OnePlus

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