Television Market in India LED, LCD, HD, UHD in 2022

Television Market in India LED, LCD, HD, UHD in 2022

Television is the fastest growing market among consumer durable goods in India. There are 210 Mn TV households in the country in 2020. The flat panel television market is driven by reduction in price of large screen TVs, increasing affordability of customers, lower content subscription charges and rising availability of innovative products in the market. Increasing innovation and lower prices have increased the penetration of flat panel display televisions across all income groups in the country. Using new technologies, TV makers have been able to add detailed, sharper, colourful and high-resolution features to LED, LCD, HD and UHD TVs. As a result, the demand for smart TVs has augmented from non-smart TVs among consumers. Although rise in substitute devices, reduction in profitability, lack of 4K content and high rate of GST on smart TVs are expected to impede the growth of the market. Due to the Indian government’s unprecedented Atmanirbhar Bharat scheme, established industry players are demanding zero import duty on open cell panels which are the most important component of flat panel television which is helping to further boost the production of televisions.

Market insights:

The value of flat panel television market in the country is INR 986.4 Bn in 2020 and it is expected to reach INR 1,638.65 Bn by 2027 by growing at a CAGR of 8.54%. The market share of smart TVs has reached 84% in 2021 among overall TV shipments. The smart TVs over 40 inch screen size has gained 42% market share. In 2021, 32 inch display size is the most desired among customers.

Segment insights:

The television market in India is segmented into smart and non-smart TVs. In 2021, the market share of smart and non-smart TVs is 80% and 20% respectively. The smart TV segment has shown 65% YoY growth in June,2021. There are four segments in the smart TV market in the country based on screen sizes – less than 32 inches, 32 – 43 inches, 43 – 55 inches and 55 inches and above. Smart TVs of less than 32 inches screen size have the maximum market share of 39.40%.

COVID-19 impact analysis:

Due to the outbreak of COVID-19 the lifestyle of Indian people has changed. The emergence of work from home culture and adoption of online classes have boosted the growth of smart TV market as people are using these TVs not only for entertainment but also for video conference and online classes. Most of the cinema halls remain closed during the lockdown period and film makers started releasing their contents on OTT platforms. As a result, consumers have changed their entertainment habits and started watching OTT contents in smart TVs.