Smart TV prices set to rise in 2024, shipments to India fell 16% in 2023: Report

Smart TV price increase: The prices of smart televisions are poised to witness an uptick in the first half of the ongoing calendar year, according to a report by Counterpoint's IoT Service. The surge in panel prices in the international market is expected to prompt brands to adjust their rates accordingly, leading to an inevitable hike in smart TV prices.

However, amid this price surge, the report also projects a 9 per cent increase in smart TV shipments for the year. This optimistic outlook is attributed to the growing demand for premium models and the anticipated consumer shift towards larger screens. The evolving consumer preference towards premium TVs is slated to elevate the overall market's average selling price (ASP), as highlighted in the report.

The trend toward online purchases is expected to gain momentum, fuelled by growing consumer confidence in e-commerce platforms. This shift is likely to drive consumers towards purchasing premium models from online platforms, further boosting the market for smart TVs.

Delving into the performance of the previous year, the report reveals a 16 per cent decline in smart TV shipments in India in 2023. This downturn was primarily influenced by macroeconomic challenges and excess inventory issues encountered in the first half of the year. Additionally, 2023 witnessed a notable trend towards premiumisation in the TV market, with consumers gravitating towards high-end devices and larger screen smart TVs.

The report also highlights the burgeoning smart TV penetration, reaching its pinnacle at 93 per cent of the overall TV shipments during the year. This upward trajectory in smart TV adoption is anticipated to persist in the coming years.

A noteworthy trend observed in the market is the increasing popularity of QLED TVs. Leading brands such as TCL, Hisense, Acer, Kodak, Thomson, among others, have started offering QLED TVs in 43-inch screen size variants at competitive prices (sub-Rs 30,000). This strategic move has resulted in a significant uptick in QLED TV shipments, more than doubling in 2023.

''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,'' screen size variants and at lower prices (sub-Rs 30,000), due to which its shipments more than doubled in 2023, it said.

Senior Research Analyst Anshika Jain said smart TVs are gaining popularity due to the streaming of sports events, TV series, and movies, ''which create stickiness among consumers''.

(With PTI inputs.)