Made in India TV shipments grew by 33% QoQ in Q3 of 2022. The total shipments for Made in India TVs reached 5 million units during the quarter. According to the latest Counterpoint Research report, in the electronics wearables category, the TWS (truly wireless stereo) segment led in terms of local manufacturing, as close to 37% of the TWS shipments during the quarter were made in India. The rise in Made in India TV shipments in Q3 was mainly boosted by the festive season and the discounts and offers that were offered to customers during that time.
Prachir Singh, a senior research analyst, said, "The top five manufacturers contributed to more than 55% of the locally manufactured TV shipments in Q3 2022. Local manufacturing continues to stay robust for segments like smartwatches, TWS, tablets and neckbands also. The local manufacturing share in the TWS segment increased to 37% in Q3 2022 from 16% in the previous quarter."
Priya Joseph, a research analyst at Counterpoint, said, "Under the Made in India theme, local manufacturing aims to even go beyond smartphones to cover segments like audio products, wearables and EVs. More and more efforts are being made to make the country a significant player in the global value chain. These efforts now also include semiconductor manufacturing. Many states like Gujarat have even come out with their own semiconductor policies and are bringing about associated reforms and policy changes (like labour and land reforms in Karnataka) to harness India’s potential in this space."
The Indian government is offering incentives to manufacturers to boost local production in the country. This is likely going to increase the share of Made in India shipments in the coming quarters and years for electronic products and gadgets. Mivi has garnered a top share in both the TWS and neckband earphones category when it comes to local shipments during Q3 2022.
