The rise of the over-the-top (OTT) industry and platforms in India is inevitable. It is only a matter of when it will happen. In the last five years, many new OTT platforms have emerged in the Indian market. But for the OTT to prosper, Smart TVs have to play a big role. Smart TVs allow users to consumer OTT content directly from several platforms. Thus, OTT companies would want more Indians to buy new Smart TVs as fast as possible. There’s also the factor of fiber reaching every part of the country, but that shouldn’t stop users from consuming OTT content via mobile networks, however much expensive that may be.
As per the data shared by Counterpoint Research, the Smart TV segment in India prospered in Q1 2022. During the quarter, the Smart TV segment grew 33% YoY and reached a market share of 89% overall which is just phenomenal.
Xiaomi Was the Market Leader in Smart TVs in Q1 2022
Counterpoint data suggests that Xiaomi was the market leader with a 14.3% share during the quarter ending March 2022. Samsung was in the second position with 13% market share while LG was in the third with 8% share.
This is data that OTT companies will love and be encouraged to invest more in the country. Further, this data coupled with the PLI (Production Liked Incentives) that the government is offering should motivate manufacturers to build their Smart TVs as well as components in India itself.
Smart TV sales via online sales channels also grew significantly and contributed to 31% of the total sales with Flipkart dominating. Regardless, 69% of the market still took their Smart TVs from offline retail channels. It makes sense as well. Users would first want to experience the Smart TV they are purchasing. TVs are all about experiences which can only be taken by going to the store.
The Counterpoint report also noted that users nowadays are more interested in going for Smart TVs with larger screens.