The TV market experienced a shift towards premium devices and large-screen smart TVs in 2023. This trend is expected to continue, with smart TV shipments projected to increase by 9% this year. The demand for premium models is driving this growth, as consumers upgrade to larger screens and seek enhanced viewing experiences.
The push towards online purchases is also contributing to the premiumization of the TV market. Consumers are increasingly confident in purchasing premium models through online platforms, which offer a wider selection and competitive prices. This trend is expected to drive up the overall average selling price (ASP) of smart TVs.
Despite a decline in smart TV shipments in 2023 due to macroeconomic challenges and excess inventory, the market is expected to rebound. Smart TV penetration reached a record high of 93% of overall TV shipments in 2023, and this share is projected to continue rising.
QLED TVs are gaining popularity, particularly in smaller screen sizes and lower price ranges. Leading brands such as TCL, Hisense, and Acer are offering QLED TVs in 43-inch variants at prices below Rs 30,000, which has contributed to a significant increase in shipments.
The popularity of smart TVs is attributed to the growing availability of streaming services for sports events, TV series, and movies, which enhance consumer engagement and drive demand for premium viewing experiences.