IPL 2024 is the 17th edition of the annual cricket tournament. Analysts are expecting a rise in TV sales this season too.Though there are no certain figures, according to a report by Counterpoint’s IoT Service, smart TV shipments are likely to see an increase.
Senior Research Analyst Anshika Jain of Counterpoint told The Economic Times that smart TVs are gaining popularity due to the streaming of sports events (like the ongoing IPL 2024) TV series, and movies, “which create stickiness among consumers.”
The report further predicts that the TV shipments in India are expected to increase by 9% in 2024 and demand for premium models is likely to go up as consumers may upgrade to models with 55-inch or higher screen sizes.
“The push towards online purchases is set to increase as consumers’ confidence in online platforms is increasing, which will encourage them to buy premium models from these platforms. The increasing preference for premium TVs will drive the overall market’s average selling price (ASP) further,” said the report.
However, the report also sees prices of smart TVs going up in the first half of the current calendar year. As per the report, prices of TV panels have gone up in the international market. The report notes that TV-making brands are likely to pass on the increase in component rates to the customers which may result in a hike in overall smart TV prices.
How India’s smart TV market performed in 2023
India’s smart TV shipments declined by 16% in 2023. The report notes that the TV market was impacted by a hit in the first half due to macroeconomic challenges and excess inventory.
Meanwhile, last year the TV market witnessed premiumisations as consumers moved towards premium devices and large-screen smart TVs.
The report also added that smart TV penetration has reached its highest level at 93% of the overall TV shipments during 2023. This share is still expected to increase even further.
“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-inch screen size variants and at lower prices (below Rs 30,000), due to which its shipments more than doubled in 2023,” the report added.
