IPL 2024 It is the 17th edition of the annual cricket tournament. Analysts also expect an increase in television sales this season. Although there are no certain figures, according to a report from the Counterpoint IoT service, smart tv shipments they 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 sporting events (such as the ongoing IPL 2024), TV series and movies, “creating stickiness among consumers.”
The report further predicts that TV shipments in India are expected to increase by 9% in 2024 and demand for premium models is likely to increase as consumers are able to upgrade to models with screen sizes of 55 inches or larger.
“The push towards online shopping will increase as consumer trust in online platforms increases, encouraging them to purchase premium models on these platforms. The growing preference for premium TVs will further boost the average selling price (ASP) of the overall market.” the report said.
However, the report also predicts that smart TV prices will increase in the first half of the current calendar year. According to the report, the prices of television panels have increased in the international market. The report notes that TV manufacturing brands are likely to pass on the increase in component fees to customers, which may result in an increase in overall smart TV prices.
How the Indian Smart TV Market Performed in 2023
India’s smart TV shipments declined 16% in 2023. The report notes that the TV market took a hit in the first half due to macroeconomic challenges and excess inventory.
Meanwhile, the TV market last year witnessed premiumization as consumers opted for premium devices and large-screen smart TVs.
The report also added that smart TV penetration reached its highest level at 93% of total TV shipments during 2023. This share is still expected to rise 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), leading to their shipments more than doubling in 2023.” the report added.