OnePlus logged a growth of 66% on-quarter growth to secure a spot in the top five vendors list.
India’s TV shipments grew 10% on-year to reach 3 million units in Q1 2021, driven by increased OTT content consumption and consequently due to a growth in average time spent, according to the latest report by the research firm.
India, with around 200 million households, has a large installed base of CRT and non-smart TVs which can be upgraded and, in turn, inflate the smart TV demand even further, Counterpoint said.
Samsung which topped the overall TV market benefitted from entry-level and mid-range TVs in Q1 2020 that helped revive its market share.
Meanwhile, Xiaomi continues to lead the smart TV segment with a 17% market share. Its growth was driven by the MI TV 4A, 4A Horizon edition, and 4A Pro models in this quarter.
LG logged a 47% on-year growth and witnessed strong growth in the sub-Rs 30,000 and Rs 50,000 and above segments. The 4K smart TV series also helped the brand this quarter.
Sony secured the third spot in the overall market and performed well in the premium segment, thanks to the W6 series. In the premium category, the X95 and X85 were in demand while the OLED Master series did well in the ultra-premium segment.
OnePlus and Realme despite being comparatively new brands in the smart TV market had a strong quarterly performance. OnePlus grew 66% on-quarter in Q1 2021 and made it to the list of top five smart TV brands in the country followed by Realme.
“During the COVID-19 lockdowns, the need for home entertainment became more evident, thus inflating the pent-up demand for TVs. Some new use cases also cropped up during these lockdowns, such as home office set-up and family video-calling, which pushed some consumers to buy a new smart TV. The pent-up demand from 2020 continued into the first quarter of 2021,” Counterpoint added.
In contrast, the non-smart TV category declined in the Indian market and recorded a 46% yearly fall in shipments in Q1 2021. Most of the long-tail OEMs are pushing non-smart TVs in India at lower price points like sub-$150.
Interestingly, over 38% of the TVs sold during Q1 2021 were bought online, while 98% of the TVs sold during the quarter were made in India, as per the report.
“The open-cell or panel price in the global market is continuously rising along with other component prices, such as that of PCBs. Therefore, OEMs are trying to build some inventory as long as global component prices are lower than the future projections,” it said.