Major cricket tournaments and series have historically led to an increase in TV sales in India. The Indian Premier League (IPL) is no exception, with TV brands launching special series and editions during the tournament. The 17th edition of the annual cricket tournament, IPL 2024, is expected to follow suit with a rise in TV sales, particularly in the smart TV segment.
According to a report by Counterpoint’s IoT Service, smart TV shipments are predicted to see an increase during IPL 2024. The growing popularity of streaming sports events, TV series, and movies on smart TVs has contributed to this trend. Senior Research Analyst Anshika Jain of Counterpoint told The Economic Times that “smart TVs are gaining popularity due to the streaming of sports events, TV series, and movies, which create stickiness among consumers.”
The TV shipments in India are expected to increase by 9% in 2024, with demand for premium models likely to go up. Consumers are increasingly opting for models with 55-inch or higher screen sizes, driving up the overall market’s average selling price (ASP). The push towards online purchases is also set to increase, encouraging consumers to buy premium models from these platforms.
However, there may be a hike in overall smart TV prices in the first half of the current calendar year. The report notes that TV panel prices have gone up in the international market, and TV-making brands are likely to pass on the increase in component rates to the customers.
In 2023, India’s smart TV shipments declined by 16%. The TV market was impacted by macroeconomic challenges and excess inventory in the first half of the year. Despite this, the TV market witnessed premiumization as consumers moved towards premium devices and large-screen smart TVs. Smart TV penetration reached its highest level at 93% of the overall TV shipments in 2023, and this share is expected to increase even further.
QLED TVs are gaining popularity, with leading brands such as TCL, Hisense, Acer, Kodak, Thomson, and other long-tail brands offering them in 43-inch screen size variants at lower prices (below Rs 30,000). As a result, QLED TV shipments more than doubled in 2023.
In conclusion, IPL 2024 is expected to drive smart TV sales in India, with the market predicted to rebound from the declines seen in 2023. Premium models and large-screen smart TVs are gaining popularity among consumers, indicating a shift towards higher-end TVs. Despite potential price increases in the first half of the year, the growing popularity of smart TVs and premium devices suggests a positive outlook for the Indian smart TV market.