DUBLIN, Nov. 23, 2023 /PRNewswire/ — The “India Television Market Competition Forecast & Opportunities, 2028” report has been added to ResearchAndMarkets.com’s offering.
The Indian television market is currently witnessing robust demand and is poised for rapid expansion to 2028
This growth is primarily attributed to the increasing popularity of large-screen televisions and smart TVs equipped with advanced features. Furthermore, the burgeoning demand for Over-The-Top (OTT) platforms in the country is significantly propelling the television market in India, driven by the preference for consuming OTT content on larger screens.
Currently, a plethora of smart TV manufacturers collaborate closely with OTT content providers and device suppliers to integrate relevant built-in functionalities into their products. These include a diverse range of OTT apps available on smart televisions. These features not only enhance the user experience of smart TVs but also transform them into comprehensive offerings that resonate with millennial consumers.
The integration of smart televisions, a majority of which operate on Android or iOS platforms, is also augmented by proprietary operating systems developed by leading technology companies. This integration has facilitated the inclusion of multiple apps on modern smart TVs, rendering them exceedingly adaptable and dynamic.
Escalating Television Ownership Propelling Market Growth
According to data from the Broadcast Audience Research Council (BARC), India boasted approximately 210 million television households in 2021, marking a notable 6.9% increase from 197 million in 2018. Interestingly, rural India outpaced urban areas in terms of television ownership, with urban television households experiencing a 4% rise from 87.8 million in 2018 to 91 million in 2020.
In tandem, rural areas witnessed a 9% surge, reaching 119.2 million TV households in 2020, up from 108.9 million. Moreover, as highlighted in a Mint article, a substantial opportunity awaits television manufacturers, as around 90 million households are yet to acquire a television.
Surging Demand for Smart Televisions Drives Market Expansion
Larger television screens have gained enduring favor among consumers, and the rise in disposable incomes has fueled the demand for Smart Televisions, constituting approximately 18-20% of sales within India’s electronics sector. Smart TVs have transitioned from being niche products to mainstream favorites, captivating not only metropolitan areas but also smaller towns and Tier II cities due to their affordability comparable to conventional TVs.
Smart TVs enable internet connectivity and provide access to a plethora of online content. India Brand Equity Foundation (IBEF) data projects that by 2025, the count of connected smart TVs will range between 40 to 50 million. These screens will host a variety of content, including gaming, social media, short videos, and content tailored for this audience by various media channels.
Surge in OTT Platform Popularity Driving Market Momentum
Consumers’ media consumption habits have undergone a transformative shift. Traditionally, viewers adhered to scheduled cable or satellite broadcasts. However, the preference has shifted towards streaming services like Netflix, Amazon Prime, and YouTube, offering greater flexibility and content access.
This trend has been bolstered by the convenience of viewing preferred content on larger screens. Data from the CII-BCG report titled ‘Blockbuster Script for a New Decade’ highlights that India’s paid subscribers to OTT services surged from 14 million in 2018 to 70-80 million by the end of 2021. This drastic growth further cements the television market’s high growth trajectory, fueled by the escalating popularity of OTT platforms in India.
Market Dynamics
Drivers
- Increasing demand for smart televisions
- Rising popularity of OTT content
- Increasing television ownership
Challenges
- Shortage of raw materials
- Increasing prices of television
Market Trends & Developments
- Increasing popularity of 4K and 8K resolution televisions
- Easy availability through e-commerce platforms
- Rising demand of large size televisions
- Surge in demand for live streaming
Voice of Customer Analysis (B2C Model Analysis)
- Sample Size Determination
- Respondent Demographics
- By Gender
- By Age
- By Occupation
- Brand Awareness
- Factors Influencing Purchase Decision
- Sources of Information
Impact of COVID-19 on India Television Market
- Impact Assessment Model
- Key Segments Impacted
- Key Regions Impacted
- Key Mode of Purchase Impacted
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in India television market.
- Samsung India Electronics Pvt Ltd.
- LG Electronics India Private Limited
- Xiaomi Technology India Private Limited
- Oneplus Technology India Private Limited
- Sony India Private Limited
- Hisense India Private Limited
- TCL-India Holdings Private Limited
- Intex Technologies (India) Limited
- Panasonic Life Solutions India Private Limited
- Haier Appliances India Private Limited
Report Scope
India Television Market, by Screen Size:
- 50”-59”
- 40”-49”
- 39” and Below
- Above 59”
India Television Market, by Display Type:
- LED
- OLED
- Others (LED, OLED, Others (LCD, QLED, etc.))
India Television Market, by Distribution Channel:
- Multi Branded Stores
- Supermarkets/Hypermarkets
- Online
- Others (Institutional Sales, Exclusive Stores, etc.)
India Television Market, by Region:
- North
- South
- East
- West
For more information about this report visit https://www.researchandmarkets.com/r/42x5g2
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