India Smart TV Market Sales Insights
Growth in sales of smart TVs in India
Televisions are one amongst those electronic gadgets that have witnessed regular updates in terms of video quality, transmission techniques, audio systems, processors, and several other features. The Cathode Ray Tube has now transformed into OLED and PLASMA with 4K as the most advanced picture quality as far as the mainstream commercial market is considered in India. However, one paradigm shift expected this year is the shift to Smart TVs.
Reliance Telecom has played a major role in how Indians used the internet for various purposes ranging from web browsing, e-learning, music, to online video streaming. With the advent of 4G technology initiated by the Digital India campaign and Jio data service at an affordable rate, the internet has now reached the nooks and corners of even the villages. The Internet penetration rate in India is growing at a humungous rate of 90% and is expected to continue growing during 2019 - 2024.
The growing use of handheld 4G devices due to better internet services and the inclination of customers towards online video content is creating a huge demand for connected devices. Smart TV is one very effective evolution of connected device technology. These televisions allow users to connect their smartphones or other devices to the TV wirelessly. It further, allows them to directly access internet-based content through their Television.
Eying at the huge potential in the Indian market, media companies such as Netflix, Amazon, and Hotstar are continuously updating their database with Indian movies, series, sports, and other content, as well as they, are luring the users with free registration and subscription plans. The clear view of the companies behind this strategy is that in the current scenario companies need to make the users accustomed to online streaming applications. The companies intend to charge for subscriptions once the user gets used to the technology. India is a market where people do not tend to buy any product or service unless they have a test of it; therefore, offering a free subscription for the first few months is a great strategy by leading companies in online media.
Smart TV is a device that works as a platform for running online content, and therefore creating a demand for online media and creating awareness for the same is the first step towards building the demand for such products. Changing lifestyle, increasing disposable income, growing internet penetration and technological awareness are the key factors behind this growth. These devices are used on both residential and commercial establishments; however, the residential sector is the largest market for smart TVs in the current business scenario and is expected to witness the fastest growth in the coming 5 years.
Major companies operating in the Smart TV market are adopting product enhancement as the key strategy to get an upper hand over their competitors. For instance, Samsung has launched 8K TV in the U.S. market and LG is all set to commercialize its 8K Smart TV this year. As research is the key consideration for all companies before any product development or marketing, various research companies have published their study on the growth potential of Smart TV Market. Conclusively, it can be said that in the coming 5 years almost 80% of TVs in India will shift to Smart TVs.
The 46 to 55-inch show classification is relied upon to overwhelm the market. The 4K show innovation is suggested for bigger TV sets if the clients were to encounter the upgraded picture quality. Littler screen sizes probably won't have the option to speak to the upgrades in the image quality conveyed by the 4K innovation. For example, to address the developing inclination of enormous screen shows, Samsung Electronics Co., Ltd. presented a total line up of 4K TVs extending from 55 crawls to 85 inches. In January 2017, Sony Corporation propelled its line-up of OLED Bravia 4K sets in the spans of 55 inches, 65 inches, and 77 inches.
Source: Market Decipher Research Report on Smart TV Market
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