Prices of smart TVs are likely to increase in the first half of the ongoing calendar year as prices of panels have gone up in the international market, according to a report on Thursday.
The brands are likely to pass on the increase in rates, resulting in a hike in smart TV prices, according to the latest research from Counterpoint's IoT Service.
However, the report also expects 'smart TV shipments to increase by 9% this year, as the demand for premium models will increase and consumers will likely upgrade to a larger screen.
"The push towards online purchases is set to increase as consumers' confidence in online platforms is increasing, which will encourage them to buy premium models from these platforms. The increasing preference for premium TVs will drive the overall market's average selling price further," it said.
In 2023, India's smart TV shipments declined 16%, impacted by a hit in the first half due to macroeconomic challenges and excess inventory, according to a Counterpoint Research report on Thursday.
The year also witnessed the premiumisation of the TV market, where consumers moved towards premium devices and large-screen smart TVs.
Now, smart TV penetration reached its highest level of 93% of the overall TV shipments during the year and the share is expected to continue rising, it added.
"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," screen size variants and at lower prices (sub-Rs 30,000), due to which its shipments more than doubled in 2023, it said.
Senior Research Analyst Anshika Jain said smart TVs are gaining popularity due to the streaming of sports events, TV series, and movies, 'which create stickiness among consumers'.
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