Moreover, demand for bigger screen-size TVs in the lower price tier also fueled the growth, it said.
While in the December quarter, after the festival sales, smart TV shipments were almost flat at 2 percent Year-on-Year (YoY) due to a slowdown in demand.
OnePlus and TCL were among the fastest-growing smart TV brands in 2022, said the Counterpoint Research report.
While Sony was among the preferred brands in the premium segment.
In 2022, over 99 percent of the TVs were assembled locally, while only some high-end TV sets were imported by the brands, it said.
Moreover, 96 percent of the market is being driven by LED TVs, and MediaTek chips had around a three-fifths share of the total TV market during the year.
In the December quarter, top five brands MI, Samsung, LG, One Plus and TCL controlled 42.6 percent of the market share.
Senior Research Analyst Anshika Jain said, “OnePlus, Vu, and TCL were among the fastest-growing brands in the smart TV segment in 2022. Xiaomi led the overall smart TV market with an 11 percent share, followed by Samsung and LG.” Smart TV shipments in Rs. 20,000-Rs 30,000 price band grew 40 percent YoY to reach a 29 percent share. The average selling price (ASP) declined 8 percent YoY to around Rs. 30,650, Jain added.
“Smart TV contribution to overall shipments reached its highest-ever of 90 percent during the year. It is expected to go up further due to more launches in the sub-Rs. 20,000 price range and non-smart-TV-to-smart-TV migration. Non-smart TV shipments declined 24 percent YoY in 2022. Online channels increased their contribution to the total shipments to 33 percent during the year,” he said.