Television, an indispensable part of a common Indian household, is the number one source of entertainment. Though smartphones are a raging phenomenon, TV still has an integral space in the home and hearts of most consumers. Especially during the pandemic and indefinite lockdown period, when people (apart from COVID warriors and pandemic victims) were confined in their homes and trying to stay sane, TV became the sole buddy to keep it together. Many TV channels like Doordarshan started broadcasting the best TV and Web series (like Ramayan, Mahabharat and Malgudi Days) and supporting people to stay entertained and stress-free.
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This led to the booming growth of smart TV innovations. Considering that unlike mobile phones or computers/laptops, TV is an electronic device that offers a family entertainment experience, Indian consumers vehemently started investing in smarter, bigger, cutting-edge and internet-enabled TV devices. Leading TV brands also started launching next-generation TV innovations at highly-competitive prices along with superior features and matchless functions. As a consequence, in 2021, India’s smart TV share in the entire TV market reached 84%, significantly higher than its 2020 digits, which were a mere 67%. Undoubtedly, the pandemic havoc has created a silver lining for smart TV brands and is now giving them the necessary boost to scale up.
|“In 2021, India’s smart TV share in the entire TV market reached 84%, significantly higher than its 2020 digits, which were a mere 67%. Undoubtedly, the pandemic havoc has created a silver lining for smart TV brands and is now giving them the necessary boost to scale up”|
Against this backdrop, here are a few key trends emerging in the Indian smart TV ecosystem:
Online shopping: The exponential growth of digital integration, internet penetrations and strengthened online infrastructure have paved the way for e-commerce boom. Earlier, consumers used to visit a store or a shop physically to check all the features, discounts and other perks, but now with the help of internet connectivity and resources like smartphones, they can buy anything from the comfort of their homes. This online shopping trend has proved exceptionally significant in boosting the growth of smart TV adoption in India. Customers can now access and compare the TVs’ features, price and technology without stepping out of their homes. Within just a few clicks, they can buy the best-in-class TV and get it delivered to their doorstep without fearing any inconvenience (fear of virus contamination).
Powerful entertainment pack: Customers today have many ways to consume top-tier content (like OTT channels), so they are always on the lookout for watching it on big screens. Integrated with ultramodern features like OLED, QLED, FHD, Dolby Atmos, Dolby Vision, MEMC, Mini-LED and ONKYO sound, a smart TV is nothing less than a magic box that provides users with a theatre-like experience at home. In addition, many award-winning smart TV innovations also come with unique gaming features, making it possible for customers to get a complete entertainment plus gaming experience. Simply put, there’s no need for an extra gaming console or keyboard. Users can get a superior gaming experience by opting for the right TV model.
Inclusive features: Futuristic smart TV models are also embedded with magnetic video cameras, making it easier for users to conduct professional video conferences, attend e-classes or connect with family and friends through a video call. Leading TV corporations also integrated Google Duo and Google Assistant to make it easier, convenient and hassle-free for users to give commands (like flipping channels or controlling volume) without physically using the TV remote. In addition, almost every TV is embedded with thousands of applications, OTT channels and other content consumption platforms so that users don’t have to waste time finding the right TV series to stream.
The future of smart TV innovations
The Indian smart TV industry is going through groundbreaking growth. In fact, according to Grand View Research, the Indian smart TV industry is expected to reach USD 4.93 billion by 2028. It was valued at USD 1.42 billion in 2020, but between 2021 and 2028, the market is forecasted to pick up the pace to expand at a Compound Annual Growth Rate (CAGR) of 16.8%. Taking note of the aforementioned trends and stats, leading research analysts have stated that as TV brands continue to cater to the needs of modern-age consumers by offering better, bigger and more sophisticated TVs at highly affordable prices, the TV industry is expected to grow further in the upcoming years.
The author, Dhanlaxmi Bhoir, is Assistant to GM and PR- Corporate Communications, TCL India.
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