“In 2018, the penetration was 18 per cent, less than one-fifth of the TVs sold were smart and we wanted to democratise the segment like we had done for smartphones. Since then, the 18 per cent has grown to a little over 55 per cent. We have grown with the market and sold over 5 million smart TVs,” he said.
Nilakantan explained that India has over 200 million households, of which 170 million have a TV – 100 million of those are CRT TV and 70 million have a flat monitor.
“Smart TV penetration is only 20 million. So if you look at this overall market, there are 50 million people who would be coming and buying a smart TV, and even the 100 million households who have a CRT will be upgrading directly to a smart TV, that is a massive opportunity,” he added.
A number of smartphone players such as Samsung, LG, Micromax, OnePlus, Infinix and Motorola have smart TVs in their product portfolio in India.
According to Counterpoint Research, shipments of TVs in India grew 15 per cent annually to reach the highest-ever 15 million units in 2019, and the growth was mainly driven…