Revolutionising India’s smart TV market: Local innovations, global comparisons, and changing consumer trends

By Abhijeet Rajpurohit, COO and Co-Founder, Cloud TV

India’s digital revolution, effectively in the past decade, has given life to innumerable innovations that are helping the country catch up with the larger economies. If there’s one sector though, that has gained from it the most is the Indian entertainment industry. A differentiated platter of content offerings including Bollywood movies and OTT series in numerous languages, documentaries, sporting events, stand-up comedy specials, podcasts… the list is unending, and the Indian viewers have no dearth of choice when it comes to choosing content. A prime medium hosting a barrage of this content frenzy are Smart TVs.

Smart TVs seamlessly blend entertainment and technology and offer an incredible experience with streaming, browsing and app capabilities presented on a high-definition screen right into your homes. In India, in recent years, the Smart TV industry has undergone an incredible transformation all thanks to the tech boom that the country has witnessed. This has led the local Smart TV manufacturers to introduce an array of new features to cater to varied consumer tastes. The latest models of Smart TVs come loaded with intuitive user interfaces, robust app stores, voice assistants, screen mirroring, built-in streaming services, cloud gaming capabilities, and even AI-powered content recommendations. All these new developments are not only making the Smart TVs more appealing and accessible to a broader audience but also attracting fresh set of viewers with each passing generation.

The numbers speak for themselves. In 2022, 9 out of 10 TVs sold in India were smart TVs, accounting for over 90% of the market share as per a media report. This marked a 28% year-on-year growth in smart TV shipments, driven by an increasing demand for home entertainment and the affordability of smart TV models

Local for vocal
Today, we are witnessing local companies leverage their understanding of the Indian market and introduce innovative products that cater to their viewers’ preferences. The increasing competition between local Smart TV manufacturers is a huge win for the consumers. A proliferation of affordable yet feature-rich Smart TVs is abound in the Indian market, making advanced technology more accessible to consumers across various socioeconomic segments. Aggressive competition, rapid innovation, and a keen focus on consumer needs have set the stage for a vibrant and evolving industry landscape.

Local content paves way
Localised companies are at the forefront of Smart TV innovations in India. Companies such as Vu Technologies, Super Plastronics, Onida, Videotex International and BPL among others have disrupted the market by introducing features that cater to the diverse tastes of Indian consumers. in their aggressive quest for market share, innovations such as, AI-powered voice assistance and seamless integration with local OTT platforms have redefined the industry, with an emphasis on both performance and affordability of these devices. Even as global brands excel in areas like display technology and build quality, local players leverage their agility to meet the specific needs of Indian consumers, offering competitive pricing without compromising on essential components.

Expansion into tier II and tier III cities
Tier II and III cities in India are the latest drivers of change within the Smart TV market. Underserved and unobserved by traditional television manufacturers, these local markets have become hubs for Smart TV adoption catered to by local players. Adoption rates of electronics including Smart TVs are estimated at around 45% in Jaipur, 40% in Lucknow, 38% in Indore, 35% in Coimbatore, and 33% in Visakhapatnam based on various news reports. Overall, the Mordor Intelligence report states that the Indian Smart TV and OTT Market size is estimated at USD 18.94 billion in 2024, and is expected to reach USD 43.70 billion by 2029, growing at a CAGR of 18.20% during the forecast period (2024-2029).

With investment pouring into regional OTT content platforms, it will be Smart TVs that will be the eventual winners, paving the way for local content. A strategic pricing policy, affordable subscription models, and partnerships with local content creators is the future, and Smart TVs are creating a future where a whole ecosystem can thrive and help satiate the entertainment appetites of millions of viewers around the country.