CRISIL report: Large TVs to have 50% market share by 2027

21 Sep 2022 , 07:54 AM

According to a survey from CRISIL, the market share of large-sized panel televisions (40 inches and above) has increased by three times to over 40% over the past five years and is predicted to reach 50% by 2027.

Tailwinds including “reduction in pricing, rising wages, increased internet penetration, higher bandwidth availability,” and a change in viewing patterns that is expanding the category as a result of rising Over-The-Top (OTT) streaming use are what is driving this, the report added.

According to the research, “With the tailwinds persisting, the share should exceed the 50% mark by fiscal 2027.”

According to the report, the pandemic transformed family viewing habits, and the expansion of fiber-to-the-home services will further enhance internet capabilities, facilitating the use of larger panel displays.

Large panel TV prices have dropped by 35 to 40% over the past five years, which has sparked growth in the market.

The statement read, “A 55-inch TV, which cost roughly Rs1,000,000 in 2017, is now available for Rs55,000—65,000.”

After the introduction of multiple new businesses, which democratized the segment and increased competition, the market that was formerly dominated by a small number of companies has now become increasingly competitive.

There is currently a price war being fuelled by new entrants like Xiaomi, Vu Technologies, One Plus, Thomson, Kodak, etc.

The survey claims that as more people are using the internet, more OTT material is being consumed, which users prefer to watch on larger TV displays.

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