New Delhi: Shipments of television (TV) sets made in India grew 33% quarter-on-quarter (QoQ) to total 5 million units in the three months ended September, according to an industry report released by Counterpoint on Tuesday. The report states that locally made TVs will account for 100% of all TV shipments in India in the third quarter of 2023.
Counterpoint analysts attributed the increase in sales to the festive season, which boosted demand for TVs.
Prachir Singh, senior research analyst at Counterpoint, said, “The TV market showed higher QoQ growth due to the festive season, which boosted consumer demand, as well as increased local manufacturing shipments.”
Singh pointed out that the top five manufacturers contributed more than 55% of locally manufactured TVs during the quarter. Dixon, Radiant and Bhagwati were the top TV manufacturers in India.
Dixon is one of the leading TV contract manufacturers. In September, it became the first Indian company to receive a sub-license from Google to manufacture LED TVs on the Android TV platform. Radiant, which manufactures TVs for several Indian and global brands, announced plans to invest in 100 crores last year to double the manufacturing capacity. Bhagwati manufactures TVs for brands like Realme.
The Counterpoint report also noted that shipments of made-in-India wearables, including smartwatches and truly wireless stereo (TWS) headphones, have also seen strong growth. For example, the share of locally manufactured TWS increased from 16% in the previous quarter to 37% in Q3.
Foxconn subsidiary India FIH, Padgett, Avishkan and Optimus were the top four TWS manufacturers, with a combined market share of around 90% of locally manufactured TWS devices. In the smartwatch segment, Optimus was the number one local manufacturer accounting for over 90% of shipments. Optimus makes TWS and smartwatches and its customers include homegrown brand Noise and Samsung subsidiary Harman.
In the tablet segment, locally manufactured tablets accounted for 31.5% of total shipments during the quarter. Samsung, Dixon (manufactures tablets for Lenovo) and Wingtech (manufactures tablets for Lenovo and Samsung) account for more than 90% of tablet manufacturing in India.
Electronics manufacturing in India is still not on the scale it is in China. Most smartphone and wearables manufacturers in India are assembling products from semi-knocked down (SKD) kits imported from China, Taiwan and other regions.
However, several wearable makers are working to change that. For example, Optimus told Mint last October that it would begin PCB assembly in 2023 and later expand to batteries, displays and microphones.
The Indian government’s Production Linked Incentive (PLI) scheme, which provides tax exemptions on local manufacturing, has prompted several brands in the smartphone and PC segments to expand local assembly. India is considering a separate PLI for wearables and Internet of Things (IoT) devices.
“Under the Made-in-India theme, local manufacturing aims to go beyond smartphones to cover segments such as audio products, wearables and EVs. More and more efforts are being made to make the country an important player in the global value chain, said Priya Joseph, research analyst at Counterpoint.
Counterpoint anticipates that more companies will increase their capabilities in the wearables segment as newer brands also look to take advantage of local manufacturing.
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