OnePlus Fastest-Growing Smart TV Brand, Xiaomi Leads Market Share With 13% Of Total Sales

Global technology brand OnePlus has emerged as the fastest growing smart TV brand in India in the first half of 2022, in terms of shipments, with a staggering 123 per cent year-on-year (YoY) growth rate, a report said on Monday.

Bengaluru: Global technology brand OnePlus has emerged as the fastest growing smart TV brand in India in the first half of 2022, in terms of shipments, with a staggering 123 per cent year-on-year (YoY) growth rate, a report by Counterpoint Research said on Monday. Overall, India’s smart TV market grew 74% YoY in Q2 2022, according to the latest research from Counterpoint’s IoT Service. The growth can be attributed to the increasing preference of customers for smart TVs, the launch of smaller size smart TVs in the sub-INR 20,000 ($250) range, and the increasing promotions by retailers and brands.

While OnePlus is the fastest-growing, Xiaomi continued to lead the smart TV segment in Q2 2022 with a 13% market share. “The top five brands contributed to 45% of the smart TV market with Xiaomi being the top player followed by Samsung with 13% and 12% shares respectively” the report said.

“OnePlus took the third spot for the very first time with 123% YoY growth in H1 2022 driven by the continued popularity of its affordable Y1 series, better features and strong marketing efforts. Many new brands are also entering the market to provide affordable devices to customers. The country’s smart TV penetration stood at 90% in Q2 2022, which is the highest ever to date and is expected to rise further with 21% YoY shipment growth in 2022 due to the coming festive season and continuously rising demand,” senior research analyst, Anshika Jain said.

The growth is attributed to the growing preference for affordable premium smart TVs. Offering a quality user experience and sales growth across channels has resulted in OnePlus claiming a stronger market share.

“At OnePlus, we continued to strengthen our vision of building a premium accessible connected ecosystem. This achievement is a testament to our dedication towards providing the best of innovative technology to our user community,” Navnit Nakra, India CEO and Head of India Region, OnePlus India, said in a statement.

“We are humbled and grateful to our India community for their trust and are further driven to build products that embody our ‘Never Settle’ approach. Furthermore, our core philosophy of offering a burden-less user experience has been crucial towards driving our success in the smart TV category. Therefore, we will continue to deliver on our core values, Nakra added.

This has also led to OnePlus scaling to the top three smart TV brands in India in Q2 2022 as per Counterpoint Research report.

As per the report, OnePlus particularly witnessed an incredible growth rate of over 250 per cent YoY on its shipments in the sub-Rs 30,000 price segment with OnePlus TV Y1, Y1S, Y1S Pro and Y1S Edge serving as the major volume drivers for the brand. In addition to this, OnePlus TV Y1, Y1S and Y1S Pro were amongst the top 10 best-selling smart TV models in the second quarter of 2022.

“OnePlus took the third spot for the very first time with 123 per cent YoY growth in the first half of 2022 driven by the continued popularity of its affordable Y series, better product features, and strong marketing efforts,” said Anshika Jain, Senior Research Analyst at Counterpoint Research India.

In line with the brand’s growing user community and increasing rate of consumer demand in 2019, OnePlus ventured into the smart TV segment in India with the launch of its OnePlus TV Q1 series, a high-end premium range of OnePlus TVs.