Made-in-India TV shipments up 33% in Q3 2023: report

Analysts at Counterpoint attributed the growth to festival season sales that spurred demand for TVs.

“The TV market showed high QoQ growth due to the festive season, which drove the consumer demand, increasing the local manufacturing shipments as well,” said Prachir Singh, senior research analyst at Counterpoint.

Singh pointed out that top five manufacturers accounted for more than 55% of the locally made 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 get a sub-license from Google to make LED TVs on Android TV platforms. Radiant, which makes TVs for multiple Indian and global brands, announced plans to invest ₹100 crore to double manufacturing capacity last year. Bhagwati makes TVs for brands such as Realme.

The Counterpoint report also noted that shipment of made-in-India wearables, including smartwatches and truly wireless stereo (TWS) headphones, also showed robust growth. For instance, the share of locally made TWS grew to 37% in Q3 from 16% in the previous quarter.

Foxconn subsidiary Bharat FIH, Padget, Avishkaran, and Optiemus were the top four TWS manufacturers with a combined market share of close to 90% of locally made TWS devices. In the smartwatch segment, Optiemus was the number one local manufacturer accounting for more than 90% of the shipments. Optiemus makes TWS and smartwatches and its customers include homegrown brand Noise and Samsung subsidiary Harman.

In the tablet segment, locally made tablets accounted for 31.5% of the overall shipments during the quarter. Samsung, Dixon (makes tablets for Lenovo) and Wingtech (makes tablets for Lenovo and Samsung) accounted for more than 90% of tablet manufacturing in India.

Electronics manufacturing in India is still not on the same scale as in China. Most smartphone and wearables manufacturers in India are assembling products from semi-knocked down (SKDs) kits that are imported from China, Taiwan, and other regions.

However, many wearable manufacturers are working to change that. For instance, Optiemus told Mint last October that it will start 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 also led many brands in the smartphone and PC segment to expand local assembly. India is mulling a separate PLI for wearables and Internet of Things (IoT) devices.

“Under the Made-in-India theme, local manufacturing aims to even go beyond smartphones to cover segments like audio products, wearables, and EVs. More and more efforts are being made to make the country a significant player in the global value chain,” said Priya Joseph, research analyst at Counterpoint.

Counterpoint has forecast that more companies in the wearable segment will increase their capacities as new brands also want to take advantage of local manufacturing.