In a surprising turn of events, two leading electronics manufacturers from China, OnePlus, and Realme, have decided to discontinue their production and sales of televisions in India. This abrupt move comes at a time when the Indian TV market is experiencing robust growth, driven by factors like the ongoing cricket World Cup and the festive season. In this blog, we’ll delve into the reasons behind OnePlus and Realme’s exit from the Indian Smart TV market and the implications of this decision.
The Rise of Smart TVs: A Promising Market
Over the past few years, the smart TV market in India has seen exponential growth. The internet’s growth, cost-effective data, and streaming service popularity like Netflix, Amazon Prime, and Disney Hotstar drove TV demand. OnePlus and Realme invested heavily in sales channels and branding.
OnePlus and Realme: Exit from the TV Market
Despite their initial foray into the Smart TV market, OnePlus and Realme have decided to withdraw from this category. This decision has left many wondering about the factors that contributed to this sudden exit. Notably, both companies are still actively involved in the smartphone business. However, when contacted for a response, their media teams remained silent on the matter, leaving room for speculation.
Competition in the Indian TV Market
The Indian TV market is not short on competition. Established players like LG, Samsung, Sony, and Panasonic have been competing alongside newcomers like Xiaomi and TCL from China. Homegrown brands such as Vu and Thomson, under brand licensing, have also made their presence felt. Despite the competition, Xiaomi continues to lead the category and has maintained a strong presence in the Indian market.
Market Insights and Growth
According to the International Data Corporation (IDC) Quarterly Smart Home Devices Tracker, the first half of 2023 witnessed the shipment of 4.5 million TVs to India, marking an 8% year-over-year increase. This growth can be attributed to frequent sales by e-tailers, numerous new product launches, and the clearance of old channel inventory in preparation for the festive season. The online channel’s share increased by 25% year-over-year in the first half of 2023, reaching 39%, driven by online sales festivals.
The Impact of OnePlus and Realme’s Exit
OnePlus and Realme’s decision to exit the Indian TV market raises questions about the potential repercussions in the industry. It is particularly intriguing that this move occurred during a period of heightened TV sales. The ongoing cricket World Cup, combined with the festive season, has led to increased demand for electronics like TVs. OnePlus and Realme’s exit may have ripple effects on the market dynamics and competition.
Conclusion: The sudden exit of OnePlus and Realme from the Indian TV market is a development that has caught many by surprise. While both companies have chosen to focus on their smartphone business, the reasons behind this move remain shrouded in mystery. The Indian TV market, characterized by robust growth and fierce competition, will likely witness shifts and adjustments as a result of this decision. We will closely watch the implications and future developments in the industry as we navigate this changing landscape
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