At the Covid-19 revolution, consumer behavior changed dramatically and the expected digital outcry over the next five years. At the time of the lock, there was a huge demand for smart TV. So when the government allowed the sale of non-essential items, there was a huge demand for Android TV.
There came a time when companies were not out of stock, but affiliated factories had not started manufacturing. Thus, there was an increase in the prices of raw materials. However, over the Christmas period, the industry saw significant growth. So overall, despite slow growth in 2019, the smart TV industry will grow significantly in 2020 and is expected to add $ 13.31 billion by 2021.
So what has driven the growth?
At the lock, users had no entertainment store and turned to their TVs to enjoy content, games, music, podcasts and videos. Most of the production houses also started making content for the bigger screens by using technology like Dolby digital DTS, Dolby view, etc. As a result, there was a big shift from consuming content on smartphones, to smart TV.
With preparations for bigger screens, better sound experience and the latest features, smart TV has proven to be a better platform compared to laptops or phones. As a result, Smart TVs captured 90% of Indian market in 2020 (from 78% in 2019).
Today, India is the fastest growing OTT market and by 2024 it is expected to be the sixth largest market in the world. We are also the second largest marketplace for social networks and free video apps. Therefore, the demand for Smart TV will continue to grow.
The use of smart TV is not only for entertainment, but also helps to manage the luxury homes. One of the key capabilities for smart TV is Google Assistant along with the help of AI technology. Smart TV is a one-stop platform for smart living. Once integrated into the luxury home, they operate appliances, lighting, security system along with helping to rent the latest movies to news and weather reports, and so on.
Android has become an integral part of TVs today, and Android TV is one out of every three TVs in India. The next disrupter here is the voice command experience. We are already working on options where the customer does not have to press a voice command button, and instead the TV responds to audio instructions. An update like this will help deliver an unobtrusive user experience and strengthen the place of smart TVs in smart living.
Do in India
The Atma Nirbhar Bharat initiative has encouraged home brands to invest in R&D to create products in India, for Indians. Expectations over the next five years were met in one year. This growing sentiment allows India to strengthen its manufacturing capabilities as well. During the lock down, the price of raw materials such as panels rose 160%! This calls for a strong TV manufacturing base in India.
Along with this, the feel of ‘Make in India’ has also led to an increase in content built in indigenous languages. As a result, the demand for smart TV from smaller cities has grown rapidly. This trend is expected to continue and we are already working on content in several regional languages through AI technology.
So smart TVs are leading a smart lifestyle in the post-covid-19 “new normal” role because lifestyles have changed and so have the expectations from technology. Smart TV is a unified solution for working from home, learning from home and having fun at home.
This article was written by Avneet Singh Marwah, Director and CEO of Super Plastronics Pvt. Limited, Kodak Brand Approver.