Monday, February 6, 2023

‘Made in India’ TV shipments rise 33% QoQ to over 5 mn units in 3Q22: Counterpoint

‘Made in India’ TV shipments grew 33% quarter-on-quarter in Q3 2022 to reach over 5 million units, according to the latest report by Counterpoint Research.

Dixon led the Made in India TV shipments, followed by Radiant, as per the research firm. Bhagwati Products, too, secured a spot in this list.

“The TV market showed high QoQ growth due to the festive season, which drove the consumer demand, increasing the local manufacturing shipments as well. The top five manufacturers contributed to more than 55% of the locally manufactured TV shipments in Q3 2022,” said Senior Research Analyst Prachir Singh.

Singh added that local manufacturing remains robust for segments like smartwatches, TWS, tablets, and neckbands.

“The local manufacturing share in the TWS segment increased to 37% in Q3 2022 from 16% in the previous quarter,” he noted.

Bharat FIH, Padget, Avishkaran and Optiemus were the top four brands and cumulatively contributed to almost 90% of the locally manufactured TWS shipments. In the tablets category, Samsung, Dixon and Wingtech contributed to more than 90% of the locally manufactured shipments. However, in the smartwatch category, Optiemus dominated local manufacturing and contributed to more than 90% of the shipments, as per the analyst.

A senior industry official said top Chinese handset brands such as Xiaomi, Oppo, Vivo and Transsion were also in talks with the likes of Bhagwati (Micromax), Lava International, UTL Neolync, Optiemus Electronics, and Dixon Technologies, all of whom have been approved under the PLI scheme.

Research Analyst Priya Joseph noted that the Centre is making strides to drive local manufacturing in several segments such as audio products, and EVs.

“These efforts now also include semiconductor manufacturing. Many states like Gujarat have even come out with their own semiconductor policies and are bringing about associated reforms and policy changes (like labour and land reforms in Karnataka) to harness India’s potential in this space,” Joseph said.

Additionally, these efforts will impact the local value addition in the wearables segments, and many companies may look at increasing their capacities while new entrants may also opt for local manufacturing, she concluded.

Apple’s shares declined 3.7% to $125.07 after Exane BNP Paribas analyst Jerome Ramel downgraded the company to “neutral” from “outperform,” slashing his price target to $140 from $180, according to Refinitiv Eikon. Also exacerbating investors’ worries that a slowing global economy and high inflation may be hurting demand for Apple devices, Nikkei reported, citing unnamed suppliers, that Apple has told suppliers to manufacture fewer parts for its ear buds, watches and laptops.

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  • Published On Jan 11, 2023 at 09:40 AM IST

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