 "OnePlus TV 65 Q2 Pro")
OnePlus and Realme, subsidiaries of BBK Electronics Corporation, are planning to discontinue selling their television panels in the Indian market, according to sources familiar with the matter.
The move comes despite OnePlus capturing the second position in the lower than Rs 30,000 price segment last year.
Overall, it grew at an impressive 80 per cent year-on-year (Y-o-Y) rate, and was ranked fourth last year in the list of India’s smart TV shipments in 2022.
The Y1 and Y1S models were cited as bestsellers for the brand, which also recently launched the Y1S Pro series that got a robust reception.
A source indicated that high costs involved in servicing television panels might have influenced the company to take such a drastic decision.
Another source told Business Standard that employees were informed about the company’s plans to stop selling its television sets in the country.
OnePlus, however, refuted these claims.
When probed by Business Standard, it said: "We currently have no plans for that. Our TV products continue to be available for purchase and are well received in India."
An email inquiry to Realme had not received a response till the time the story went to print.
A report by Counterpoint Research on the Indian television market released in April revealed that Xiaomi remains the market leader in 2022, holding a 11 per cent market share.
"The Mi TV 5A series and Redmi Smart TV series, especially the 32-inch model, were among the volume drivers for the brand," the research agency said.
Samsung dominated the Indian TV market after Xiaomi, followed by LG at the No. 3 spot, according to Counterpoint Research.
According to the latest data from Counterpoint's Internet of Things (IoT) Service, India's smart TV shipments surged by 28 per cent Y-o-Y in 2022.
"The annual growth was primarily spurred by strong shipments during the third quarter's festive season, multiple new product launches, promotional discounts, and a demand surge for larger screen sizes in the lower price tier. However, growth for the fourth quarter of 2022 was almost flat at 2 per cent year-on-year, attributed to a post-festival season slowdown," the report said.
Data from Statista projects that the Indian television market will comprise 22.6 million units in FY23, up from 20.2 million units in FY22, and expects it to reach 30.4 million units by FY26.
The Counterpoint research added that 96 per cent of the market is currently dominated by LED TVs.
Several brands such as TCL, VU, Sansui, Hisense, Thomson, Blaupunkt, and Kodak have begun introducing new QLED TV models priced above Rs 30,000 and featuring screens bigger than 50 inches.
