TVs to get cheaper as govt slashes GST, set to boost festive demand

Smart Tv

Televisions are set to become more affordable with the GST Council slashing the rate on 32-inch and larger models from 28% to 18%. The move, announced at the Council’s 56th meeting on September 3, is expected to revive demand in India’s $12-billion TV market ahead of the festive season, spurring consumer upgrades to bigger screens and premium technologies like QLED and mini-LED at a time when the industry has been battling declining sales.

“Already, we are seeing a movement towards large sizes and formats… the GST rate cut will accelerate movement to new technology and larger sizes. TV is very unique in an industry where you have three, four technologies at the same time—4K, QLED, OLED, mini-LEDs. The GST cut will accelerate the migration to new technology and larger sizes,” Sandeep Arora, chief business officer at Xiaomi India, told Moneycontrol.

He added: “Already, we are seeing the industry trending towards 24–25% share for larger screens, and this whole change is just going to accelerate with the GST cut.”

India’s smart TV market declined by 3% in 2024, while the overall TV market shrank 6%, according to Counterpoint Research, as inflation and weak consumer sentiment weighed on demand. Analysts believe the GST cut, combined with festive discounts and a premiumisation wave, could provide much-needed relief and drive upgrades.

India's total television market size was approximately $12.2 billion in 2024, with projections to reach around USD 35 to 36.4 billion by 2033, according to reports from IMARC Group and Custom Market Insights. The market is projected to grow over the next 3–4 years, driven by larger screen adoption and advanced display technologies becoming mainstream.

Samsung, LG, Xiaomi, TCL and Sony remain the top five players, but intense competition has forced exits.

Chinese brands OnePlus and Realme withdrew from India’s smart TV segment in 2024, while more than 15 long-tail brands, including Intex, Philips, Amazon Basics, and Panwood, also exited due to margin pressures, leaving around 60 active brands in the market.