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Global TV Shipments Fall 3% in 2023; China Drives Premium Segment Growth

  • The global TV market’s shipments fell 3% in 2023 to reach 223 million units.
  • The US market’s strength proved insufficient in offsetting the weakness in China and Europe.
  • Counterpoint Research has initiated global TV market coverage with its first joint shipment tracker with DSCC.
  • Premium TV shipments fell 1% during the year despite extremely strong growth in China.
  • The premium segment is expected to grow by mid-single digits in 2024 on recovery in the US and Europe.

Seoul, Beijing, Boston, Buenos Aires, Fort Collins, Hong Kong, London, New Delhi – February 27, 2024

Global TV shipments fell 3% in 2023 to reach 223 million units as the US market’s strength was not enough to offset market declines across China and Europe, according to Counterpoint Research’s Global TV Shipment Tracker. Samsung Electronics remained in the top spot while Chinese vendors Hisense and TCL grew by mid-single digits, riding the growth in North America.

Counterpoint Research has initiated coverage of global TV shipments with the Global TV Shipment Tracker, a quarterly report split by region, screen size, resolution, average selling price (ASP) and other parameters. This tracker comes in collaboration with DSCC, which Counterpoint acquired recently. DSCC is providing enhanced details on premium segments, including advanced display technologies across OLED (includes QD-OLED), Mini/Micro LED and quantum dot LCD.

“We are excited to roll out Counterpoint Research’s Global TV Shipment Tracker, a powerful tool to assess the market and technology trends as well as the competitive environment,” said Tom Kang, Director, Counterpoint Research. “As the first joint product of Counterpoint and DSCC, the tracker also shows how we are bringing additional value to clients, with the net result much greater than the sum of its parts.”

Global TV Market Shipment Share by OEM, 2023 vs. 2022
Source: Counterpoint Research Global TV Shipment Tracker
Note: Numbers may not add to 100% due to rounding

Premium TV shipments for the year decreased 1% annually but increased their market share to 10% helped by a surge in China, which saw its shipments and revenues growing 39% and 49%, respectively. A clear shift towards MiniLED LCD TVs by key Chinese OEMs, coupled with aggressive pricing and promotions, helped drive the segment domestically. The global premium TV segment is expected to grow by mid-single digits in 2024 on recovery in the US and Europe.

Global Premium TV Shipment and Revenue Share by OEM, 2023
Source: Counterpoint Research Global TV Shipment Tracker

“We are expecting premium to do better this year on increasing screen sizes and ASPs,” said Calvin Lee, DSCC Senior Director, South Korea. “Recovery in the US and Europe will be a big factor but, as we are seeing in China, the right balance of features and pricing can be a big driver of replacement rates.”

Background

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

Follow Counterpoint Research

press(at)counterpointresearch.com

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2.2 Billion IoT Connections Expected to be on eSIM by 2030

  • IoT eSIM connections are expected to grow 43% annually between 2023 and 2030.
  • New GSMA standards for IoT eSIM are expected to accelerate the adoption of eSIM in IoT as constrained devices benefit from new standards.
  • China lags in eSIM adoption despite being the largest IoT market in terms of connections.

Seoul, Beijing, Boston, Buenos Aires, Fort Collins, Hong Kong, London, New Delhi – Feb 20, 2024

IoT connections on eSIM are expected to grow at a rapid pace of 43% annually to reach 2.2 billion by 2030, according to a recent report released by Counterpoint Research on the IoT connectivity landscape. By 2030, almost a third of the IoT connections will be on eSIM or iSIM.

Commenting on the current state of IoT eSIM connections, Associate Director Mohit Agrawal said, “eSIM growth in IoT has lagged behind that in consumer space due to the restrictive M2M eSIM specifications. As a result, at the end of 2023, there were a little less than 200 million eSIM connections in the IoT space despite the excellent product-market fit.”

Agrawal added, “China, the world’s largest IoT market, has low single-digit eSIM penetration due to restrictive regulations around eSIM in the past and the high proportion of LPWA devices which currently do not support eSIM. The eSIM penetration in the rest of the world is much higher than in China but the large IoT base in China brings the overall global eSIM penetration to less than 10%.”

Commenting on the eSIM forecast, Senior Research Analyst Ankit Malhotra said, “The new GSMA standards for IoT eSIM (SGD.31/32) are expected to bring the eSIM to constrained devices, which is likely to massively push the growth in eSIM and later iSIM. eSIM vendors and IoT connectivity providers have multiple proof of concepts on the new IoT eSIM standards and the big push is likely to happen next year after the test specifications are released by GSMA later this year. The early adopters of eSIM in IoT have been mostly automotive customers as the enterprises have not really been able to change the connectivity provider at will”

The comprehensive and in-depth IoT Connectivity Landscapereport and the ‘Connectivity Management Platform Rankings’ report are now available. Please contact Counterpoint Research to gain access to the reports. 

Background

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects, and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

 

Amid Waning Demand, Cellular IoT Module Market Faces Another Challenging Quarter in Q3 2023

  • Despite a decline in shipments, Quectel continued to lead, followed by Fibocom and China Mobile.
  • The top five applications – smart meter, automotive, POS, router/CPE and telematics – accounted for over 60% of total cellular IoT module shipments.
  • Against the backdrop of muted demand, full-year shipments for 2023 are expected to decline by 5%.

Seoul, Beijing, Boston, Buenos Aires, Hong Kong, London, New Delhi, San Diego – January 4, 2024

Global cellular IoT module shipments saw a 2% YoY decline in Q3 2023, according to Counterpoint’s latest Global Cellular IoT Module and Chipset Tracker by Application report. Weaker demand, rising interest rates and cautious spending from enterprise IoT players are some of the important factors for slowdown in this market.

For the first time, the 5G market’s share in the global cellular IoT module market crossed 5%, indicating traction for 5G adoption. However, 5G applications are currently limited due to the lack of killer use cases and higher prices. We are only witnessing early adoption in the router/CPE, PC and automotive markets.

The IoT module market is undergoing a technology transition from 4G Cat 1 and NB-IoT to 4G Cat 1 bis. The low-cost and power-efficient 4G Cat 1 bis is becoming popular for many applications, including POS, smart meter, telematics and asset tracking.

Commenting on the market dynamics, Associate Director Mohit Agrawal said, “The top five applications, encompassing smart meter, automotive, POS, router/CPE and telematics, accounted for over 60% of total cellular IoT module shipments this quarter. Notably, only the smart meter and router/CPE segments observed positive growth in shipments, with other applications experiencing a decline.

India stands out as the only region to register positive growth in the global cellular IoT module market. Conversely, the market outside of China and India saw a steeper decline compared to China. Contrary to industry expectations, the market is not gaining momentum.”

Global Cellular IoT Module Shipments Share by Vendor Q3 2023

  • Quectel, the market leader, and Telit Cinterion, one of the leading international vendors, experienced a decline in shipments. This trend mirrors the prevailing conditions in both the Chinese and global IoT module markets. However, Quectel showed a slight improvement in performance in the global market on a sequential basis.
  • In contrast, the other two vendors in the top five – China Mobile and Fibocom – saw positive growth. This growth was driven by smart meter, asset tracker and POS for China Mobile and router/CPE applications for Fibocom. China Mobile recently established a subsidiary, BILIN’ZHILIAN, to accelerate its module business growth.
  • Certain Chinese brands such as Unionman, OpenLuat and Lierda exhibited positive performance from a niche perspective. Their growth was fuelled by applications in smart meters, asset tracking and POS.

Commenting on the future outlook, Senior Research Analyst Soumen Mandal said, “Global cellular IoT module shipments are projected to experience a 5% YoY decline in 2023. However, demand revival is expected by the second half of 2024, with substantial growth predicted for 2025, coinciding with the mass adoption of 5G and 5G RedCap. In the long term, the cellular IoT module market holds promise and applications such as smart meter, router/CPE, POS, automotive and asset tracking will be driving most of the growth for this market.”

For detailed research, refer to the following reports available for subscribing clients and individuals:

Counterpoint tracks 1,500+ IoT module SKUs on a quarterly basis and provides forecasts on shipments, revenues and ASP performances for 80+ IoT module vendors, 12+ chipset players and 18+ IoT applications across 10 major geographies.

Background

Counterpoint Technology Market Research is a global research firm specializing in products in the technology, media and telecom (TMT) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

Follow Counterpoint Research

press(at)counterpointresearch.com

Cisco, Telefonica and Vodafone Pacesetters for 2023 IoT Connectivity Management Platform (CMP) Ranking

  • CMP market dynamics is changing as new players emerge, but concerns persist on coopting with competitors. 
  • The Chinese business model on IoT connectivity is different from the rest of the world and driven by significantly lower realization per IoT connection. 
  • Rankings cover 27 CMP players across white-label, captive and third-party players.

New Delhi, Beijing, Seoul, Hong Kong, London, Buenos Aires, San Diego November 14, 2023 

Cisco, Telefonica and Vodafone have emerged as ‘Pace-setters’ in the Global IoT Connectivity Management Platform (CMP) Rankings, according to the 2023 edition of Counterpoint Research’s CMP CORE (COmpetitive, Ranking, and Evaluation) report.  

Commenting on the IoT CMP rankings and the competitive landscape, Associate Director Mohit Agrawal highlighted, “Connectivity is at the heart of IoT implementations, and connectivity management platforms have an important role to play. The CMP space has been under the spotlight since Aeris acquired the Ericsson IoT Accelerator in March. The emergence of dynamic, cloud-centric players like Eseye, Soracom, floLIVE and Emnify is providing serious alternatives to existing platforms for connectivity providers but concerns on using a platform from another connectivity provider persists.”  

Agrawal added, “China, the world’s largest IoT market, is dominated by Huawei and Whale Cloud but both the players have limited presence outside of China. China’s IoT connectivity market continues to follow high growth at sub-$2 revenue per connection per year impacting the business model of CMP players.” 

Commenting on the research findings, Senior Research Analyst Akshara Bassi said, “Cisco has a significant lead over its competitors in terms of platform capability as well as execution capability. Vodafone and Telefonica joined Cisco in the Pace-setter category of rankings, showcasing the strong in-house capabilities of these leading mobile operators. The Pace-setters have industry-leading features across all the measured parameters and can execute well in the market. Cisco leads in provisioning, orchestration, analytics, product maturity and integration with OSS/BSS while Telefonica leads in cloud integrations and ease of use. Vodafone excels in security and billing.” 

Aeris, Verizon, Cubic Telecom, Whale Cloud, Wireless Logic, Kore Wireless, Emnify, Soracom and Velos have emerged as Leaders in the CMP market. These players have swiftly added features to their platforms to address new use cases, especially from Mobility. Cubic does well in analytics, particularly for the automotive industry. 

floLIVE, BICS, Eseye, Onomondo, Mavoco and Pod Group have emerged as Challengers with very capable platforms but still do not have the required market presence. Bassi added, “Over time, these particular vendors are most likely to move up to the Leaders quadrant”. 

Comarch, Huawei, 1NCE, Nokia and NTT Transatel are Up-starters with significant execution capabilities, but the platform lacks a few key features compared to the Leaders. Comarch and Nokia do well on integration with OSS and BSS while Huawei is the largest CMP in terms of managed connections as it powers China Mobile. 1NCE may not have some of the features compared to other CMPs but has a disruptive business model and hence its CMP does not fit the traditional feature sets. 

IOTM, ConnectedYou, Pelion and 1oT round up the rankings as they find themselves in the Niche segment. Agrawal clarified, “There has been an emergence of platform aggregators, such as IOTM and ConnectedYou, focusing on ‘Bring Your Own Contract’. Platforms from these players have a different role compared to those of traditional CMPs and hence their features are not directly comparable with other CMP vendors. These players provide a single pane of glass and superior analytics, but their USP is under threat as leading CMP players are adding these functionalities to their platforms.” 

The CMP rankings survey is one of most comprehensive surveys on the topic involving 27 players through multiple interviews and research spanning more than six months. 

The comprehensive and in-depth ‘IoT Connectivity Landscapereport and the ‘Connectivity Management Platform Rankings’ report are now available. Please contact Counterpoint Research to gain access to the report. 

Background: 

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects, and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry. 

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Signify’s Q3 2023 Sales Falls 14% YoY Hit by Macroeconomic Difficulties

  • Signify’s installed base of connected light points reached 121 million in Q3 2023.
  • LED-based sales represented 85% of total sales.
  • Signify gained market share in the professional segment, driven by strong demand for connected systems and services.

Signify reported a 13.8% YoY decline in Q3 2023 sales to reach $1.8 billion, as the global lighting services provider was hurt by persistently weak performance across all three major product lines and the negative currency impact from the depreciation of the US dollar. Signify’s installed base of connected light points reached 121 million by the end of Q3 2023.

A chart showing Signify Sales by Segment in Q1 2021-Q3 2023

Signify CEO Eric Rondolat, during the earnings call, discussed a few key things such as business and operations performance and outlook:

Business and Operations Performance

CEO Eric Rondolat: “In the third quarter, we continued to recover our gross margin, which is a 2023 priority. Operating margin and free cash flow growth were in line with our expectations. While we see persistent weakness in China, in the connected consumer and LED electronics businesses, we gained market share in the professional segment, driven by strong demand for connected systems and services. We are also pleased to report that we have been able to bring our Conventional Products division back to its historical performance levels.

Analyst Take: “Signify is facing increasing competition from Chinese and South Korean manufacturers, which are offering lower-priced lighting products. Additionally, the company is still heavily reliant on traditional lighting markets, such as Europe and North America, which contribute to more than 60% of its sales. This makes it vulnerable to economic downturns in these regions. Signify needs to continue to innovate and expand into new markets to maintain its leadership position.

Outlook

CEO Eric Rondolat: “With the visibility we have into the final quarter, we confirm our guidance for the full year. However, we expect macroeconomic external factors to continue to put pressure on our topline in the quarters ahead. We are well positioned by the cost reduction actions that began earlier this year. Further structural measures will be implemented through Q1 2024 to improve our efficiency and speed of execution, and enhance our focus on the growth opportunities presented by the accelerating transition to ultra-efficient LED and connected lighting technologies.

Analyst Take: “Muted demand for lighting systems resulting from the difficult macroeconomic situation and negative currency impacts has weighed on Signify’s Q3 2023 performance. However, Signify’s pricing strategy is expected to improve the company’s efficiency in the coming quarters. The strong demand for LED and connected lighting systems and services is expected to help Signify bring its top-line sales back to normal levels.

A chart showing Signify Sales by Geography in Q1 2021-Q3 2023

Q3 2023 Result Highlights and Summary:

  • Signify’s Digital Solutions segment reported sales of $1,077 million in Q3 2023, down 10% YoY, as the order intake during the quarter was lower due to high energy costs. Meanwhile, the company saw strength in professional systems and services, which was, however, more than offset by weakness in indoor professional lighting, particularly horticultural lighting.
  • The Digital Product segment saw sales decline by 17% YoY in Q3 2023 to $553 million primarily due to continued weakness in the consumer-connected segment, the OEM business and top-line weakness in the Chinese Klite business.
  • The Conventional Products segment sales fell 26% in Q3 2023 to $158 million. The decline in volume is in line with company expectations for conventional product segment. However, adjusted EBITA margin improved helped by lower cost of goods sold and a positive effect on price.
  • In Europe, sales declined by 11% to $529 million as most markets in the region declined except the Nordics and Italy. In the Americas, sales fell 15% to $718 million as solid growth in Latin America did not manage to offset weakness in the US. In the Rest of World, sales declined by 16% to $408 million mainly due to continued weakness across most markets except the Middle East and as China has yet to recover. Global business sales declined by 14% to $139 million mainly due to weak performance of the Klite and Fluence lighting.
  • LED-based sales accounted for 85% of total sales, reflecting the steady growth in adoption of energy-efficient LED lighting solutions.
  • Over the years, Signify has acquired a number of well-known lighting brands, including Philips Lighting, Interact, Color Kinetics, and WiZ, which has helped the company establish a leading position in all major lighting segments, including professional lighting, consumer lighting, and horticultural lighting.
  • Signify has a strong track record of innovation in the lighting industry. It invests heavily in R&D and has several patents for lighting technologies, which shows the company’s emphasis on innovation in lighting technologies. Signify recently introduced the new Philips Hue Secure cameras, sensors, and app features to help secure homes. Signify is also exploring new ways to use smart lighting systems to integrate with smart devices and improve home security.
  • Signify offers a wide range of lighting products and solutions, from traditional light bulbs to the latest LED lighting and connected lighting technologies. Apart from these, Signify has a large and diverse customer base, including businesses, governments, and consumers. Given these advantages, Signify is expected to navigate through these difficult times of macroeconomic uncertainty and maintain its leading position in the lighting industry.

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Landis+Gyr Overcomes Supply Chain Challenges to Post Record H1 2023 Revenue

  • Americas and EMEA regions registered strong revenue growth for the company in H1 2023.
  • Landis+Gyr shipped 10 million IoT devices in H1 2023.
  • AI-driven grid-edge intelligence for localized decision-making is revolutionizing the utility sector.

Landis+Gyr, a leading global provider of integrated energy management solutions, achieved remarkable results in H1 2023. The company’s net revenue grew 33.2% YoY to reach an all-time high of $970.5 million. This robust revenue growth was driven by a strong focus on backlog execution and improved component availability.

A graph showing Landis+Gyr Net Revenue in H1 2018 compared with H1 2023

Landis+Gyr CEO Werner Lieberherr, during the earnings call, discussed a few key topics like financial performance and management strategy going forward:

Financial performance and outlook

CEO Werner Lieberherr: “In the first half of the financial year 2023, we were able to demonstrate our ability to deliver continued strong growth and margin expansion. The steadily improving component availability and a strong focus on backlog execution drove growth and supported our ability to serve customer demand even better in the first half of the year. Continued strong order intake shows the trust our customers have in our solutions and underlines the recession-resilient nature of our company. As a result, we expect to deliver around the upper end of our margin guidance for the full year, assuming broadly unchanged global economic conditions.”

Counterpoint analyst take: A significant portion of Landis+Gyr’s revenue comes from a small number of key customers. This makes the company vulnerable to the impacts of change in demand. The metering market is highly competitive, with a number of large and well-established players. This can make it difficult for Landis+Gyr to maintain its market share. However, the company is addressing these concerns by continuously partnering with new customers and utilities to scale its solution and to be more competitive in this market.

Future strategy

CEO Werner Lieberherr: “Additionally, energy efficiency and grid resiliency are on top of mind as we are heading into winter. These factors, paired with our strategic transformation, provide a solid foundation for sustained profitable growth. The increased need for intelligence at the grid edge positions us in the sweet spot of the energy transition as we offer end-to-end solutions to our customers to manage energy better and drive the decarbonization of the grid.”

Counterpoint analyst take: Landis+Gyr has been a leader in innovation in the metering industry, with a strong track record of developing new products and solutions. This coupled with its wide range of metering solutions, including smart meters, grid-edge devices and software solutions, has helped the company to maintain its solid position in the metering industry. The acquisitions and investments in recent years, with a strong focus on high-growth opportunity areas, like a new comprehensive EV solution portfolio and flexibility management, will give Landis+Gyr over-proportional growth and make it resilient to recession.

H1 2023 result highlights and summary

  • Landis+Gyr’s H1 2023 bill-to-book ratio was strong, reflecting the continuation of smart metering rollouts across major regions, conversion of backlogs with improved component availability, contract wins across regions and strong demand. The company’s revenue and other financial parameters improved due to the growth in its residential load management software and services and meter data management system solutions.
  • Landis+Gyr shipped 10 million IoT devices in H1 2023, an increase of 38% YoY. This will also help to strengthen the installed base for future software revenues.
  • The company had a solid order intake of $958.1 million, an increase of 22.5% in H1 2023, driven by sustained strong order intake, including major contract wins in the Americas and Europe, Middle East & Africa (EMEA) regions. However, the total backlog for the period rose 7.2% YoY to reach a high of $3,730.5 million on supply chain constraints.
  • In H1 2023, the Americas region delivered exceptionally strong net revenue growth of 44.2% YoY to reach $564.8 million driven by strong backlog conversion.
  • The business in the EMEA region also grew significantly with net revenue increasing 29.7% in constant currency terms to reach $321.6 million driven by the Switzerland and France markets and the Luna business in Turkey, offsetting the softening in the UK market.
  • Net revenue from the Asia-Pacific region declined 5.5% to $84.1 million due to the discontinuation of manufacturing activities in India, which was partially offset by its strong performance in Hong Kong.
  • In America, Landis+Gyr’s key product launches in H1 included the Series 5 M125 residential gas retrofit modules, which offer enhanced meter reading capabilities and tamper sensors, and the rollout of the Revelo application developer kit to the developer community to enable increased software offerings.
  • In the EMEA region, the next-generation grid meter family debuted with the introduction of the E860. The company also launched an analytics platform offering essential insights for grid operations, with the inaugural power quality cloud customers now active. Besides, it unveiled a new residential EV charging platform, targeting a new market segment.
  • The acquisition of Thundergrid, a comprehensive EV infrastructure services firm, enhances the company’s EV solutions for the APAC region.

A graph showing Landis+Gyr Revenue by Region in H1 2018 compared with H1 2023

Key takeaways

  • Landis+Gyr consistently achieves positive revenue growth through significant contracts in smart metering, grid edge intelligence and smart infrastructure. The rising importance of AI-driven grid-edge intelligence for localized decision-making is revolutionizing the utility sector. This prompts the company to prioritize a ‘SaaS-first’ strategy across products, targeting recurring revenues.
  • The other players in the ecosystem are also struggling to meet customer demand due to various supply chain challenges and global economic uncertainties. Landis+Gyr is not an exception, but we expect conditions to improve by the close of 2023.
  • Landis+Gyr is set to benefit with its large and diversified customer base, including utilities, grid operators, and commercial and industrial customers, and a strong global presence. However, it has to tackle some challenges like price competitiveness. Landis+Gyr offers superior products but faces increasing price pressure from its competitors. This can make it difficult for the company to increase its margins.
  • The strong order intake indicates a favorable market environment and an increased need for more intelligent power grids. This will drive energy efficiency and ensure critical infrastructure stability.

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Counterpoint Quarterly: IoT Q3 2023

Counterpoint
Quarterly

IoT EDITION

PDF | 31 pages
Published date: November 6th 2023

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Global Cellular IoT Module Shipments Decline 3% YoY in Q2 2023

  • Quectel and Fibocom maintained their market leadership while China Mobile overtook Telit Cinterion to become the third largest player.
  • The top three applications accounted for around 51% of shipments in Q2 2023 compared to 41% in Q2 2022.
  • For the full year 2023, global cellular IoT module shipments are expected to remain almost flat compared to 2022.

San Diego, Buenos Aires, London, New Delhi, Hong Kong, Beijing, Taipei, Seoul – October 16, 2023

Global cellular IoT module shipments saw a 3% YoY decline in Q2 2023, according to Counterpoint’s latest Global Cellular IoT Module and Chipset Tracker by Application report. The decline was driven by factors such as lower demand and weaker economic sentiments. Barring the top three applications – smart meters, point of sale (POS) devices and automotive, most segments experienced a sharp drop in shipments. The top three applications – smart meters, POS devices and automotive – accounted for about 51% of the market in Q2 2023. India was the only market to register positive shipment growth for the quarter.

Commenting on the market dynamics, Associate Director Mohit Agrawal said, “In Q2 2023, many of the module players experienced shipment declines as the market shrunk for the first time since the start of COVID-19. The pandemic-induced demand for connected devices is wearing off while the digital transformation efforts in industrial and other key verticals are yet to translate into shipments. Quectel’s revenue from international markets surpassed its revenue from China. Chinese module vendors are increasingly coming under US scanner for security concerns. This scrutiny could potentially challenge their global expansion plans, paving the way for other vendors to seize more opportunities.”

A Chart Showing Global Cellular IoT Module Shipment Share By Vendor Q2 2023

  • Quectel, the leading module vendor, experienced a decline in its market share due to weakened demand.
  • China Mobile, with strong performance in smart meter, POS and asset tracker applications, overtook Telit Cinterion to become the third largest player in the global cellular IoT module market.
  • Telit Cinterion faced challenges due to the market downturn. With India expected to be the fastest-growing market by 2030, Telit recently partnered with VVDN to produce IoT modules in the country and increase its presence there.

Commenting on the future outlook, Senior Research Analyst Soumen Mandal said, “IoT module shipments for the full year of 2023 are expected to remain flat compared to 2022. The IoT module market’s performance in H2 2023 will be better than in H1 2023 as the market is showing early signs of recovery. However, the lower demand is influencing the market’s long-term growth trajectory, with the current demand shifting by 2-3 years.”

Mandal added, “The adoption of 5G technology has been slower than expected, primarily due to its higher costs, coverage issues and maturity of the 5G device ecosystem. The forthcoming 5G RedCap has the potential to become the industry’s game changer by offering a more affordable solution. Early adoption of 5G RedCap is expected in POS and router/CPE applications.”

For detailed research, refer to the following reports available for subscribing clients and individuals:

Counterpoint tracks 1,500+ IoT module SKUs on a quarterly basis and provides forecasts on shipments, revenues and ASP performances for 80+ IoT module vendors, 12+ chipset players and 18+ IoT applications across 10 major geographies.

Background

Counterpoint Technology Market Research is a global research firm specializing in products in the technology, media and telecom (TMT) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

Counterpoint Research
press(at)counterpointresearch.com

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India Smart TV Shipments Declined 5% YoY in First Half of 2023

  • Shipments of smart TVs in the screen size range of 55” and above increased 18% YoY.
  • Smart TV contribution to overall TV shipments was over 91% in H1 2023.
  • Online channels contributed 39% of the overall shipments during the year.
  • Dolby Audio has become the de-facto audio technology for smart TVs.

New Delhi, Boston, Toronto, London, Hong Kong, Beijing, Taipei, Seoul – October 3, 2023

India’s smart TV shipments declined 5% YoY in H1 2023, according to the latest research from Counterpoint’s IoT Service. The decline was primarily due to the prevailing inflation and other macroeconomic headwinds in the country, which forced people to restrict their purchases to essential items.

Commenting on the market trends, Research Analyst Akash Jatwala said, “Many people bought their first smart TV during the COVID-19 pandemic, especially the 32” size. After experiencing the benefits of smart TV, they are now preferring bigger screen sizes for their living rooms, especially 43” and 55”. In H1 2023, the demand for bigger screen size smart TVs (55” and above) increased by 18% YoY. Further, consumers looking to upgrade their smart TVs will prefer a premium product due to the availability of better features.

Smart TV share in overall shipments reached its highest ever of 91% during the first half of 2023. This share is expected to go up further due to the increasing broadband penetration and the rising popularity of OTT platforms, among others.”

A chart showing different smart TV brands' share in smart TV shipments in H1 2022 vs H1 2023
Source: India Smart TV Shipments Model Tracker, Q2 2023
Note: Xiaomi’s share includes Redmi’s share

Looking at the market dynamics, Senior Research Analyst Anshika Jain said, “The OTT services are helping in the growth of smart TVs due to the streaming of popular sports events, TV series, and movies, which creates stickiness among the consumers. Both OTT services and smart TVs offer a better viewing experience due to enhanced display technologies and the availability of features like Dolby Atmos and Dolby Vision.

While Dolby Audio surround sound has become the de facto audio technology for smart TVs, we are now seeing many smart TV SKUs also supporting both Dolby Atmos and Dolby Vision. Smart TVs with these features are now available in the price range starting from INR 20,000. With the upcoming festive season, rising consumer awareness, and broadcast of multiple sports events, especially the Cricket World Cup, on the OTT platforms, Dolby’s penetration is expected to increase further in the smart TV segment.”

QLED TVs are becoming popular in the mid-segment (INR 30,000-INR 50,000) as most of the brands are launching affordable QLED TVs with smaller screen sizes. QLED TV shipments increased more than 21% YoY in H1 2023 and their contribution in the overall smart TV sales is expected to rise further.

Market summary for H1 2023

  • Xiaomi continued to lead the smart TV market in H1 2023 with a 10% share. During this period, Xiaomi launched the X Pro series, Mi TV X series and Mi TV 5A Pro series.
  • Samsung took the second spot in the smart TV market in H1 2023. During the period, Samsung launched newer models in its QLED series and Crystal 4K series. Samsung also held a TV fest where it offered great deals on the S23 Ultra and The Freestyle projector and a soundbar with selected QLED and OLED models.
  • OnePlus was one of the fastest-growing brands and ranked third in H1 2023. The Y1S and Y1s Pro series were among its bestsellers. During the period, OnePlus launched QLED TV Q2 Pro.
  • LG took the fourth spot in the smart TV market in H1 2023. During this period, the company launched multiple OLED models, including a 97” model. LG also had multiple promotions, where it offered a free soundbar, additional warranty and cashback on selected models.
  • TCL ranked fifth in H1 2023 and was among the fastest-growing brands. During the period, TCL launched multiple new models, including in the 32” screen size, and held contests where it offered TCL products to the winners.
  • Acer (707%) and Sansui (148%) were also among the fastest-growing brands during the period. Both updated their portfolios and launched new models, which fetched good consumer response. With an increase in market share, Acer also entered the list of top-10 best-selling smart TV brands.
  • Incumbents such as Xiaomi and Samsung are facing competition in the market, as other players are expanding their reach, especially offline, and launching products at different price points with better features.
  • TV manufacturing is increasing in India with the increasing investments by OEMs in creating manufacturing capacity. Newer OEMs are also entering the market and partnering with leading brands to make their TVs.
  • Consumer demand is shifting towards premium TVs for bigger screen sizes and better features. But still, the INR 10,000-INR 20,000 price band captured the largest share of 37% in the overall smart TV market in H1 2023. The shipments for entry-level budget TVs (<INR 10,000) more than doubled as this segment caters mainly to first-time buyers.

We estimate that India’s smart TV market will see a decline of 7% YoY in 2023. The second half of the year will see an increase in smart TV shipments compared to the first half due to the festive season. We will continue to see the entry of new models and an increasing push towards the online channel. The market is likely to return to normalcy in 2024 and is expected to grow by around 10% YoY. The increasing preference for premium TVs will drive the overall market’s average selling price (ASP) higher.

Note: Xiaomi’s share includes Redmi’s share

Background

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

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