‘Made in India’ TV shipments grew 33% QoQ in Q3 2022 (July-September) to reach over 5 million units, according to the latest research from Counterpoint’s Made in India service. In the electronic wearables category, the TWS segment led in terms of local manufacturing with almost 37% of its shipments being manufactured in India.
Commenting on the local manufacturing ecosystem, Senior Research Analyst Prachir Singh said, “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. Local manufacturing continues to stay robust for segments like smartwatches, TWS, tablets and neckbands also. The local manufacturing share in the TWS segment increased to 37% in Q3 2022 from 16% in the previous quarter. 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 the local manufacturing and contributed to more than 90% of the shipments.”
On the Indian government’s focus, Senior Research Analyst Anshika Jain said, “Under the Made in India theme, local manufacturing aims to even go beyond smartphones to cover segments like audio products, wearables and EVs. More and more efforts are being made to make the country a significant player in the global value chain. 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.”
The government’s vision to increase local manufacturing as well as design capabilities in India will impact the local value addition in the wearables segment. We may see many companies increasing their capacities, with the new entrants also opting for local manufacturing.