The recent report from Counterpoint Research has revealed that in Q3 2022, “Made in India” TV shipment volume rose by 33% year-on-year to reach over 5 million units.
Currently, the electronic goods manufacturing company Dixon is leading the “Make in India” TV shipment market, followed by Radiant.
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Additionally, the True Wireless Stereo (TWS) segment dominated domestic production in the field of electronic wearables, with around 37% of its sales coming from India. According to recent research, shipments of smartphones made in India decreased by 8% year over year in Q3 2022.
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Bharat FIH led the “Make in India” TWS shipments, followed by Padget, while Optiemus led the locally manufactured smartwatch shipments.
The research report also revealed that the TV market experienced significant QoQ growth as a result of the holiday season, which boosted consumer demand and increased local production shipments.
The top five producers produced more than 55% of the TVs exported from the country in Q3 2022. On the other hand, local production is still dominant in many sectors, including tablets, neckbands, TWS, and smartwatches.
According to the report, the government’s goal to increase local manufacturing and design capacity in India will affect local value addition in the wearables sector.
As a result, it’s possible that many companies will increase their capacity in the next few years, with newcomers favouring domestic manufacturing.
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