South Korean giant Samsung is targeting a turnover of Rs 10,000 crore for its television business in India this year, driven by growth in sales of its mid-to-premium segment models, said Mohandeep Singh, senior VP, consumer electronics business in India.
“Last year, the TV market was stagnant in terms of volume. However, this year we expect the market to be on a growth trajectory as far as volumes are concerned, and the volume growth is going to come not from the entry price points, but from the mid and premium price points,” he told FE.
“On the back of that, we intend to grow not just in volume terms and consolidate our leadership there, but also see strong double-digit growth in value terms,” he added. Singh was speaking at the company’s launch event in Bengaluru, where it introduced its QLED and OLED range of AI-feature enabled televisions.
Samsung has been leading the overall TV market in India for the past five years, as per data from Omdia. In 2022, it had a market share of 21% in India, which rose to 23% in H1 of 2023. Globally, it enjoyed a market share of 30% last year, primarily because of its premium and large-screen models.
Singh noted that there is an increasing trend of opting for premium television sets in India along with connected sound bars and sound systems.
“I think there is a trend that has set in the market where the consumers are not just buying a TV but they are investing into an entertainment solution,” he added.
He expects the premium and super-premium segments in the TV market to grow rapidly in India. The recently-launched AI-enabled QLED and OLED TVs are available in 4K and 8K, and up to a 98-inch screen size. While the Neo QLED 8K TV starts from Rs 3.19 lakh onwards, the Neo QLED 4K TV starts from Rs 1.39 lakh onwards and the OLED TV starts from Rs 1.65 lakh onwards.