Consumer electronic maker Samsung India expects a nearly 25 percent growth in the LED TV segment this year as well as aims to capture around 36 percent share of the overall TV market by bringing products with the right proposition and new technologies, according to a senior company official. Besides, the company expects to grow "quite significantly" in the premium TV segment, where it aims to take its market share to 65 percent in 2022 from 50 percent last year.
Expanding its offering in the premium TV segment, Samsung on Tuesday launched its ultra-premium 2022 Neo QLED 8K and Neo QLED TVs in India, with prices starting from Rs 3.24 lakh and Rs 1.14 lakh respectively. "Last year, we had a share of 31.7 percent in terms of the entire TV industry and with these launches, we are aiming to take it to 36 percent (by value)," Samsung India Head of Sales, Marketing and Operations, Consumer Electronics Business Mohandeep Singh said.
Both from screen size and technology perspective, he said the company has a relevant proposition for the Indian consumers. "In 2021, Samsung India grew by 54 percent and we expect a growth of 25 percent this year. It should take our market share to 36 percent,” Singh said.
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According to industry analysts, the Indian television market is expected to be around $4.6 billion in 2022. The penetration level of TV in Indian homes is around 65 percent. Moreover, within that, panel TV is available for 15 percent of households only, Singh said.
"For us, there is a huge enough headroom to grow," Singh added. Driven by a rise in disposable income in India, the premium TV segment has witnessed significant growth, Singh said, adding that now people are looking for larger and better TVs integrated with new technologies delivering better picture and sound quality.
Samsung India, part of South Korean chaebol Samsung, has witnessed a two-fold growth for its QLED TV range (Quantum Dot Light-Emitting Diode) in 2021, which is synonymous with the premium market in India, Singh said. "We have around 50 percent market share in the premium segment and with the launch of this TV, we are looking to enhance our market share to 65 percent," Singh said, adding, ”our plan is to triple it after doubling it last year. We plan to grow 3X in the QLED segment”.
Samsung India, which earlier used to dominate the Indian LED panel market, now faces tough competition from several new entrants. Most of them have forayed into the segment in the last 3-4 years with attractive price points, starting from as low as Rs 12,000 onwards in the entry-level segment of 32 inches. When asked about increasing competition, Singh said, ”as far as Samsung is concerned, we are committed to serving the consumer at all price points, from entry-level to most premium level”.
Samsung would continue to cater to the consumer’s requirement, ensure to deliver the "right proposition" required by them, be relevant and sustain and grow in the market, he added. "We are focused on growing the Indian market and serving every consumer, whether it’s online and offline, entry-level or premium, we would continue," he added.
Presently, Samsung domestically manufactures 90 percent of its TV sold in India at its own factories and through OEMs.
(Edited by : Anand Singha)
