During the year 2019, there has been a structural shift in the market, leading to phenomenal growth in smart TVs and large-screen ultra-high-definition (UHD) TVs. Smart TVs have registered more than 60 percent growth and UHD TVs have grown by more than 80 percent. Smart TVs now contribute to 70 percent of the total TV sale.
The way it is going, the smart TVs will contribute to more than 80 percent of total sales in 2020. It is expected that sales of large-screen TVs, 43-inch–65-inch will double during the year 2020.
Twenty-four-inch-LED TVs have lost out and are selling in some select markets only. For all practical purposes, 32-inch LED TV has become the entry point.
The year 2020 will see the shifting of smart TVs from AOSP to Certified Google Android TVs and Fire TV. Internet penetration in India at present is around 38 percent, which is growing at a fast pace.
Better internet speed and advent of high-quality streaming services, such as Netflix, Hotstar, and Amazon Prime, have emerged as a key factor in driving the smart TV market. In the coming time set-top boxes may become redundant.
Currently, the Indian televisions industry is undergoing a systemic shift. The pace of technological change is accelerating so fast that finding the right balance between addressing today’s operational challenges and planning for the next big thing can be a struggle. To innovate, prosper, and survive has become the motto of the industry.
Even though manufacturers in the LED TV industry are being pressured to lower prices in the short term, in the long run there will be limited room for further LED price cuts. This can be explained by growing number of manufacturers withdrawing from the market in the near future as LED TV price is close to the manufacturing cost and reduces the company’s profitability.
Increasing disposable income, coupled with technological advancements and growing preference for smart, internet-enabled televisions, is set to drive Indian televisions market in 2020.
Changing lifestyles and spending pattern of the Indian middle class on entertainment is further boost to the industry. Premier sporting events, Summer Olympic 2020 in July and T20 Cricket World Cup in October, are going to boost up the LED TV sales during the second half of 2020.
During the last year, we produced more than 500,000 LED TVs, and have two fully operational lines. We are making LED TVs starting from 24-inch and up to 65-inch. We are expanding our production capacity to make 4000 LED TVs per day from February 2020 onward.
Our plan is to make one million LED TVs in 2020. A major chunk of our resources is being allocated in strengthening the R&D and quality check (QC) departments in line with requirement of the brands working with us who are looking for technologically superior products with the quality, which is better than the best in the industry.
We at Veira are now fully geared up to meet the qualitative and quantitative requirement of our esteemed customers.