Television is now an integral part of life. It is far beyond the stage of being only a medium to transmit images with sound, evolving from a luxury to necessity. It has become a facilitator of advertising, news, and education as a major source of entertainment. After watching TV on cathode ray tube technology for decades, consumers undoubtedly have favored the flat screen models, phasing out the traditional TV sets. Superior image and compact size, flat-screen TVs are a rage in the market. The technology used to make these sets has evolved rapidly to enable ever-increasing screen sizes and a better viewing experience.
The rising middle class in India favors innovative consumer electronics, including the flat-panel display TV, which is becoming a smart TV with ubiquitous connectivity in an automated home of the modern man. Despite huge demand, local capabilities on the manufacturing front have remained limited due to absence of an evolved ecosystem. In order to boost the local FPD TV ecosystem, mitigation of this challenge requires the identification of alternative value-added activities, such as panel assembly/production.
When it comes to technology, least to say, there is an abundant scope for technological advancements in the future. Videotex and Daiwa are continuously working toward improving their smart solutions and bringing more content. Since artificial intelligence is the talk of the town, the company is working toward enhancing the smart TV viewing experience to make not just the viewers experience good but also make the smart TV work smarter. To accomplish the same, the company is working closely with a lot of content partners.
There is a major shift in consumer preference. Increasing disposable income, affordable prices, and an increase in the number of nuclear families in the country that require the high demand for energy-efficient electronic goods, which increased the demand for LED television. The reduction in size, improved color contrast, ultra-high resolution and high-quality video, including high-definition LED TVs, have attracted a large number of traditional CRT TV consumers.
Today’s market is clustered with brands and has come a long way over the last couple of years. Due to the growing changes in the market, the growth of this industry has been continuously affected. Also, the discounted prices available online have taken a massive toll on the traditional mode of trade. It is not only the discounted prices that have given Indian brands a tough competition when it comes to LED TVs but also the Chinese brands spread across the Indian market that have made the competition even tougher. However, with the latest GST changes and revised policy norms, the market has shown some positive changes.
Pricing trends have always seen a constant change, going down the roller coaster every year. It is a complete ride. Pricing in this industry means war. The major effect is mainly due to small brands following unethical trade practices with no backup. Due to this, the trade industry has suffered a great deal. The government must take some sort of action against such practices. From frequent policy changes to online pricing and grey market, there are numerous challenges that are faced on a daily basis by today’s market. Along with this, duplicity of products has been a major concern these days.
Opportunities are endless in this industry in the near future for brands which have a complete backward integration setup or a good manufacturing partner.
In the near future, the company plans to majorly focus on more content, artificial intelligence in TVs and smarter TVs. Also, the focus is to increase its channel partners. For the ODM/OEM business, the company’s goal is to increase 20 percent more production in FY19-20, continue investing to strengthen its manufacturing, and also taking the Videotex legacy forward.