The television market currently consists of televisions that cover a wide range of new technologies that go beyond the conventional cathode ray tube (CRT) format. Increasing innovation coupled with lower prices has augmented the penetration of flat-panel display across all income groups in the country.
Usage of television is no longer an urban phenomenon now with penetration of television in more than 99 Mn homes in rural India. TV manufacturers are rapidly adopting marketing of light-emitting diode (LED) TVs as they are sharper, colorful and more detailed, offering higher resolution pictures. With the decreasing trend in the prices of televisions, consumers tend to replace their televisions every 5 years.
Samsung, Sony and LG are the three major television manufacturers that dominate the Indian television market. Liquid crystal display (LCD) and organic light emitting diode (OLED) comprise the two major segments in the global television market. The super-premium segment includes OLED and ultra-high-definition (UHD) or 4K televisions. The festive season in India starting in August with Independence Day till Diwali in October, primarily drives consumers buying across all markets.
Key growth factors
The rapid growth of internet connectivity across the country, especially in tier II and III cities, is giving greater access to online entertainment portals to the tech-savvy generation. Flat-panel displays are extremely popular in urban areas as it occupies significantly less space and power consumption in comparison to CRT monitors.
Digital influence on broader consumer spending is significant and is growing rapidly. The implementation of the cable digitization mandate further aided by over the top (OTT) services has contributed vastly to the expanding popularity of new age televisions.
Threats and key players
The method of viewing content has gradually shifted from television to smartphones among the Indian consumers. Smartphones acting as a substitute for television is hindering the growth of the television market.
Indian manufacturers are highly dependent on import for sourcing major portions of the television components. Developing broadcast content and infrastructure for 4K television in India is still a steep task with only a handful of players keeping pace.
BPL Limited, Mirc Electronics Limited, Intex Technologies (India) Limited, Micromax Informatics Limited and LG Electronics India Private Limited are some of the major players that are operating in the Indian television market.— openPR