Premium TVs to drive growth in segment for LG, expects to grow at 30%

In a major boost to its premium TV portfolio, LG Electronics on Wednesday launched 55 new AI-driven models, ranging from 43-inch to 97-inch, to tap into the growing Indian market for bigger screen sizes and retain its position as the market leader in the category.

“Currently, the majority of the Indian market is at 32-inch. However, that market is not growing as the customers are increasingly looking to buy screen sizes upwards of 43-inch,” Abhiral Bhansali, business head- home entertainment at LG Electronics India, told Business Standard, at the launch of the new TV models here.

The premium segment of the market is driving growth for the industry, Bhansali said.

“More consumers are upgrading to larger screens as they want a cinematic experience at home. With the IPL going on, people also want to replicate the feeling of being in a stadium inside their homes. These factors are helping growth of the market, as people upgrade to 55-inch and 65-inch sets,” he said.

With a 27.1 per cent share, LG is the market leader in the TV segment in the country. The Korean electronics major expects to grow at 30 per cent this year, in line with the 25 per cent growth the company witnessed last year.

The 55-inch TV category is fast becoming a bigger chunk of the market for the company, recording a growth of 30-35 per cent, he said.

“The 65-inch category is growing much faster. Pegging growth in the 75-inch category at 3x would be understatement as the segment is still very small. India is seeing a major jump in all those segments and we are doubling our business every year,” he said.

Increasingly easier financing options like long-term no-cost EMIs are aiding this shift in the market.

“We are proud to introduce the next generation of AI TVs, showcasing the forefront of innovations. There is a growing demand for large screen TVs in India and we are constantly enhancing our portfolio. With this new line-up, we aim to further enhance our market leadership in flat panel TV in India,” said Hong Ju Jeon, managing director, LG Electronics India.

According to GfK data shared with Business Standard last year, the premium segment volumes for panel televisions increased by 3 per cent in the January-October period in 2023 when compared to the same period in 2022. This is comparable to a 17 per cent decline in volumes in the affordable segment in the same period.

The company is manufacturing the products at its Pune facility, which has a manufacturing capacity of 3.5 million units annually.

First Published: May 15 2024 | 11:37 PM IST