New Delhi: Indian TV manufacturers Monday said that while the ICC Men’s Cricket World Cup that starts from October 5 and the festive season are set to boost consumer electronics sales, challenges like ongoing supply chain issues may leave some buyers disappointed.
Looking back at past festive seasons, when big events like festivals and sports tournaments happen together, it drives up consumer electronics sales in the country.
“We’re estimating an impressive 35-40 per cent surge in sales of big-screen TVs. People are excited because they can watch the matches in high quality (FHD and 4K). This World Cup is going to be a huge deal in India, especially because some matches will be free on streaming platforms,” Avneet Singh Marwah, CEO of Blaupunkt TV, Germany-based electronics brand, told IANS.
But it’s not all smooth sailing as “there are some challenges we’re keeping an eye on,” he mentioned.
“Things like supply chain issues and how people’s preferences might change could affect what products are available and what people want to buy,” added Marwah, who heads Super Plastronics Pvt Ltd (SPPL) that also manufactures other popular brands like Thomson.
Some smartphone companies are also in the TV business now in the country but there have been some service problems at their end.
According to Videotex, a smart TV manufacturer for Realme, Toshiba, Lloyd, Vise, BPL, Hyundai and over 15 leading brands of India, they have observed a substantial surge in the demand for smart TVs.
“TV manufacturers in India have proactively increased their stock levels, reflecting the heightened consumer interest. It appears that Indian consumers now have greater affordability, leading to a preference for larger-screen TVs for an enhanced content viewing experience,” said Arjun Bajaj, Director, Videotex.
Furthermore, the availability of diverse financing options has significantly bolstered consumer demand. While 32-inch TVs were traditionally the most sought-after, their demand has decreased, with consumers now favouring larger sizes in 4K.
“Despite the consistent rise in Open Cell prices, a critical component of smart TVs, we have managed to maintain competitive pricing thanks to our robust supplier relationships, brand partnerships and supply chain planning,” said Bajaj.
Being a strategic partner to manufacture webOS-operated smart TVs (operating system by LG), the company dominates over 85 per cent market share among the licence manufacturers of webOS Hub TVs.
After a rocky first three quarters this year, online sellers, especially small ones, expect at least a 15 per cent jump in festive sales year-on-year, with the median growth figure of 26 per cent sales increase expected, according to market research firm Redseer.
Driven by about 140 million shoppers, India is likely to witness Rs 90,000 crore worth online gross merchandise value (GMV) in the festive month this year — up 18-20 per cent from last year’s festive month sales.
According to Marwah, Thomson this year aims to be the number 1 online selling smart TV brand.
“With two major smartphone brands existing in the Indian market, Thomson will be aggressive and will try to capture maximum market share,” he added.