South Korean consumer electronics giant LG is targeting to corner 32% share of the India TV market this year, up from 27% currently, driven by new products, a senior company official said.
“We want to be the number one TV brand in India and are aiming to achieve at least 32% market share by the end of this year,” Hak Hyun Kim, Director- Home Entertainment, LG Electronics India told The Hindu.
The Indian TV market is pegged at $4.6 billion in value terms.
In terms of revenue, the company expects a growth of about 30% in the TV segment, which had registered a turnover of ₹6,600 in 2021. The growth will largely be driven by increasing demand for bigger screens and 4K televisions, he added.
The company on Tuesday unveiled the ‘2022 OLED TV’ line up with prices starting at ₹89,990 and Rollable OLED TV with a price tag of ₹75,00,000.
Post the pandemic, the TV viewing habits of consumers have transformed to actively seeking advanced and holistic viewing experiences from the comfort of their homes, the company said, adding that the company has been elevating technology to meet the evolving consumer needs.
“The 2022 OLED lineup introduces the widest range of OLED TVs, from the world’s biggest OLED 246 cm (97) extending to the world’s first 106 cm (42) OLED TV that is perfect for smaller room spaces and ideal for every gamer that seeks to be closer to the action. In addition to this, LG is also introducing the LD OLED evo in their C2 series,” it added.