LG is targeting for a 32 percent share of the Indian TV market in 2022, with a gain of around 5 percent to become the number one player in the segment, a top company official said.
The South Korean consumer electronics major is banking on its country-specific product line-up with local insights, expansion of retail and after-sales network, as it seeks to be the leading player in the TV segment providing a quality viewing experience to its customers, LG Electronics India Director- Home Entertainment Hak Hyun Kim told PTI.
''Our aspiration is to be the number one TV brand. We would have around 32 per cent market share when we exit 2022,'' Hyun Kim said in an interview here.
The Indian TV market is estimated to be at $4.6 billion (around Rs 35,700 crore by value) and the South Korean firm had close to 27 percent market share in 2021, he added.
LG is one of the few brands which manufactures TV panels in India with an R&D set-up to create products based on local insights.
''We understand the Indian consumer much better and it is helping us to improve our market share year on year,'' he said, adding, ''We are launching India insight products which are value for money.''
The Indian consumer prefers features such as brighter panels and a loud sound base. Moreover, the Indian environment is dusty and humid and LG's local R&D (Research & Development) centre has been working to create customised products accordingly, said Hyun Kim.
Besides, LG Electronics India, which on Tuesday introduced the 2022 OLED TV line-up, expects to maintain its leadership position in the extra-large 70 inches and above screen size premium range of TV sets.
''The company is sensing exponential growth in the extra-large segment. It is growing beyond 1X and 2X,'' said Kim, adding, ''It is just 5 to 6 percent of the market but it is growing exponentially.'' After the Covid pandemic, the TV viewing habits of consumers have transformed. People now want to have a cinematic experience at home with ultra-large screens and the company is witnessing those behavioural changes, he said ''We want to be a number one player in the segment, with technology leadership. We want to provide totally different quality of display and viewing experience to our customer,'' said Kim.
The 2022 OLED (Organic Light-Emitting Diode) line-up includes the world's biggest 97-inch screen TV and the world's first 42-inch TV that is perfect for smaller room spaces and ideal for every gamer. It has also introduced the first rollable OLED TV -- LG Signature R OLED-- priced at Rs 75 lakh.
LG OLED TV price range starts from Rs 89,990.
The Indian TV industry is witnessing a shift towards larger screen size sets with smart features. Now 42-inch screen size has become an entry-level kind of thing for the consumer.
Now, the bigger chunk of the Indian TV market is 4K TV, where LG is already number one, Kim said.
Last year, 45 per cent of the total TV panels sold was 4K TV and the company expects the sales to be around 55 per cent this year.
''This segment is growing very fast and LG is focusing on this particular 4K segment,'' he added.
When asked about LG's ambition to be the leader in the segment, Kim said this target has been created by taking various things in mind, such as the product line of the company, its wide retail network of distributors and dealers and after-sales service in India.
''This would be a mix of efforts, which comes from marketing, sales, products and other strategies. We have everything to achieve this goal,'' he added.
(With PTI inputs)