Samsung hopes premium TVS will up market share

the price shock of 2022-23, import of 30.91 billion cubic metres of gas cost $13.3 billion in FY24. This compared with $17.1 billion spent on import of 26.3 bcm of gas in 2022-23 when energy prices shot up to record levels in the aftermath of Russia’s invasion of Ukraine.

New Delhi, April 17: Consumer electronics maker Samsung is betting on the premium TVS and growing demand to up it’s turnover in the Indian market, a company official said on Wednesday.

The company, which introduced a new line-up of artificial intelligence (AI) enabled TV sets, controls around 21 per cent of the volume of the fastgrowing Indian TV market and expects to consolidate beyond that in 2024, said Samsung India senior vice president, Visual Display Business Mohandeep Singh.

Samsung is having a volume growth in the mid and premium TV segment and expects this trend to continue this year after the Indian TV industry faces a market correction in 2023, he said.

As part of the strategy, Samsung is very focused on the sale of premium TV sets, which currently contribute 40 per cent of its TV sales here and expects it to scale up, helped by growing demand for TV sets above 55 inches and UHD sets.

“We are targeting an unprecedented `10,000 crore turnover in 2024 (from TV sales) this year and consolidating our leadership further,” he said.

According to ROC filings, in FY23 Samsung India’s total revenue was `98,924.40 crore, of which around 70 per cent contribution was from its mobile phone business and the rest from other businesses, including appliances and TV business.

While talking about the domestic TV market, Singh said it remained sluggish in 2023 as an entry-level segment, consisting of 32-inch screen size sets, did not grow. “But now the contribution of the mid and the premium TV sets is becoming high, and we expect this volume growth trend to continue,” he said. — PTI