As Indian consumers are looking to buy bigger TV sets in post-Covid times, Samsung India is eyeing 2x growth in the premium TV segment led by QLED TVs in 2023. The company is also ramping up distribution of its ultra-premium QLED TV range in the country.
The South Korean company, on Thursday, introduced its 2023 Neo QLED TV range in India ( 50 inch-98 inch), which includes 8K TVs“
Mohandeep Singh, Senior Vice President, Consumer Electronics Business, Samsung India told businessline, “We are witnessing two key trends gaining momentum. Indian consumers are increasingly looking at upsizing and buying larger sizes of televisions. They are also embracing newer technologies in a bid to have a better entertainment solution at their homes. The average age of consumers, who are investing in premium televisions, is also steadily coming down in recent years.”
Singh said that between 2020-2022 sales of QLED TV segment doubled for the company. “This trend is not slowing down but is only gaining momentum. With the launch of the new lineup of the Neo QLED TV range, we expect to grow by 2x this year alone,” he added.
“The above 55-inch TV segment for us clocked massive growth of 150 per cent in the 2020-22 period. 65-inch and above TVs grew 230 per cent, while those above 75-inch saw 300 per cent growth during this period. So, this year, we expect the 55-inch and above TV segment to grow by 2X over the previous year,” he added.
Talking about distribution strategy, Singh said the QLED TV range will be sold through 5,000 stores in the country, doubling the store count from about 2,500 stores earlier.
Asked about the impact of global macroeconomic challenges, he said with low penetration levels presenting huge headroom for growth, India is faring better than other markets.
The new lineup of Neo QLED TVs is equipped with various features, such as the IoT Hub (SmartThings), which automatically detects and connects smart devices to the TV. The company said the range focuses on enhanced connectivity, advanced personalisation and gaming experience besides sustainability by decreasing its carbon footprint throughout its product lifecycle. “In 2023, we are pushing boundaries of innovation to offer consumers more than just premium picture quality, but a holistic, premium device experience tailored to what they need and want out of their connected home,” said JB Park, President and CEO, Samsung Southwest Asia in a statement.