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LG Electronics India is eyeing 30 per cent growth in the TV segment this year and also aims at increasing its market share in this category, despite heightened inflationary pressures. The South Korean consumer durables major launched its 2022 OLED TV lineup on Tuesday with a wide range of screen sizes including the first 42 inch OLED TV targeted at smaller room spaces.
Hak Hyun Kim, Director–Home Entertainment, LG Electronics India, said, “Our aim is to grow our market share in the TV segment to about 32 per cent by the year end as our goal is to become the number one player in this segment. Our latest line-up is focused on meeting the evolving needs of our consumers. Our OLED TV portfolio has been expanded to address various segments of consumers and we are confident of strengthening our market leadership.” The company’s current share in the TV segment is pegged at about 27 per cent.
For LG India, the TV segment contributes nearly 25 per cent to its overall revenues. The company clocked revenues of about ₹6,600 crore from the TV segment in 2021. “We are targeting a growth of about 30 per cent over last year in the TV segment. We are targeting even higher growth of about 50 per cent in the 4K TV segment,” Kim added.
For LG, the value contribution of 4K TV to its TV sales is much higher than industry trends and Kim said that the company is therefore betting big on the 4K TV segment for future growth.
Extra large TVs in demand
The company also said it is seeing strong growth in the extra-large TVs of 70 inches and above, with consumers increasingly opting for larger TVs. “ The extra-large sized TV segment contributes only about 5-6 per cent to the overall TV market but we have seen exponential growth in this segment. Consumers’ TV viewing habits are evolving and they want to have a cinematic experience at home with ultra-large screens,” he added.
The consumer durables major said that it is witnessing strong growth in the premium segment not just in metros but also tier-1 and tier-2 markets.
LG’s 2022 line-up of OLED TV include wide selection of screen sizes from the smallest display of 106 cm (42 inches ) to the largest 246 cm (97 inches ). LG India’s OLED TV price range starts from ₹89,990.
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