Domestic consumer electronics firm, Micromax announced its launch of smart TV space and is aiming to capture 5% market share in the segment and 12% in overall panel market by the end of this fiscal.
The domestic firm, which had sold 0.85 million LED TV units last fiscal, is expecting to sell around 1.25 million units this fiscal and is also expanding its sales network across the country to tap the tier II & III cities, besides tapping the online platforms and modern trade channels.
“With the launch of new smart TVs, we expect Micromax to have 5 per cent market share in the smart TV segment by FY2016-17,” said Rohan Agarwal, Vice President – Consumer electronic, Micromax.
Its Canvas Smart LED Television range, which would target the urban consumers, will be exclusively available on e-commerce platform Flipkart. The company has priced smart TVs at Rs 19,999, 29,999 and 42,999 for 32, 40 and 50 inch screen size, respectively.
At present, India’s panel market is estimated to be around 10 million units and around 8 per cent of that is of smart TVs.
“Micromax market share in the segment till March 2016 was 9 per cent. We are looking at growing it to 12 per cent by the end of this fiscal,” said Micromax Informatics Business Manager LED TV Sunil D Sharma. “We expect to sell 1-1.25 million units this fiscal,” he added.
The TV segment presently contributes around 11 per cent to Micromax’s overall revenue and the company is expecting it to touch around 15 per cent by the end of this fiscal.
Currently, Micromax is manufacturing LED TVs comprising a range of 15 models at its Rudrapur unit, which has a capacity to roll out 5,000 units every day.
Micromax is also strengthening its sales network by adding more dealers and retail outlets to enhance its presence.
At present, 80 per cent of Micormax LED TV sales come from traditional channels and rest 20 per cent from modern retail outlets and e-commerce platforms.
The company, which is planning to invest around Rs 2,000 crore on manufacturing in next five years, would strengthen its panel manufacturing capacity to meet the growing demand.
“We have recently put a plant at Telangana and two more are coming up. In future, we can use Telangana unit, which is manufacturing mobile phones. We can manufacture TV by putting an additional line in it,” Sharma said.
Checkout latest news at itvoir.com
From ITvoir News Desk