NEWS

Premium TVs to drive growth in segment for LG, expects to grow at 30%

In a major boost to its premium TV portfolio, LG Electronics on Wednesday launched 55 new AI-driven models, ranging from 43-inch to 97-inch, to tap into the growing Indian market for bigger screen sizes and retain its position as the market leader in the category. “Currently, the majority of the Indian market is at 32-inch. However, that market is not growing as the customers are increasingly looking to buy screen sizes upwards of 43-inch,” Abhiral Bhansali, business head- home entertainment at LG Electronics India, told Business Standard, at the launch of the new TV models here. The premium segment of the market is driving growth for the industry, Bhansali said. “More consumers are upgrading to larger screens as they want a cinematic experience at home. With the IPL going on, people also want to replicate the feeling of being in a stadium inside their homes. These factors are helping growth of the market, as people upgrade to 55-inch and 65-inch sets,” he said. With a 27.1 per cent share, LG is the market leader in the TV segment in the country. The Korean electronics major expects to grow at 30 per cent this year, in line with the 25 per cent growth the company witnessed last year. The 55-inch TV category is fast becoming a bigger chunk of the market for the company, recording a growth of 30-35 per cent, he said.