According to industry sources, Sony, Samsung Electronics and LG Electronics recently cut the prices of their 32-inch to 42-inch LED TVs by 15% in the Indian market in an attempt to prevent a further increase in the market shares of local manufacturers like Micromax and Intex and Chinese companies such as TCL, LeEco and Xiaomi.
At present, LG Electronics, Samsung Electronics and Sony have a combined share of more than 80% in the Indian TV market.
However, their presence in the Chinese market is dwindling these days. Samsung and LG used to be the largest TV suppliers in the Chinese market but their share in the market fell to around 5% last year. The Chinese TV market, 26 trillion won in size, is the largest one of its kind in the world.
“The 15% price cut is the most drastic pricing policy adopted in the Indian TV market,” said a local industry source, adding, “The price competition in the market is likely to continue to heat up with over 25 brands already vying in the market.”
According to Ernst and Young, the size of the Indian TV market is expected to increase from 12.6 trillion won to 22.3 trillion won between last year and 2020.