Indian Television market has been spicing up a lot lately. In our experience of covering Top 5 TVs in different segments, we noticed that a lot of underdog brands such as Micromax, TCL, BPL and Sansui are gradually making its way to the top and that’s evident from the latest report from Economic Times which claims that the top-tier brands such as LG, Samsung and Sony have reduced the prices of their products by 15 percent. Currently, these companies together make up for an 80 percent of the entire market share, however, they are certainly feeling the heat from the local brands.
LED TVs from Micromax, TCL, BPL and Sansui are a lot cheaper when we compare it to the likes of Sony and Samsung offering identical or even more specifications, in some cases. Further, people in India are slowly moving to these brands despite an inferior brand value and trust factor. The main reason behind all this shift is because an average consumer in India today is replacing his TV units a lot more frequently than he used to do, say five years back. And with the price difference maxing up to around Rs 10,000 in some cases, people have no problems to test out a new brand even though the product is exclusively available online.
A report posted on Economic Times read – “Globally, there has been no decrease in prices of LED televisions, but the big brands are under pressure to reduce prices in India due to sales taking a hit with several brands entering the market and playing on price,”
If we talk about which segment in the TV market is currently poised up. It’s the TV size ranging from 32-inches to 42-inches which actually constitutes about 55 percent of the whole market. Further, researchers believe that this competition is bound to increase in near future. In any case, we as consumers are always the winner when a price war sparks like this in any industry. A prime example of this scenario is Reliance Jio’s effect to the tariffs of other telecom operators which essentially broke down across the India forcing operators such as Airtel, Vodafone, Idea Cellular etc. to reduce their prices in order to stay strong in the market.