Blaupunkt has announced its plans to enter India’s smart TV market. At IFA 2018, Blaupunkt, German manufacturer of electronics equipment, announced that it will bring a range of its popular LED TVs from the European market to India.
India’s smart TV market has been growing and Chinese smartphone makers like Xiaomi have introduced their TV range in the Indian market as well. Blaupunkt says India’s smart TV market is expected to grow at a CAGR of 14.7 percent over FY 2016-2021 and revenues are expected to touch $11.78 billion by the end of 2018. The smart TV market is poised to register a growth of 12.9 percent.
“I would like to congratulate Blaupunkt for this new product range and welcome it to the Indian market. For years and years, German brands like Blaupunkt are seen oriented with the Indian customer needs and requirements. Not only do they offer good value for money but also appreciable after-sales experience. I believe this will be a good initiative for both Blaupunkt and Indian customers,” Andrzej Cebrat, Managing Director, Blaupunkt said during the announcement.
Blaupunkt sees high growth potential in the Indian TV market despite fierce competition. While Samsung, LG and Sony compete in the premium segment, the entry-level and mid-range price segment is seeing fierce competition from brands like Xiaomi, Vu and new entrants like Thomson TV and Kodak brand licensee.
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The German brand says it will piggyback on its familiarity in India’s audio device market to expand to TV market as well. The company’s new range of LED TV series carries on the legacy of its brand and says, it will deliver to the needs of Indian consumers. The company expects to generate a revenue of over 100 million in the next five years in the Indian market.