China-based Skyworth Electronics is looking to garner around 6 per cent share of the fast growing LED TV market here by 2021 as it expands its network and product portfolio, top company officials said. Also Read - LG set to release its 88-inch 8K OLED TV in global markets in September
Skyworth Electronics, which last week introduced its German TV brand Metz in India, expects it to be one of the leaders in the OLED TV segment. Also Read - IFA 2018: LG set to unveil world's first 88-inch 8K OLED TV
The company also plans to introduce its range of washing machines and cooling products such as refrigerators and air-conditioners in the Indian market by next Diwali. Also Read - Sony A8F/AF8 OLED Smart TV Review: A proven option with a visual makeover
“For Skyworth, we are aiming to have around 6 per cent market share in the LED TV segment by 2021,” Skyworth India Electronics CEO Amitabh Tiwari said.
The company expects to have around 0.8 per cent market share in the LED TV segment this year and 2.5 per cent in 2019.
The Indian TV market, which is estimated at around 10.2 million units per year, is highly competitive with over 25 players.
Presently, over 72 per cent of the LED TV market is controlled by three big manufacturers — LG, Samsung and Sony.
Through Metz, the company aims to compete in the 4K Android, Android and Analog categories in the premium OLED (organic light-emitting diode) TV sets market.
Asked about the prices, Skyworth India Electronics Director Gopal Adhikarla said that it would at par with the top three LED TV manufacturers.
“We are not in the competitive pricing segment,” said Adhikarla.
The company would focus on both online and offline brick-and-mortar retail formats.
“In 2019, for Skyworth we would have 1,500 stores and approximately 450 to 500 stores for Metz, he said.
Skyworth also plans to invest around Rs 150 crore in advertising and marketing as part of its brand building exercise in the next three years and around one-fourth would be spend on digital channels, Adhikarla added.
Over its foray into washing machines and cooling products, Tiwari said: “We are planning to introduce it next year Next year before festive season, we should have these products.” Metz is a Germany-based consumer electronic company which has been acquired by Skyworth.
Skyworth, a Shenzhen-based Chinese company, is the fifth largest maker of LED TVs in the world.
The company is getting its products assembled by its two strategic partners in India — Dixon and Skyquad. It is importing components from China.
This is published unedited from the PTI feed.