Eric Braganza , President , Haier Appliances India
Television has been the one category which has evolved the most over the past few years in the consumer electronics segment. Year on year, new technologies and innovative products have entered the market, revolutionizing this entire space. During the erstwhile period, a television was termed as a luxury product as compared to the present scenario when almost every household has a television demonstrating its penetration in Tier-III cities as well.
The tremendous transformation from the traditional cathode ray tube televisions to the current day 4K LEDs, OLEDS, and QLEDS, among others, the display panel market has changed and progressed considerably.
This particular segment in India has witnessed a robust growth over the past few years. There are multiple factors which have contributed to this growth, such as decreasing prices of certain components which are used to manufacture televisions, increase in disposable income of individuals, positive tax environment, and most of all the evolving consumer behavior and increase in adaptability of latest technologies and products.
What was once known as an idiot box is today one of the smartest devices in a household. Televisions are now smarter than ever, they come with features like Internet connectivity and allow users to watch anything and everything up there on the Internet on their TV screens. Content consumption pattern and behavior of new age consumers is changing rapidly which also contributes to the growth of products such as smart TVs, LEDs, and 4K televisions, among others.
TV viewing as a concept has changed vastly over the past few years with the help of advanced technologies like high definition displays, superior sound systems along with the availability of a plethora of content to watch. Consumers expect a cinematic experience in the comfort of their living rooms having televisions enabled with all these features.
With the introduction of products such as OLEDs, QLEDs, 4K televisions not only has the TV viewing experience been elevated, but has become more real than ever before. Increasing availability of content to view and entrance of new products in the market have revolutionized TV viewing from a monologue to an interactive experience.
Companies from around the world are constantly working on technologies to best suit the needs and expectations of the consumers so that they can enjoy a theatre like experience at their homes.
Having said that, there has been a considerable shift in the trends and customer preferences. Consumers have moved beyond plasma TVs and LCDs to technologically advanced products such as LEDs, OLEDs, QLEDs, smart TVs, 4K televisions, and Roku TVs, among others.
According to a report by Research and Markets, the rising demand of these televisions has paved the way for a continuous growth of the LED and OLED market, which is expected to grow at a CAGR of 101.5 percent by 2019.
Flat panel televisions have undoubtedly revolutionized one of the most popular leisure and entertainment engagements that is TV viewing and have hence largely contributed to the overall growth of the consumer electronics industry.