Anurag Sharma , Director , Akai India
The television industry is in a growing phase and has been very dynamic. Over the past few years, television manufacturers have been integrating a range of new technologies with a common goal to offer customers a richer TV viewing experience. India has the world’s third largest television industry and a bright future beckons the FPD TV market as functionalities make it a more invincible device. Consumers are increasingly changing their TV sets every 4–5 years, as prices of large screen models are becoming more affordable and with the state-of-art technology coming into picture, leading to growth in the segment.
Flat panel display televisions have a growing demand as this segment includes a growing number of electronic visual display technologies. These TVs are far lighter and thinner than traditional television sets and holds an edge over video displays that use cathode ray tubes (CRTs). In the FPD television industry, there is increasing demand for large size panels and every year the average size is increasing by at least 10–15 percent. There is a strong demand and focus on the smart TV range as customers are looking for on-demand content rather than being fed with staple entertainment feed.
In the last decade, manufacturers of FPD TVs have shown innovations and featured new designs and systems. Demand growth is likely to accelerate with rising disposable incomes and easy access to credit along with the rise in working age population. Also, increasing electrification of rural areas and wide usability of online sales would also aid growth in demand. A key future trend is the transformation of TVs into a multifunctional computing and broadcasting medium with varieties of smart features. Also, smart TVs are becoming more affordable leading to increase in sale of this particular category.
With affordability becoming the base, volume of this category is bound to witness a huge growth. Now, consumers are moving toward the larger screen along with smart TV feature but above all of these things quality of the products is still the main concern whenever a consumer goes to buy a product. So, in a nutshell you can say that affordability, size, feature, and quality are the primary parameters for any FPD TV.
Consumers buying patterns are also changing with e-commerce and modern trade becoming more aggressive but still more than 80 percent sales happen through offline mode so the companies have to focus on conventional distribution channels though there are some companies which focus only on online mode. So, the top players are coming up with more feature rich and innovative products. By 2018, the television industry in India is expected to grow to USD 14.7 billion from USD 8.9 billion in 2015. Also, the introduction of HDTVs is set to drive demand growth from affluent consumers.
Akai is an aggressive entrant into the FPD market with a wide range of LED panel ranging from 24-inch to 65-inch in various variants which are both in the normal and smart segments along with 4K UHD and FHD options. Akai has primarily focused on the conventional distribution channel and modern retail. Akai has a wide network of service centers present almost all over north, west, and part of south India. Akai plans to have a pan India network of sales and service by October 2018.
As per the market reports, the quality of Akai products backed by latest Japanese technology is considered to be at par with all leading Korean and Japanese brands. The company has aggressive plans to capture 10–15 percent market share by 2019–2020.