Rajeev Bhutani , Vice President , Consumer Electronics , Samsung India
Tech is making innovations possible and driving demand. Notable trends in the consumer electronics segment encompass expansion into newer segments, increased affordability, focus on energy efficiency, growing luxury market, competitive strategies, increased investment, and favorable administrative policies.
One of the biggest trends in the coming times will be IoT and digital centralization. Devices of the future will not only be inter-connected but will also interact with each other in an immersive manner. IoT has helped modern families simplify daily life. Digital centralization has given households the ability to seamlessly monitor and control, via a single app, the wide and ever-growing range of products, appliances, and services that are compatible with the IoT platform.
Another trend worth noting is that each device will have multiple functionalities. Though this trend is very much visible now, it is likely to snowball even further in the coming times. The gadgets of the future will be multi-functional and all in one. A refrigerator can be used to book a taxi. Similarly, a TV can be used as a photo-frame. Product and technology innovations of the future will not only make life easier but will also be minimalist in form and essence.
Also, since issues related to climate change and talks around environmental sustainability are very pertinent today and rightfully so, the future will witness a wide plethora of energy efficient products making their way, into our lives. Players in consumer electronics industry are committed to helping consumers achieve greater energy conservation with their sustainability-centric, eco-friendly innovations. Energy efficient products not only help individuals save money but are also environmentally sustainable.
Like for example, ACs are high-energy guzzling appliances. Owing to the increasing need for energy efficiency, air conditioner (AC) makers are shifting toward inverter AC from conventional ACs. The share of inverter ACs is expected to grow significantly over the next 3-4 years, driven by rising consumer demand, frequent power cuts coupled with skyrocketing energy costs. The inverter AC segment has witnessed a 100 percent growth this year with more than 40 percent contribution as compared to 15 percent in 2016. It is further expected to reach to around 60–70 percent or more in 2018, with all players shifting their focus to inverter technology. Growth in the inverter segment has surpassed the growth of the normal split AC segment, which is quite interesting. The market for ACs in India still has a lot of untapped potential. Over the last 1.5 years, we have seen the prices of inverter ACs come down by 10–15 percent.
In the television segment as well, innovation is the name of the game! Big screens will be big in the coming times. Ultra-wide bezel-less screens fully immerse the user in game play, delivering cinematic viewing for all types of content. Additionally, the bezel-less designs remove limitations to screen size which makes it difficult to tell where the screen ends and the wall begins. Displays are getting bigger, brighter, clearer, and more lifelike; in fact, larger than life.
Not very long ago, CES 2018 showcased that the connecting thread linking the whole wide range of consumer electronic products and services is connectivity itself. With the advent of IoT, VR, and AI, intelligent assistants are playing a key role in streamlining consumer experience. An assistant that controls and commands all the devices and appliances as per the consumers’ requirements is what all smart homes aspire to offer. From foldable displays to batteries that run for years, technology is continuously evolving.