LG aims 50 pc market share in super premium TV segment

South Korean consumer electronics major LG Electronics is aiming to corner half of the super premium television market in India helped by its OLED range.
LG today launched a new range of OLED TVs loaded with features like Dolby Vision and colour science expertise priced between Rs 3.5 lakh to Rs 30 lakh.
"The super premium segment is having a very high growth. It was around 3,500 units in 2015, in 2016 it became a 7,000 unit market and we expect it to be 20,000 units this year," LG India Business Head (Flat Panel Business) Rishi Tandon said.
"We are now targeting to have 50 per cent business in the segment this year," he said, but did not give details of its current market share.

The company manufactures all its OLED TVs at its Pune factory under the Make-in-India initiative.
For the overall panel market, LG would focus on smart TVs and 4K TVs, which are the emerging segments.

The company is expecting the 4K segment to grow 80 per cent this year.
"This is the segment where LG is looking for market leadership. Our goal is to have 40 per cent in that segment and to achieve that, the new OLED range would help us," Tandon added.
According to him, the 4K TV market is around 2.4 lakh units and LG presently has a market share of 32-33 per cent.

"LG is planning for more than 100 per cent growth in 4K segment. In addition to normal 4K, we have OLED 4K also and that is why we are so confident in this market," he said.
The company has collaborated with Dolby and introduced features like Dolby Vision and Dolby Atmos in the TVs.
"We are the first company in India which has introduced Dolby Vision and Dolby Atmos systems in TV," said Tandon.
LG Electronics India Director - Home Entertainment Younchul Park said globally people are opting for superior technology sets.
"In India, economy is growing and we expect that demand for those sets will grow fast. We are confident about our OLED TV segment here," Park added.

"India smart TV segment is growing by 170 per cent, which is one of the fastest. This year we are going to provide features such as smart web and cricket games and are providing additional value to customers," he said.
The Indian TV market is estimated to be around 10 million sets, said Tandon.
"Presently 50 per cent of TV sales (by value) comes from tier-I cities and rest from other places but the growth rate of these non-metro places are higher," he said.
Asked whether non-metros could surpass the developed market in 2-3 years, Tandon said, "Quite possible as they have more potential to grow."

The company is also gearing up for implementation of GST and is training its dealers and trading partners for migration to the new tax regime.