Philips eyes 15% market share in premium TV segment by 2016

Company sells its products in India through official brand partner PE Electronics, which took over TV segment from Philips in 2010

Consumer electronics major Philips has lined up a host of new models in the premium TV segment over the next four months as part of its plans to corner 15% market share by 2016.

"We are going to come up with the Smart Ambilight series, Smart 4K Ultra HD series, a new Smart series and a Digital Direct Broadcast Smart TV within the next four months," PE Electronics Chief Executive Neeraj Sethi told PTI.

The company sells its products in India through official brand partner PE Electronics, which took over the TV segment from Philips in 2010.

"In the premium TV segment, we currently hold around 7-8% market share and we are looking at doubling this to around 15% by the end of 2016," he added.

Sethi also said the company has already launched the Ambilight 4K Ultra HD LED TVs and our pipeline is full of products and value offerings.

"We shall be driving the 40 inch and above category with a lot of focus and attention to detail across all touch points, he added.

The company is looking at growing its revenue by more than 100% in the current fiscal, he said, but refused to share what was the revenue last year.

Philips' current market share in terms of value under TV segment is at 6%.

"The first quarter has been slight below our expectations as the World Cup did not pick up in terms of sales as planned," Sethi said without disclosing any figure.

The domestic TV market is likely to touch 10.5 million units in 2015,up from 8.4 million units in 2014.

In the overall TV segment, Philips has 5% volume share, which it plans to double by 2016. India business contributes 4% of its global market, he added.