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LG, Samsung, Sony TV prices cut by 15%; face competition from Micromax, TCL & Sansui
TV market is getting highly competitive.
The LED TV market worth Rs. 22,000 crore is facing a price war right now. The biggies in the TV market are facing tough competition from the smaller brands.
The big brands in the space such as Samsung, LG and Sony have cut the prices of their offerings by 15% as they are facing increased competition. The major brands have announced the significant 15% price cut in an attempt to gain market share. This is the steepest ever price cut that has come at a time when the top brands are facing an ever increasing threat from brands such as Micromax, TCL, Sansui, and Intex.
Notably, the smaller brands mentioned above are selling their TV products at a cheaper price than the ones from the top brands. Sometimes, the price difference goes up to Rs. 10,000. Moreover, buyers are showing readiness to purchase the TVs from these brands despite the fact that some are exclusive to online stores. They are changing their TV sets once in four to give years as the prices of the large screen TVs are plunging and the companies are making use of upgraded technology.
Samsung, LG and Sony are controlling around 80% of the LED TV market in India, but the others are capturing the market share gradually. It looks like the television market has started following smartphone trend when it comes to pricing strategy. The industry experts expect a fiercer price war to erupt in the near future as the local handset markets have also started focusing on the TV and appliances market to compete with the Chinese brands.