Digitisation, reduced replacement cycles and increased affordability are driving growth in the Indian flat panel display (FPD) television market.
According to Frost & Sullivan research, the flat panel TV market in India is expected to touch the $6.39 billion mark by 2015.
The FPD TV market which in 2012 stood at $3.55 billion is likely to grow at a compound annual growth rate of 21.7 per cent by 2015. The research firm said the total market in terms of consumption for such TVs stood at 6.48 million units, while the total domestic manufacturing was 1.93 million units in 2012.
The report started that the import-heavy nature of manufacturing of flat panel TVs had resulted in it being vulnerable to volatile currency conditions, forcing makers to increase prices by 5-15 per cent.
This market consists of LCD, LED, Plasma, 3D and Smart TVs. The report said that LCD TVs are fast replacing CRT (Cathode Ray Tube) TVs, as the consumer’s purchasing power grows. While the growing upper middle class has already moved to LCD TVs from CRT and is now driving the shift to LED TVs, Frost & Sullivan research believes the rural population will be a greater source of LCD television demand till 2015. “The LED TV market is witnessing slow and steady growth due to the global trend for energy saving, eco-friendly products and consumer consciousness. The rapidly narrowing price difference between LCD and LED TV is tilting demand in favour of LED. This has made major consumer durable companies discontinue mass manufacturing of LCD TVs even as they enhance their focus on LED and Smart TVs,” it said.