Zee Media Bureau
New Delhi: Micromax on Wednesday announced its entry into the smart TV market by launching three Canvas Smart LED TV range with a starting price of Rs 19,999.
The Canvas Smart LED Television range has been aimed at urban consumers and come in a price tag of Rs 19,999, Rs 29,999 and 42,999 for the screen size of 32, 40 and 50 inch respectively.
The televisions will be available exclusively on Flipkart.com.
With the launched of the new smart TV range, the homegrown consumer electrics firm plans to capture 5 percent of market share in the segment and 12 percent in overall panel market by the end of this fiscal.
"With the launch of new smart TVs, we expect Micromax to have 5 percent market share in the smart TV segment by FY2016-17," Rohan Agarwal, Vice President - Consumer electronic, Micromax, told PTI.
At present, the country's panel market is estimated to be around 10 million units and around 8 percent of that is of smart TVs.
"Micromax market share in the segment till March 2016 was 9 percent. We are looking at growing it to 12 percent by the end of this fiscal," said Micromax Informatics Business Manager LED TV Sunil D Sharma.
"We expect to sell 1-1.25 million units this fiscal," Sharma said adding that Micromax would leverage on its experience with price point and quality for growth in the segment.
The TV segment presently contributes around 11 percent to Micromax's overall revenue and the company is expecting it to touch around 15 percent by the end of this fiscal.
"We are expecting a 40-50 percent growth this fiscal in our LED TV business. We had closed FY2015-16 at Rs 1,000 crore," Sharma added.
Currently, Micromax is manufacturing LED TVs comprising a range of 15 models at its Rudrapur unit, which has a capacity to roll out 5,000 units every day.
Micromax is also strengthening its sales network by adding more dealers and retail outlets to enhance its presence.
"We are present at 20,000 retail outlets right now and have 450 distribution points exclusive for TV and AC. We want to take the outlet numbers to 30,000 and distribution centres to 800 by FY 2017-18," he added.
At present, 80 percent of Micormax LED TV sales come from traditional channels and rest 20 percent from modern retail outlets and e-commerce platforms.
Its 35 percent sales by volume are coming from tier 1 and mini metros and rest 65 percent from tier II and III places.
"The big panels are being sold in developed markets, while the sale of sub 32 inch panels are high in tier II & III places," Sharma said.
The company, which is planning to invest around Rs 2,000 crore on manufacturing in next five years, would strengthen its panel manufacturing capacity to meet the growing demand.
"We have recently put a plant at Telangana and two more are coming up. In future, we can use Telangana unit, which is manufacturing mobile phones. We can manufacture TV by putting an additional line in it," Sharma said.
With PTI Inputs