Today’s electronic devices are more technologically advanced than fifty years ago, are more affordable, widely available, and diverse
- How is the consumer electronics market growing? Please elaborate on the role of technology in consumer electronics?
The Indian consumer electronics market was valued at $71.17 billion in 2021 and is projected to swell at a CAGR of 6.5% from 2022 to 2030. The expansion of the Indian consumer electronics market can be ascribed to a rise in household demand, a shift in consumer lifestyles, greater access to financing, and increased disposable incomes. Also, with Covid-19’s grip easing, new lifestyle patterns have emerged.
The strong demand in this market is projected to be bolstered by the government’s intention to reduce imports, as well as government and business spending. Furthermore, the industry has received a number of substantial investments in the form of merger and acquisition policies implemented by significant global market participants and other FDI inflows. With the objective of rationalising a transposed tariff system, the Electronic Development Fund Policy has been adopted in accordance with the Make in India strategy. This, along with the Modified Special Incentive Package Scheme (M-SIPS), provides a CAPEX subsidy of around 15 to 20 per cent. In the coming years, consumer electronics makers are expected to increase their production, distribution, and R&D investments.
Consumer trends come and go, and “the next big thing” in consumer electronics can alter rapidly. What remains constant is the necessity for quick technical progress in searching for better, faster, lighter, stronger, and affordable products. Manufacturers must continually develop ways to utilise breakthroughs and innovation to deliver new features and functions and to produce devices, gadgets, and appliances that consumers cannot live without if the future of cutting-edge consumer technology is to be realised. In the coming years, the dominant trends that will drive the consumer electronics market are:
- Internet of things
- Multifunctional gadgets
- Rise of intelligent assistants
- Augmented and virtual reality
- Can you highlight the technology innovations in the TV segment?
The television technology environment has seen a drastic transition in recent years. The introduction of hundreds of new technologies, such as OLEDs and QLEDs, webOS and Android OS, and 4K and 8K, complicates the decision to acquire a television. With the advent of smart TV, users may now watch what they want, when, and how they want. Users can stream material from YouTube, Netflix, Disney Hotstar, and others on a TV that can connect directly to the internet and their preferred apps due to the surge in popularity of streaming services. Today, consumers want high-quality resolution and good sound output to enjoy their favourite shows. Currently, 4K resolution dominates the market, but 8K resolution is quickly gaining ground. OLED is sweeping dominating the world of display screens; therefore, TV displays are also continually improving. While 50 to 60-inch displays were formerly the most popular, the television market has witnessed an increase in the sale of larger TV screens.
In terms of design, too, much like smartphones, people are opting for bezel-less designs for smart TVs. The upcoming Smart TVs will likely offer full-Array LED Backlights AI-enabled voice search with support for ok Google, Apple Siri, and Alexa is becoming a standard. Other innovations include next-Gen Codecs – AV1, VP9, and VVC and HDR Formats: HDR10, Dolby Vision and HLG. With minimised motion blurs thanks to the motion enhancement technologies like MEMC, TruMotion, Motion Flow XR, etc, watching TV promises in the near future to be a completely immersive experience.
- Top Five trends of the Consumer Electronics Market in India
Recent exponential growth in the digitisation of most consumer electronics has resulted in the convergence of this sector with the computer industry, a phenomenon known as the consumerisation of information technology. As the Internet of Things (IoT) continues to bring a substantial rise of linked devices to market, the future of consumer electronics may become even more intertwined with IT. Not only are today’s electronic devices more technologically advanced than fifty years ago, but they are also more affordable, widely available, and diverse.
With consumers’ changing needs and wants, multi-functionality has become a must for every product. As we continue adding devices and making them more intelligent, consumers expect them to be interconnected and use them the way they want to.
While we are in the post-pandemic world, uncertainty abounds. These times, plans and budgets must adapt to everything from conflicts to constricted supply chains.The upgrade cycles have become shorter. Consumers like to seize the upgrade opportunity and opt for bigger, better devices. Another significant change is that the customer does not just want to buy a product; they want to own an experience. Hence everything from the product to visibility to after-sale service should embed the credentials consumers want from the product, channels, and entire brand.
- How the Indian brands are so well equipped and aligned to the Make in India mission of the Indian government?
The main aim of this initiative is to make our country the global manufacturing hub by following a two-pronged approach. On the one hand, domestic companies are being encouraged to manufacture their products within the country. And on the other, multinationals are being incentivised to Make in India for not just their domestic needs but also to satiate their global demands. The mission seeks to transform India into a worldwide design and manufacturing hub. The flagship campaign is intended to boost the domestic manufacturing industry and attract foreign investors to invest in the Indian economy.
- After covid 19, TV viewing habits of people has changed? People are more aligned toward Cinematic viewing. How is Elista equipped for this?
Coronavirus drastically altered the reasons why people watch television. During the lockdown, anyone seeking ‘safe’ and ‘familiar’ programming to escape the pandemic’s terrifying realities could seek refuge in the television. They routinely watched television with other family members at home, valuing companionship considerably more than they had previously. TV became more of a topic of conversation within households and on social media, fostering a sense of community. Online streaming services effectively met these needs, which were viewed as secure environments with content that everyone could enjoy. The monopoly of Dish TVs and the Film Industry took a big hit as OTT platforms offering personalized content became the flavour.
Smart TVs cashed in with a whole set of smart features to help create an uninterrupted entertainment experience. Elsita has already brought 4K Smart TVs for a better viewing experience. We have recently launched Smart TVs ‘powered by web OS TV’, which gives the consumer the next level of clutter-free viewing and sound experience. The TVs are powered by Dolby Audio, and ThinQAI Magic Remore. To enable voice input, these TVs have Alexa built-in. Other highlight features are MEMC – 4K @60Hz, and dual-band wi-fi.