 "Samsung expects appliances, display business to scale up substantially in India, contribute 50% to topline in 3 years")
Samsung is setting its sights on significantly growing its appliances and display business in India, with plans to make these categories contribute half of its total revenue in the next three years, as per a report by PTI.
JB Park, President & CEO of Samsung Southwest Asia, shared that despite the current low penetration of consumer electronics in the Indian market, the company expects major growth, thanks to the rising Indian economy and an expanding middle class.
Consumer electronics set for strong growth
Park believes that consumer electronics in India will experience substantial growth in the coming years, which will help Samsung increase its revenue from this category. He pointed out, “The consumer electronic penetration in the Indian market is still very low.I think consumer electronics will have much bigger growth, which will increase our revenue portion of the category against mobile phones.”
Samsung is focused on bringing cutting-edge technologies like AI to its appliances and premium display segments, including QLED and OLED TVs, to stay ahead of the curve and capture a bigger share of the premium market.
Shifting balance between mobile and electronics
While Samsung’s mobile phone business has been a major contributor to its revenue, Park told PTI that the Indian smartphone market is beginning to mature, lagging behind more developed nations where people often carry multiple devices.
He foresees that the balance between mobile and consumer electronics could soon shift, predicting that in the future, the two categories could contribute equally to Samsung’s business. “Maybe the portion of consumer electronics versus mobile will be 50:50 in the future,” Park said. He added that he expects this shift to happen within the next three years.
Expansion plans
Samsung’s efforts to boost its consumer electronics business are already showing results. In the fiscal year 2024, Samsung India’s total income crossed Rs 1 lakh crore, with its mobile handset business accounting for around 70% of that revenue.
The company also has ambitious plans for expansion, including doubling the number of its Samsung Experience Stores (Economy) by the end of 2025. These smaller stores, aimed at reaching customers in smaller Tier III, IV, and V markets, will help Samsung increase its presence in untapped regions. Currently, Samsung operates 400 such stores, and Park revealed that the number will grow significantly.
Impact Shorts
More ShortsTo further support its sales, Samsung is leveraging its Samsung Finance+ platform, which works with non-banking financial companies (NBFCs) to make purchases more accessible, particularly in states with lower per capita incomes. Park highlighted the success of this strategy in regions like Bihar, Jammu & Kashmir, and the Northeastern states, where Samsung Finance+ has a high attachment rate, helping the company push sales even further.
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