Smart device maker Xiaomi India is banking on introducing newer technology in the 4K smart television category to maintain its lead even as it sees the market to remain flat in 2023, a company official said on Tuesday.
On the eve of completing 5 years in India, Xiaomi India Deputy Head of Product Sudeep Sahu told PTI that the company’s business has grown 14-15 times since the company’s foray into smart television and maintains lead in the industry with 18 per cent market share in 2022.
“In 2023, we do not expect the smart TV market to grow at all. We want to continue with our range of products to maintain our stand right now to continue and be the dominant force in this space. Everybody is saying the year 2023 is growing to be flat for the smart TV segment. While that remains, 4K is something that we believe is going to be the driving force for a lot of ranges in our portfolio,” he said.
Sahu, on the occasion, unveiled the Xiaomi TV Stick 4K streaming device with dolby vision and dolby atmos technology for Rs 4,999. The device enables consumers to cast content from their smartphones and tablets onto a larger screen using the built-in chromecast function.
“We have shipped 1 crore devices in TV and streaming devices since 2018. We want to trickle down technology like dolby vision and dolby atmos even to streaming devices. Going forward in 2023 more and more of our product will cater to perceived high-end technologies. It will be not just OLED and QLED technologies but also trickling down to DTS X, DTS Virtual X to more ranges,” Sahu said
Talking about growth drivers for the company’s business, he said that small size screen televisions are expected to dominate in the market but people are expected to move to higher screens and more consumers are expected to switch to 4K technology.
“In India we still don’t have 8K content. We are still in 4K. HDR10 and dolby vision will result in our success going forward. We will continue to have a lean and clean portfolio this year. We will bring 4K in all the way from 43-inch to bigger screen size. Better audio and video experience will see high demand,” Sahu said.
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