French consumer electronics brand Thomson, through its brand licensee Super Plastronics Pvt Ltd (SPPL), on Thursday announced its foray into the Indian audio market with the launch of soundbars here.
As part of SPPL, it has invested Rs 50 crore to set up a new manufacturing unit at its existing Noida plant, which will produce half a million units in a year, he added.
French consumer electronics brand Thomson, through its brand licensee Super Plastronics Pvt Ltd (SPPL), on Thursday announced its foray into the Indian audio market with the launch of soundbars here.
Thomson, which is already present here in the TV and other appliances segments, also has plans to expand its play into the audio segment by launching more products in the soundbar and entering into the larger speaker and party speakers segment, SPPL CEO Avneet Singh Marwah said.
As part of SPPL, it has invested Rs 50 crore to set up a new manufacturing unit at its existing Noida plant, which will produce half a million units in a year, he added.
"We are aiming to have a 10 per cent market share of the audio segment in the online channels," Marwah said.
According to Marwah, the Indian audio market is experiencing rapid growth. Sales of products such as soundbars have increased after a rise in sales of 4K smart TVs and the growing consumption of OTT content.
"Now 85 per cent of customers buying TV online search for soundbars also and around 50 per cent of that ends up buying that," Marwah added.
Now the company will tap those segments by providing bundled offers with TV.
"We will sell (soundbars) separately or bundled with new TV also. It will have an ‘add to cart’ option. The customers will have both options," he added.
Initially, the company will largely depend on imports for components but would increase backward integration ratio by increasing the ration of domestic value addition.
However, he also clarified that Thomson has no plans to enter personal audio segment as headphone etc.
According to a recent report from GFK, the Indian audio devices market is experiencing "remarkable growth" as offline retail sales hit Rs 5,000 crore moving annual turnover (MAT) in June 2024.
Indian consumers have a "massive appetite" for audio devices and seek a cinematic experience and convenient listening. Growth is driven by the rise in immersive sound technologies, enhanced consumer experiences, and a growing demand for high-quality audio products.
Besides Thomson, SPPL has licenses for international brands, including Blaupunkt, Kodak and White-Westinghouse - for the Indian market.