Almost all sectors have been affected by COVID-19 and companies have changed the way of doing business. Besides, the companies have changed their investment and expansion plans. However, this lockdown is different from the earlier one as smart television companies are operating. We interacted with Thomson CEO Avneet Singh Marwah to know about the company’s investment plans, upcoming devices, and market share.
He said that Thomson is planning to set up two new manufacturing plants in the country. “We are planning to open one manufacturing line by the end of this year and another will be open soon,” he said. Marwah added that the company also plans to invest Rs. 300 crores in the next five years.
Shedding light on upcoming smart televisions, Marwah shared that Thomson will be launching six to seven smart televisions by the end of this year. Besides, the company is planning to launch new air coolers and washing machines by the end of this year.
Thomson Market Share In India
However, when we asked about foraying into the smartphone segment, he replied that they don’t have any plans to foray into the smartphone category as the market is already saturated.
Notably, all Chinese smartphone companies have launched televisions and audio products at affordable prices, that’s why domestic companies that are manufacturing smart televisions are facing stiff competition. Marwah believes that Thomson will manage to retain its 7-8 percent market share this year despite the overall buying sentiment has gone down due to the ongoing pandemic.
Thomson Also Plans To Invest In IoT Products
Apart from launching TVs, air coolers, and washing machines, the company is planning to launch Internet of Things products this year. “We will be expanding our IoT investment so we can continue to give competition to phone brands that are entering into the TV category,” said Avneet Singh added.
All domestic television companies are also launching new categories under the production-linked incentive (PLI) scheme. These companies have announced huge investment plans to double the capacities so that they can get the benefit. Similarly, Videotex is also planning to set up a new factory in Uttar Pradesh.
Best Mobiles in India