Young Indian consumers are moving up the value chain much faster than their counterparts

RELATED ARTICLES RIM launches BlackBerry Curve 9320 in India India a safe investment destination:Moily Goldman Sachs, BofA-ML cut India GDP forecast Toyota denies plan for $6,000 cars in India India Q4 GDP seen slowing to 6 per cent: StanChart

in other countries, at least when it comes to replacing their television set, which is reflecting in the fast growth of the LCD TV market.

India is amongst the fastest growing markets for LCD TV in the Asia Pacific and one of the largest in the world. India’s contribution to total LCD TV sales in the Asia Pacific region is expected to go up from 18 per cent as of end-2010 to 39 per cent in 2014, according to a report, ‘TV replacement study, consumers’ TV usage and alternate means for watching TV, by DisplaySearch, a global market research and consulting firm specialising in the display supply chain.

DisplaySearch is an arm of NPD Group Inc, a US-based provider of consumer and retail information for a wide range of industries with clientele comprising more than 1,800 manufacturers, retailers and service companies including Videocon, Trident, Godrej from India, Corning, Microsoft, LG, Samsung, Nokia, Sony, HCL, Lanco, BP, Verizon, Cisco, Intel, Deutsche Bank, BOG and Apple, to name a few.

An earlier study by Toshiba had estimated that the LCD TV market in India would grow from 1.5million units in 2009 to 12 million units in 2013. Going by the current trend, it is expected that 23 million Indian consumers — which is larger than the population of Australia — will be using LCD TVs by 2014. And by the end of 2012, LCD TVs will overtake traditional CRT TVs.

Speaking to Financial Chronicle, Indrajit Ghosh, director, DisplaySearch India and South Asia, said that the study extensively covered 14 markets: China, India, Indonesia, Japan, the UK, France, Turkey, Germany, Italy, Brazil, the US, Mexico and Russia. In India, the study was conducted in January-February 2011. “India is emerging as the world’s fastest growing LCD TV market. Its importance is underlined by the visit of Tim Bush, CEO, and Richard Allres, VP-global business of DisplaySearch, in quick succession,” said Ghosh.