LG launches AI-powered smart TVs in India, eyes 25% growth in home entertainment

South Korean technology giant LG expects a 25-30% growth this year, driven by the trend of premiumization in the Indian TV market, where customers are eyeing newer technologies and larger screen sizes. To meet the increasing demand and strengthen its pole position in the Indian market, LG has launched a new range of AI-driven smart TVs. Comprising 55 new models, LG’s Next Generation of AI TVs will be available in sizes ranging from 43 inches to 97 inches.

Abhiral Bhansali, Business Head, Home Entertainment, LG Electronics India told Business Today, "We were the leading brand with a 27.1% market share, according to a leading market agency. Internally, we are targeting 25-30% growth, and we aim to reinforce our position in the market. Customer preference for LG has significantly increased, and we maintained our leadership position in 2023. Innovations such as OLED and QLED, the webOS platform, Dolby Vision, and Dolby Atmos, which provide a cinematic experience at home, along with television connectivity, have all played crucial roles in gaining consumer appreciation and establishing us as the preferred brand in the television business."

With the launch of the new range, LG has made a commitment that the TVs will be upgraded for the next five years with the upgradable WebOS. "For the first time, a customer buying a TV in 2024 will not feel outdated, and it will remain as new in 2028 and 2029. This is a big, bold commitment that LG has made today," adds Bhansali.

Simultaneously, on the connectivity front, LG has integrated Chromecast and Apple AirPlay into the new TVs, allowing customers to cast content from their devices to the screen and enjoy it on a larger scale.

Speaking on the AI performance that LG is introducing to enhance the overall viewing experience, Bhansali says LG is applying AI in various aspects of television. "We have AI picture, AI sound, and AI customization. With AI picture, the TV will understand the content—whether it's news, movies, sports, and more—and accordingly enhance the content in terms of picture quality and detailing. So, the TV can upscale the content and provide excellent picture quality. Similarly, with AI for sound, the TV will understand and enhance the sound."

With the launch of their new TV models, LG is targeting the growing demand from tier 1 and tier 2 cities. The company is experiencing strong interest in cities like Pune and Lucknow, where customers are eager to upgrade to larger screens and the latest technologies for an enhanced home entertainment experience. Additionally, as market penetration increases, LG is also seeing significant demand from rural areas. To facilitate these upgrades, LG has introduced various financing schemes, making it easier for customers to invest in larger screens and new technology.

On the manufacturing front, Bhansali notes that 99.5% of LG TVs are produced in India at the company's plants in Pune and Greater Noida, with the exception of the larger screen sizes, such as the 86-inch and 97-inch models.