Home Business Here’s why TV prices likely to increase from April 2021

Here’s why TV prices likely to increase from April 2021

  • The increase in price is due to disruption of supply chain and shortage of labour force when the lockdown was imposed by the government.
  • Prices of open-cell panels have almost increased by three-fold in the past eight months.

Consumers, who are looking to buy electronic goods for their home, will have to spend extra pinch in their pockets, especially for television sets. Manufacturers and experts claim that prices will soar high from April onwards because the prices of open-cell panels have increased by up to 35 percent in the past month. The increase in price is due to disruption of supply chain and shortage of labour force when the lockdown was imposed by the government.

Global brands such as LG have already escalated the price, but brands such as Thomson, Panasonic, and Haier are highly expected to do the same from April first week. The chips and panels are mostly imported from China, Vietnam, and Thailand and then the final assembling is done in India only. However, the complete manufacturing of televisions is still to become a reality in the country.

Manish Sharma, president and CEO, Panasonic India and South Asia, said: “Panel prices are rising continuously and so are the prices of TVs. It is likely that TV prices may increase further by April.” When being asked about the quantum on increase, he said, “Seeing current trends, it might go up 5-7 percent more by April.” 

Open-cell panels are considered to be an imperative aspect of manufacturing TV that covers around 60 percent of the unit. The panels are imported by the companies in an open-cell manner then it needs further assembling before it finally goes to the market for sale.

Haier Appliances, India president Eric Braganza, said: “The prices of open-cell have gone up tremendously and the trends are that it would keep on increasing.” He further added, “if that continues, we would have to continuously increase prices”.

Kodak and Thomson said due to the pandemic there is a massive shortage of open-cells in the global market, whose prices have almost increased by three-fold in the past eight months. Not only in India, the price factor will affect all the major countries where there is a demand for TVs. 

SPPL chief executive officer Avneet Singh Marwah said: “From the past eight months, there has been a month-on-month increase in panel prices, we have witnessed more than 350 per cent spike in LED TV panels. Globally, the panel market has slowed down. Despite that, there has been an increase of 35 percent in the past 30 days.”

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