Focusing on high-end products and expanding its retail presence, Samsung hopes its consumer electronics and display business to contribute 50% of its revenue in India by 2028.
Samsung expects its consumer electronics and display business to contribute half of its revenue in India within the next three years, according to J B Park, President and CEO of Southwest Asia.
According to a report by the Economic Times, despite the current low penetration of consumer electronics in India, Samsung anticipates growth driven by the expanding economy and middle class. The company is focusing on expanding its footprint in high-end consumer electronics, including AI-powered appliances and premium displays like QLED and OLED TVs.
Park noted that while India’s smartphone market has matured, there is tremendous potential for growth in other sectors.
For the financial year that ended March 31, 2024, Samsung India reported a revenue of ₹1.02 trillion, with mobile handsets contributing 70% of this total. The home appliances division brought in ₹113.5 billion, while the TV segment generated ₹71.15 billion.
To expand its retail presence, Samsung also plans to double the number of its Samsung Experience Stores (Economy) by 2025, focusing on smaller Tier III, IV, and V markets. These stores are expected to help Samsung tap into emerging opportunities in regions with growing demand for affordable electronics.
Besides consumer electronics, Samsung is leveraging its Samsung Finance+ platform, in collaboration with non-banking financial companies (NBFCs), to make purchases more accessible in states with lower per capita income.
The initiative has been particularly successful in regions like Bihar, Jammu & Kashmir, and the Northeast, where it has seen an attach rate of over 60% to 70%, driving sales and broadening the company’s customer base.
