In Southeast Asia, flat panel TVs continued to register a surge in demand in 2012, selling over 8.3 million units in the first 11 months of the year and reflecting a 26% volume growth over the same period the previous year.
According to analyst firm GfK, LCD is the most sought-after TV type across the region, making up more than nine out of ten sets purchased. Malaysia, Vietnam, Thailand and Indonesia saw a 10% to 70% growth in sales of LCD TVs in the respective countries.
“The total LCD TV market across the region increased by 13% over the last year, spurred largely by the strong demand of LED TVs which contributed to a significant chunk of the LCD TV pie,” said Gerard Tan, account director for digital technology, GfK Asia. “The developing countries are getting more exposed to the advantages of this newer TV technology and its consumers are increasingly demanding for it.”
Indonesia is the largest and fastest growing market, with nearly 2.9 million sets of LCD TVs sold in January to November 2012; 68% more than the previous year. In Singapore, 77% of all flat panel TVs sold were LED TVs, with the rest Plasma TVs.
“Consumers in the region are willing to splurge on TVs, having spent over $3 billion on LCD TVs last year — 13% more compared with the year before,” said Tan. “One of the key drivers of the strong sales is greater affordability due to price erosion attributed to keen competition among major brands, and the introduction of more advanced technologies, for instance, Internet-content, 3D etc.
“The latest cutting-edge TV technologies introduced by major brands are the 4K and OLED TVs which received much attention during the recent Consumer Electronics Show. However, with the current economic outlook in the region, consumers are likely to be exercising more caution in spending on big ticket items such as these upmarket TVs. Nevertheless, we foresee the overall TV market to continue remaining buoyant in 2013, attributable to the continued switchover process in the developing markets,” he concluded.