TVs to become costlier in 2024!

• Follow

If you are planning to buy a brand new television set for your family, then, you will have to shell out even more from your pocket. Television sets may become costlier by around 10 per cent very soon. All new TV sets hitting the market may be expensive by around 10 per cent. Consumers can still get those TV sets at lower prices that have already arrived in the market. But the new ones might cost them even more.

This is because, prices of open cells that are used in manufacture of new TV sets, have gone up by 20 per cent in last one month. And  prices  might go up by further 15 per cent by February 2024 end.

According to news daily, Business Standard, owing to continuous rise in open cell prices and supply side shortage, TV prices in India may rise by around 10 per cent very soon. Due to continuous rise in open cell prices ( a prominent raw material used in TV manufacture), manufacturers have said to the news daily, that, they are left with no choice but to go for another round of price hike.

In comparison to December 2023, open cell prices are already up 20 per cent and prices may go further up by 15 per cent by February 2024 end. Open cells account for 60 per cent of total manufacture cost of television sets.

Arjun Bajaj, Director, Videotex (contract manufacturer of television panels), said in an interview with  news daily, Hindustan Times, that, TV manufacturers have been facing the issue of rise in open cell prices right from the time pandemic had struck the world back in 2019. Ever since the advent of Covid-19, prices have continuously risen. This has propelled manufacturers in India to hike TV prices. And now there has been a fresh spike in cell prices and this trend is expected to continue at least in the near term. They are unsure how long they will have to keep hiking the prices.

According to Volza, an organisation, that keeps record of export- import data of different countries, India meets a major chunk of open cells requirements from imports. Infact, India is the biggest importer of open cells in the world.

According to a report by global data platform, Statista, number of households with LED TV sets is continuously rising in the country. Such households rose 28 per cent YoY from 2.5 crore in 2022 to 3.2 crore in 2023. And, number of such households is estimated to rise to 4.5 crore by 2025.