India Set to Become Sony's 3rd Largest Global Market

05 Jul, 2024

India Set to Become Sony's 3rd Largest Global Market

Sony expects India to become its third-largest market globally within a few years, with revenue reaching Rs 10,000 crore. In 2022-23, Sony India earned Rs 6,353 crore and aims to grow through premium TVs, audio, and imaging products. The gaming segment also holds significant potential for Sony India. Managing Director Sunil Nayyar highlighted Sony India's growth, positioning it as a close number four globally. Currently, the US, China, and Japan lead, with India trailing. Nayyar is optimistic about India’s growth and Sony’s strategy of prioritizing premium products to reach the top three. Sony India targets a milestone of Rs 100 billion in the coming years, fueled by consistent 20% growth.

Post-COVID, India has emerged as a significant market for Sony’s premium products, aligning with the country's economic growth and increasing consumer purchasing power. Sony plans to introduce new technologies in audio, video, imaging, and gaming, maintaining its leadership in these sectors. The TV business remains a primary growth driver, complemented by evolving audio and digital imaging segments. Nayyar emphasized Sony’s transition to a technology-oriented company, appealing to Gen Z and millennials. Currently, TV sales account for half of Sony India's revenue, with expectations for other segments to expand, recovering from past declines due to the exit from the laptop and mobile handset businesses.