AI, IoT Integration Will Shape The Future Of Smart TVs: Veira Group MD Ankit Maini

Veira Group, a leading player in India’s smart TV manufacturing industry, is riding the wave of rapid technological advancements and shifting consumer preferences. In an exclusive interview with Bizz Buzz, Managing Director Ankit Maini shares insights into the evolving market. “Consumers are increasingly opting for larger screens and high-end features like AI-powered voice assistants and integrated OTT platforms,” Maini notes. He highlights the rising demand for 50-inch and 55-inch models as part of this shift.

Maini also emphasises Veira’s strategy to stay competitive through innovation, including the development of Nano LED technology and an expanded product range. Despite challenges such as high import duties and supply chain disruptions, Veira is focused on local manufacturing and staying at the forefront of the market with advanced R&D and design processes.

How is the Smart TV market evolving in India currently, and what are the anticipated trends over the next five years?

The Smart TV market in India is evolving quickly, with more affordable high-end products becoming popular among consumers. There's a noticeable shift towards larger screens, 4K UHD resolution, and advanced smart features like AI-powered voice assistants and integrated OTT platforms. While 32-inch TVs still hold the largest market share, their dominance is decreasing, similar to the 43-inch segment. In contrast, demand for 50-inch and 55-inch models is growing.

Over the next five years, we expect to see more interactive displays, advancements in IoT and AI integration, and better design enhancements. Veira is well-prepared for these changes, with our Nano LED technology and plans to expand our range to include larger screen sizes, up to 75 inches and beyond. With various OS offerings, we aim to be at the forefront of the Smart TV market's evolution.

What factors are driving the rapid growth of the Smart TV market in India? How significant are factors like increased internet penetration, consumer preference for smart home devices, and advancements in technology?

The rapid growth of the Smart TV market in India is driven by several key factors. Increased internet penetration has made a wide range of online content accessible, making Smart TVs more attractive for streaming and digital entertainment. Consumer preference for smart home devices, which offer easy integration and convenience, also plays a significant role.

Additionally, people now prefer watching their favourite content on larger screens, and the rise of OTT platforms has further boosted demand. The ability to access various channels and connect Smart TVs with PCs for extra functionality also contributes to this growth. These factors together highlight the changing landscape of media consumption and technological advancements, shaping the future of Smart TV adoption in India.

What are the major challenges faced by TV manufacturers in India, such as regulatory hurdles, high import duties, or supply chain issues? How can these challenges be effectively addressed?

TV manufacturers in India face several challenges, including fluctuating raw material costs, high import duties, and supply chain disruptions. The reliance on imported semiconductors and display components, which often experience price fluctuations, poses a significant issue. Localizing manufacturing could help reduce dependency on imports and stabilize costs.

Additionally, the Production-Linked Incentive (PLI) scheme does not currently apply to the TV industry, and the lack of other manufacturing incentives adds strain to the sector. Offering targeted support and incentives could be beneficial.

Supply chain disruptions, worsened by the Cocid-19 pandemic and geopolitical issues like the Russia-Ukraine conflict and recent disturbances in the Red Sea region, have also impacted the industry. Addressing these challenges effectively would involve policy adjustments, more support for local manufacturing, and strategies to improve supply chain resilience.

How are Indian TV manufacturers coping with intense competition from international brands? What strategies are being implemented to offer competitive pricing while maintaining quality?

Indian TV manufacturers are adopting several strategies to cope with intense competition from international brands. They are focusing on research and development (R&D) innovation and advanced manufacturing processes to stay competitive. Government initiatives like "Make in India" and "Atmanirbhar Bharat" support local manufacturing, reducing dependency on imports and encouraging innovation. These efforts help Indian brands counter the low-cost labour and advanced design technologies of international counterparts, allowing them to offer competitive pricing while maintaining quality. Moreover, government skill development programs have increased the availability of skilled labour, enhancing production capabilities.

Unlike many competitors, Veira Group places a strong emphasis on R&D, integrating new technologies to remain at the forefront of the smart TV market. Our deep involvement in product design and development ensures innovative, cutting-edge products that meet consumers' changing needs. This commitment positions Veira Group as an industry leader, setting new benchmarks for smart TV quality and performance.

How does India’s research and development in the Smart TV sector compare with the global market? What initiatives are needed to enhance India’s R&D capabilities in this field?

India's Smart TV R&D lags behind global leaders in terms of core display technologies and high-end chipsets. However, the country excels in software development and cost-effective manufacturing. To bridge the gap, India must invest in fundamental research, foster industry-academia collaborations, and encourage local production of key components. Additionally, creating a conducive policy environment for R&D, attracting global talent, and focusing on niche areas like AI-driven features can propel India's Smart TV R&D to new heights.

What are the key areas where Indian TV manufacturers need to focus on innovation to stay competitive?

To stay competitive, Indian TV manufacturers need to focus on several key areas of innovation. Integration of AI and IoT is crucial for enhancing smart features and creating more interconnected, intuitive devices. Additionally, advancements in user experience through greater personalization and improved access can differentiate products in a crowded market. By prioritizing these innovations, manufacturers can offer more intelligent, user-friendly TVs that meet evolving consumer expectations and stand out globally.

How does Veira Group differentiate itself from other ODM players in the television manufacturing industry?

Veira Group sets itself apart from other ODM players in the television manufacturing industry through several distinctive strengths. We offer a comprehensive range of TV sizes, from 32 inches to 75 inches and beyond, to cater to diverse consumer preferences. Our extensive portfolio includes various operating systems such as Tizen, WebOS, Google, and Coolita, providing flexibility to meet different brand needs. We cover all categories including HD, FHD, 4K, LED, OLED, and QLED, making us a one-stop solution for every brand’s requirements. Moreover, our strong relationships with brands and suppliers enable us to maintain consistent pricing, ensuring cost-effective production without sacrificing quality.

What are the key manufacturing challenges in the Indian electronics OEM/ODM sector?

The Indian electronics OEM/ODM sector faces several significant manufacturing challenges. A primary issue is the heavy reliance on imported components, which can lead to supply chain disruptions and increased costs due to fluctuating rates. Maintaining high quality standards while keeping costs competitive is another ongoing challenge. Additionally, there is a shortage of skilled labour and a continuous need for upskilling to keep pace with rapid technological advancements. Navigating complex regulatory compliances and environmental norms further complicates the manufacturing process. At Veira Group, we address these challenges by investing in local manufacturing capabilities, fostering innovation, and building a skilled workforce. Our commitment to backward integration supports growth and helps us meet market demands effectively.