The TV market in Thailand is expected to grow this year thanks to global sports events, says LG Electronics (Thailand).
Amnaj Singhachan, head of marketing at LG Electronics (Thailand), said the TV market will be driven by two major sports events: the Uefa Euro 2024 football tournament, running from June 14 to July 14, followed by the Summer Olympics from July 26 until Aug 11 in Paris, and the Paris 2024 Paralympic Games from Aug 28 until Sept 8.
Sales growth during Euro 2024 might be slightly higher than during the Olympic games, he said.
"The Thai TV market is expected to have 30% sales growth year-on-year during Euro 2024, and LG TV sales should align with that trend," said Mr Amnaj.
He said the sales growth during these major sports events will be mainly generated from the Bangkok metropolitan area.
Mr Amnaj said for 3-4 years, the average price of a TV was 12,000 baht, but it has dropped to roughly 10,000 baht.
"Many brands want to launch bigger screen TVs in the market, ranging from 70 inches and larger," he said.
As Chinese brands slash prices to capture Thai TV market share, Mr Amnaj said LG will not follow this strategy, instead focusing on premium TVs by promoting its OLED TV.
The Thai TV market was worth 21.2 billion baht last year, down 8.5% from the previous year.
The market is expected to increase to 23 billion baht this year, up 8%, he said.
Big screen TV sales are growing and account for 16.5% of total sales, up from 12.3% the previous year, said Mr Amnaj.
The company aims to achieve sales of 4.6 billion baht this year, or 13% growth, exceeding total TV market growth in Thailand, he said.