Sony Expects India to Become its Third Largest Market Globally

Japanese consumer electronics giant Sony is setting its sights on India, expecting the country to overtake its home market and become the company’s third-largest market globally in the next couple of years. With revenue from India projected to reach Rs 10,000 crore, Sony India’s Managing Director, Sunil Nayyar, is optimistic about the future.

In 2022-23, Sony India reported a revenue of Rs 6,353 crore and is focusing on the premium television segment, along with its audio and imaging products, to continue driving growth in the market. Nayyar highlighted the growth potential in the gaming and imaging business segments as well.

“We have come a long way in India, positioning ourselves as a close number four in the global market. With our strategy centered around premium products and the market’s response, we aim to secure the number three spot soon,” Nayyar stated in an interview with PTI.

Currently, the top three markets for Sony globally are the US, China, and Japan, with India following closely behind. Sony’s confidence in the Indian market is fueled by the country’s overall economic growth.

Nayyar emphasized the shift towards premium products in India post-COVID, aligning with the country’s evolving economy. As consumers have more disposable income, there is a growing demand for quality products, a niche that Sony aims to cater to.

Sony’s strategy includes introducing new technologies in the audio and video business, expanding its imaging and gaming segments, which the company now leads in India. Nayyar identified the TV business, audio products, digital imaging, and gaming as key pillars for future growth.

While TV currently accounts for half of Sony India’s business, the company expects other segments to drive growth as well. Sony India faced a revenue dip after its parent company exited the Vaio laptop and mobile handset business, but the focus has now shifted towards other categories.

“With our renewed focus, especially in segments like televisions, audio, digital imaging, and professional solutions, we are confident about sustaining growth in India,” Nayyar added.