Sony expects India to overtake Japan and become its third largest market globally within the next few years, with revenue projected to reach Rs 10,000 crore. Sony India Managing Director Sunil Nayyar stated the company earned Rs 6,353 crore in 2022-23 in India and is focusing on premium televisions, audio, and imaging products to drive growth.
Nayyar highlighted that India is currently the fourth largest market for Sony, following the US, China, and Japan. He expressed confidence that India will soon climb to third place due to the country’s economic growth and increasing consumer demand for premium products.
“We are optimistic about India’s growth. With our product portfolio and strategy of promoting premium products, we expect to reach the number three spot soon,” Nayyar said. He also mentioned the company’s target to hit Rs 100 billion in revenue within a couple of years.
Sony India registered a growth of approximately 20% in 2023-24 and aims to grow another 20% this year. The company’s focus will be on introducing new technologies in audio and video, expanding its imaging and gaming businesses, and maintaining its leadership in these areas.
The TV business will continue to be a primary growth driver, but Nayyar noted that the audio business, including soundbars, party speakers, and wireless headphones, is also evolving. The digital imaging and gaming segments, particularly PlayStation, are expected to grow significantly in India.
Sony India’s revenue had declined after its parent company exited the Vaio laptop and mobile handset businesses, but the company is now recovering with its focus on televisions and other product categories.