Sony India, a prominent player in the consumer electronics sector, reported a remarkable 21 percent growth for the fiscal year 2023-24. Managing Director Sunil Nayyar expressed optimism about sustaining this momentum, attributing it to the ongoing trend of premiumization within the television and consumer electronics markets. However, he noted that growth rates might moderate in the current fiscal year, suggesting they would likely not reach the heights seen in the previous year due to the “high base effect.”
The company is particularly buoyant following a notable 40 percent increase in festive sales during the Onam celebrations in the southern region of India. Nayyar anticipates that similar double-digit growth will be experienced across the rest of the country during the upcoming festive season, which kicks off with Durga Puja. He stated, “We are very hopeful that sales during Diwali will be robust. We are aiming for high double-digit growth this time.”
Sony India continues to lead the premium television segment, holding approximately 35 percent market share for screens measuring 55 inches and above. Nayyar confidently stated that the company will “continue to dominate” this lucrative market segment. Notably, Sony claims to be the leading brand in the larger screen categories, capturing 49 percent, 45 percent, and 36 percent market shares in the 85-inch, 75-inch, and 65-inch segments, respectively.
To further strengthen its position in the premium television market, Sony India recently unveiled its latest lineup of Bravia series, which includes the 9, 8, 7, and 3 series models. The company is optimistic that growth in the premium television segment, along with its audio and imaging products, will be pivotal in driving its expansion in India.
Nayyar emphasized, “We anticipate growth to emerge from the higher echelons of the market, whether it relates to product categories, consumer preferences, or income levels.” He pointed out that as India becomes increasingly affluent, the demand for premium products across various categories continues to rise.
Reflecting on the fiscal year 2023-24, Nayyar stated that the company is firmly on a path of positive growth, maintaining that the reported 21 percent increase is particularly encouraging as it surpasses the overall industry growth rate. Sony India generated revenues of ₹6,353 crore in 2022-23, up from ₹5,161 crore in 2021-22.
Looking ahead, Nayyar expressed confidence in sustaining this positive business momentum, especially in the television sector, which remains a core area of growth for the company. Additionally, he noted that the audio segment is also experiencing significant expansion, with Sony gaining traction not only with soundbars but also with party speakers.
The gaming division, which includes the renowned PlayStation series, consoles, and accessories, is performing exceptionally well, according to Nayyar. He reported that the gaming business more than doubled its performance last year and is on track to continue that success this year.
“People are increasingly engaged with the Sony PlayStation 5, and we’re seeing strong sales of accessories as well. There’s a vibrant environment for e-gaming in the country,” he said. Currently, the gaming segment contributes between 8 to 10 percent to Sony India’s overall revenue.
In the realm of digital imaging, Sony has established itself as the market leader with its Alpha series of mirrorless cameras, boasting an impressive growth rate of over 150 percent in this segment for the fiscal year 2023-24. Nayyar expressed satisfaction with the overall strength of Sony India’s performance, asserting that the company’s growth trajectory appears solid.
It is noteworthy that approximately half of Sony India’s revenue is derived from the television business, around 20 percent from the imaging sector, while the remainder comes from audio and other ventures. At present, India ranks as Sony’s fourth largest market globally, following the United States, China, and Japan.
Sony India is a leading consumer electronics company known for its innovative products, including premium televisions, audio systems, and imaging solutions. With a strong market presence, it has established itself as a leader in the premium TV segment, boasting significant market shares in larger screen categories. Sony India continues to experience robust growth, driven by rising consumer demand for premium products.
