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Call it a déjà vu moment for foreign brands.
Some of the biggest TV manufacturers in India are cutting the prices of their TV lineup in the nation to better compete with local players.
Various TV models from Sony, LG and Samsung, the three global giants that assume over 80 percent of the LED TV market in India, are being sold at up to 40 percent below their sticker price on e-commerce sites in the nation.
Even at brick and mortar stores, the television models are being sold below 15 percent of the retail price, reports the Economic Times.
The publication said that for giant manufacturers this is the biggest price drop for the Indian market, adding that the move comes as the companies see aggressive offerings from local players as well as Chinese and Japanese brands.
Known for its low-priced smartphones, Micromax forayed into the TV space in 2012, and the smart TV segment last year. The company is already offering some of the cheapest TV models on the market.
A full-HD 43-inch TV from Micromax, for instance, sells at under Rs 23,000 ($350). Similar model with 4K offering sells at around Rs 40,000 ($610).
In comparison, the cheapest 43-inch full-HD Sony Bravia TV costs around Rs 49,500 ($760), whereas a similar model with 4K display panel retails at Rs 83,400 ($1,280). Samsung and LG have similar offerings.
The international giants have seen local competition steal the smartphone market with similar offerings. Once an undisputed mobile brand, Samsung now fights with Micromax for the tentpole position in the country, with another local company Intex quickly closing the gap.
The TV market in India has also attracted Chinese player LeEco which is selling its TV lineup at somewhat better pricing than Sony, LG and Samsung. Xiaomi, which is known for its low-priced TVs is prepping to bring its lineup in the country soon, according to industry sources.