According to the Futuresource Consulting report for Q3 2021 for India, BENQ is one of the top 4k UHD projector brands in India with a 44.1% market share. Rajeev Singh, Managing Director - BenQ India & South Asia in conversation with Siddharth Shankar from BWBusinessworld speaks about the Home projector market in India the opportunities, and the challenges.
In India, the projector industry is consistently growing at a pace of 20% year on year, but the home projector penetration is still relatively low when compared to TV. The consumer today, has evolved with the sense of visuality and a craving for an optimum experience. All thanks to the vast availability of enhanced content on various OTT platforms, 4K streaming, and other formats. The market for home projectors is already growing at a pace of more than 50% per year, and this rapid growth is expected to continue over the next 2-3 years.
Another fascinating aspect is that the future growth of projectors at home is likely to be driven by the innovation in projector technology, which has two components. On one hand, we have an ultra-short throw 4k laser Projector paired with an Ambient light rejection screen that is a true TV replacement for your living room without the need for either dimming the lights or pulling the curtains; hence the name Laser TV, and on the other, we have the adoption of smart wireless portable projectors that are very compact and have multiple applications.
In India, there is an ongoing need for new high-technology first consumer durables. Overall the consumers are seeking smart devices that will aid with home automation to improve their experiences.
While the intended consumer base for the Laser TV is the uber-rich individual who want the experience what that the TV cannot offer, the wireless portable projector segment has been picked up mostly by the millennials who want entertainment on the go or young parents as an alternative to screens for the kids at home.
Also, the popularity of projectors for home entertainment is not confined to large cities, but also smaller towns. There is a huge potential market in geographies where cinema screens and other amenities are not of high quality or are in insufficient supply. We serve a large share of these markets as the No. 1 projector brand. Again, visuality and the finest experience are what our consumers seek.
India is going through a display technology revolution. A lot of disruption will be seen in the consumer psyche as screens become our window to the world. The importance for the viewer to choose the right screen which fulfills home entertainment and wellbeing has been realized. Consumers seek products and devices that focus on minimizing the harmful effects of screens due to excess screen time. In India, to some extent, projectors are still not treated as a device for homes as compared to the West. One of the main reasons behind this is that the home entertainment industry is still at a very nascent stage in India. There is continuous competition among big screens (projectors, TVs, and monitors) and small screens (handheld mobiles). We believe that India is going to be a very huge market for home projectors as people will realize their multi-purpose functionality and spell-bounding experience.
Our key focus areas in India are majorly based on display technology with an emphasis on engaging the viewer with the world of visuality. Today we are the industry leaders in the home projectors segment with more than 50% market share. We have two disruptive product lines with which we intend to present our technology and innovation to all homes. These are the true TV replacement 4K Laser Ultra Short-throw projector and the uber-cool versatile smart wireless portable projector.
The BenQ 4K Laser Ultra short-throw projector will revolutionise the way consumers watch content and soon replace the TV. It is a user-friendly device that offers unbeatable crisp and vivid picture quality retaining good color accuracy at high brightness. Optimizing the play of light, in a bright room the 4K Laser Ultra short-throw projector offers a better experience of any giant TV with its 98% DCI-P3 color accuracy.
BenQ India’s smart wireless portable projector segment is true entertainment on the go directed to the young millennials. An intelligent product, these satisfy the needs for OTT and live streaming, music celebrations and parties, engaging with kids, and even online calls on the go. Among several other features, the lightweight portable projectors include an eye-proximity sensor to prevent shining into the eyes thus making it the best fit for the kids.
We are also dedicated to working towards an optimum customer experience strategy. We will elevate the reach through on-ground retail touchpoints across the target markets in India during 2021. BenQ will be extending this experience to all major large format retail outlets across the country.
You will agree with me that with the video now becoming mainstream, the consumers are aiming for a cinematic and optimized visual experience. Consumers are increasingly inclined to create their own advanced visual space at home by installing feature-rich high-quality advanced projectors. Traditionally, the Projectors were considered to come along with a lot of paraphernalia. It would require a separate set-up of a large room or a wall base. This assumption is fast going away now. Setting up 4K Laser Ultra short-throw projector is a cakewalk. The simple and user-friendly technology has boosted the adoption of projectors as a replacement for TV. Consumers prefer to set home projectors with features such as 4k image quality, wide colour range performance on a large ALR screen, high contrast ratio, HDR PRO image quality among others. Also, now that people spend major time in the virtual space, there is a higher sensitization for impact on eyes which the projectors are aptly made to diminish.
In our opinion, TeleVision becoming bigger isn’t a solution, it is rather the problem. The harmful effect on eyes, the constrained mobility, the effect of light on colors and pictures all go full scale too. The DCI P3 standard for digital movie projection and cinematic experience is truly felt only on a projector. The TV amplifies the colors to make them more vivid and prominent and does not represent the true picture quality.
The projector is the solution because it fulfills the aspirations of the consumer with none of the above parameters realized. As flat-screen TVs become larger, the consumers are more inclined to invest in short-throw projectors that utilize a fraction of space and are mobile.
With the willingness of the people to adapt to upgraded technology, BenQ is amplifying the innovative tech aspects within our projectors to fulfill the futuristic demands of our customers. Since last year, we have witnessed a surge in solid-state lamp technology, smart software-led projectors, LED projectors, and portable projectors. In the coming time, we foresee projectors in-built with more advanced Laser Light Source, enhanced 4K UHD reducing pixel blur for inspiring clarity, Cinematic Color Technology, Motion Interpolation (MEMC), Red Laser technology, and most importantly advanced Motion Sensor for Eye Protection. There is also a wide selection of wireless, smart projectors with an embedded operating system and system on chip with a suite of software optimized for hybrid use. BenQ is already working in these areas to make them accessible to the benefit of our patrons.