Xiaomi is the leading smartphone as well as smart TV brand in India. The company is known for its affordable products in the country. But lately, the firm has been hiking the price of some of its devices. As per a new report, Xiaomi may once again increment the price of its Mi TVs and Redmi TVs in the country.
ET Telecom reports that Xiaomi is expected to hike the price of smart televisions in India by 4-6% from July. For those unaware, companies have been increasing the price of TVs in the country since the beginning of this year.
According to the publication, the upcoming TV price hike by various brands will be the third round in the last six months. Companies have already increased the price of their televisions by 10-12%. The year 2021 marks the highest price hike of televisions in a single year.
The main reason for the increase in TV price is due to the prolonged shortage of ‘Open Cell’ (panel) globally. ‘Open Cell’ accounts for almost 70% of the cost of a television. India mostly imports them from China and Vietnam.
Recently, Xiaomi hiked the price of the Redmi Note 10 in the country for the third time. This was due to the increase in the price of supplies. As per industry experts, the cost of chipsets, battery packs, and others (camera modules, sensors) have increased by 20%, 10%, and 5% respectively.
Lastly, as per Debasish Jana, research analyst at Counterpoint Research, If this trend continues, it may affect demand in India as a result of the country’s economic situation caused by the second wave of COVID-19.
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