Mumbai, Nov 28 (PTI) Taiwan-based TPV Technology, which owns the brand and marketing licences for Philips television and audio businesses globally, is looking at capturing 6-8 percent of the 15 million units annual TV market in the country over the next couple of years. Also Read - Monsoon Session Day 2: Lok Sabha Passes Essential Commodities Bill to Raise Farmer Income, Boost Agri Sector | Highlights

As part of its global strategy of exiting TV and audio businesses, the Indian arm of the Dutch electronics and consumer durables major Philips had given the brand licensing, including manufacturing of TV business to Videocon Industries in 2011. Also Read - International Flights: Air India Closes 5 Stations in Europe Over Losses Amid COVID-19 Pandemic

But the Dhoot family-run company ran into a financial crisis in 2017 and is under the NCLT now. Following this, Philips India brought in TPV in June 2018. The Taiwanese firm also has similar rights of Philips products in Europe, Russia, Middle East LatAm and in some select Asian markets. Also Read - 'Jammu And Kashmir to Reopen For Tourism Soon', Says J&K Administration

Since the 1980s, Philips, which had in January 2013 sold its audio and video business to Japan’s Funai Electric for 150 million euros, has been a leading brand in the electronic space in the country and still enjoys the high brand value among consumers.

“In a couple of years, we want to be amongst the top five brands in India. In terms of market share, we are looking at 6-8 percent of the pie,” Arun Menon, business head for Philips-branded TVs and audio at TPV Technology India told PTI here Wednesday.

The domestic television market is around 14-15 million units per annum, he said, adding Philips had a market share of 8-10 percent during its peak and was among the top 5 brands here and is looking to claw back that position.

Menon, however, cautioned that the initial challenge is to re-enter the market after a one-year gap, which since then has become more competitive and crowded.

“A lot of brands have entered the market in the past one year alone and they have taken a lot of shelf space. The challenge is how do we get back that space and how can retailers make space for us,” Menon said.

To begin with, the company will be focusing on the tier 1 cities and will look at small towns in the second phase, which may start from the second quarter of 2019.

It will be tapping the around 200 distributors of Philips audio who reach out to 35,000 stores to hawk its TV sets apart from the online route.

Menon further said the company will be focusing more on the smart TV series and bigger screen sizes as it rebuild the business here. It will be assembling three-four models in the entry level while importing the higher-end variants.

This is published unedited from the PTI feed.