India emerges as 4th biggest market for Sony

LAS VEGAS: India emerged the fourth largest market for Sony Corp during the nine months ended December 2012, beating the Japanese consumer electronics maker's target of making the country its fifth biggest market by the end of this fiscal.

"We have overtaken both Brazil and Russia in these nine months," Sony India Managing Director Kenichiro Hibi said on the sidelines of the International Consumer Electronics Show (CES), the world's biggest consumer technology expo, in Las Vegas.

"It's not that we are competing against other markets, but looking at the economic situation in those markets and the huge growth potential of Sony in India, it is quite possible that India may even overtake Japan (which is in the third position now) in a few years," Hibi said.

The ailing multinational bets heavily on Sony India, which is growing 30% a year, to turn around its global operations after reporting losses for seven consecutive quarters.

Talking to ET, Kunimasa Suzuki, global president and CEO at Sony Mobile Communications, said the success of Xperia Tipo, its first sub- 10,000 smartphone, may prompt the company to launch more affordable smartphones in India.

"Me and Kaz ( Kazuo Hirai, global president & CEO at Sony Corp) are spending a lot of time to learn more about the Indian market. While we want to launch more affordable devices to meet market demand, our immediate strategy is to bolster presence in the premium segment, which is where we are running behind badly," Suzuki said.

Sony India crossed Rs 6,000-crore revenues in the nine months till December 2012. For the full last year, it had revenues of Rs 6,313 crore. The company targets Rs 8,200 crore revenues this fiscal and Rs 20,000 crore by FY 2015. India head Hibi said the growth drivers behind Sony India's progression in the global ranking is 20% jump in Bravia television business and more than 100% growth in the mobile phone business after the launch of Xperia Tipo.

(The reporter is attending CES 2013 in Las Vegas on invitation from Sony India)