-LG, Panasonic and Thomson have confirmed the hike.
-Sony is yet to finalise but will follow the same.
Electronic home appliances like TV, fridge, washing machine will become 10 percent more expensive from January 2021. The reason cited behind this is the rise in prices of main input materials (raw materials) like steel, copper and aluminium and also that the ocean and air freight charges are also increasing.
The situation has been termed as unavoidable and the manufacturers have to add the new price tag to all the appliances. LG, Panasonic and Thomson have already confirmed that the price tags of their equipments will go up by 11 percent. Sony is still reviewing the situation and will decide upon the hike later though it is quite likely to move ahead in the same direction.
LG is likely to increase the tags by 7 to 8 percent on their products. Panasonic might increase by 6 to 7 percent in January and may go up by 11 percent by the end of financial year. The manufacturers say that the demand is high but supply is short. Also the import freight charges have multiplied and this is also leading to price hike in appliances.
The consumer electronic industry is largely dependent on global imports, mainly from China for the sourcing of components and some of the finished goods, too.