Skyworth aims for global expansion and IoT opportunities

Overseas expansion, technology upgrade on screens and smart homes will become growth engines for Skyworth, a home appliance giant to generate annual revenue to surpass 100 billion yuan (US$14.9 billion) in the near future, the company said on Thursday.

Skyworth TVs are sold in 100 countries and regions, with rapid growth in Russia and Southeast Asia. It has set up manufacture bases and research centers in Europe and other regions. The global expansion and technology upgrade on next-generation screens and the Internet of Things will help Skyworth to generate revenue over 100 billion yuan annually in near future, almost double the current level.

Skyworth also debuted IoT system Swaiot and a new TV on the system, the Q80. The new TVs, which can connect other home appliances and support Baidu’s smart home system, start at 29,999 yuan.

Chinese TV markers including Skyworth are facing tough competition and sluggish market demand, though they have taken lion shares of the domestic market.

In 2018, Chinese TV sales reached 47.7 million units, only 0.5 percent growth year on year, according to researcher AVC. Global TV sales hit about 220 to 230 million units.

With Swaiot system and partnership with Baidu and Midea, Skyworth aims to expand into smart home market and make TV a control center for IoT devices. 

The coming 5G network, national policy to support ultra high-definition video industry and consumption upgrade are also expected to fuel demands of new-technology TVs, analysts said.

Skyworth has invested heavily on research with more than 1,000 research engineers, including a German center with 63 researchers, said Luke Li, Skyworth’s research general manager.