Mumbai: Buoyed by surging income levels in the country, Korean consumer durables manufacturer, LG Electronics, is eyeing a 32% market share in home entertainment products and Rs 20,000-crore revenue (from India) by end-this year.
“Presently, we have a 29% market share in home entertainment products in India and expect to up it to 32% by December 2011,” LG Electronics India’s managing director, Soon Kwon, told PTI.
“We are targeting around Rs 20,000-crore revenue by end-2011 as against Rs 16,000-crore last year. We are growing fast in India and will continue to grow in the market,” he said.
LG Electronics India has nine products in the segment and plans to launch more models in this segment in the coming days.
“India is one of our key markets. Every year, we are launching some (new) models of home entertainment products in India. We will continue to launch more models in the coming days,” he said.
Around 20% of the company’s revenue comes from rural India and it plans to increase this by beefing-up its distribution by opening more outlets, he said. Presently, the company has 20,000 outlets pan-India.
LG Electronics competes with Samsung, Philips and Whirlpool in the domestic market.
India contributes 6% to the company’s global revenue, he said, adding, “we expect it to double to 12% in the next three years.”
Over the next five-years, the company is hoping that India would emerge as its second biggest market, overtaking Korea which now holds that position, he said.
The company set up its wholly-owned Indian unit in 1997 and has grown to be among the leading brands in the country’s fast growing consumer durables market.
The company today launched its next generation 3D TV with FPR technology, priced at between Rs 94,990-Rs 1,64,990 and targets to sell 1-lakh units by end-this year.
“We aim to to be the market leader in 3D TV market with 50 per cent market share. We are eager to show everyone just how exciting our new 3D TVs are and why we are confident it will become an industry standard for 3D TV technology,” he said