Seoul, Jul 2: Korean consumer electronics major LG plans to launch India specific products in the home appliances segment to strengthen its leadership position, while looking to enhance exports from the country. The company is also looking to increase the level of usage of local components in its home appliances.
“The Indian market is among the top and important growing market for us. We will offer new technology products and also products tailored for the Indian consumers,” LG Electronics Vice President, (Head of Home Appliances, Middle East Africa and Asia Sales & Marketing Division) Daniel Shin told reporters here.
Citing examples of India specific products, he said LG has introduced water purifiers, top loaded washing machines with heaters that reduce cycles and also refrigerators that can keep items cool for seven hours during power cuts. ”In the second half of this year and early next year, we will launch premium products in India which have been verified in developed markets,” Shin said, adding new door-in-door refrigerator and washing machines with latest technologies were in the pipeline.
In Korea, LG has already introduced smart appliances, which can interact with users through a chat application on mobile phone and enable to control away from home. While the company did not specify time line for launching such products in India, these could come in the future.
Highlighting the significance of the Indian market, LG Electronics Senior Vice President (Head of Home Appliances, Overseas Sales and Marketing group) James Park said : “The contribution from India in LG’s overall home appliances is among the top…LG has a high market share in India and to maintain that we will continue to invest there.”
LG India is targeting sales of Rs 9,600 crore in 2014, up from Rs 8,000 crore in 2013 from its home appliances.
Last year, the company had a market share of 36 per cent in the Indian home appliances market that is estimated to touch Rs 24,000 crore this year at a growth of 10 per cent from 2013. Park said apart from catering to the domestic market, the company will also increase exports from India.
“We have been manufacturing in India for the last 15 years and we are going to increase exports to other markets from there,” he said.
Currently, LG exports a range of products to 63 countries from India.