LG Electronics plans to invest Rs.100 crore to market its flat panel LED displays as it aims to increase market share in the segment in the country to 30 per cent by the end of 2013.
“We have an ambitious plan this year for growth in LED segment. At present, in terms of market share, we are touching close to 24 per cent. We are targeting 30 per cent market share by the end of this year,” LG Electronics India Director (Home Entertainment) Hyun Woo Lee told The Hindu.
The company, as a part of its strategy for the segment, will be focusing on LEDs, and will discontinue LCD units.
“There is a total shift from LCD to LED. Last year, we had a total of nine LCD models, we’ll be discontinuing them. We’ll be introducing new technologies like OLED and Ultra HD under the LED segment,” he added. LG Electronics plans to introduce about 45 new flat models in India during the year, of which 17 LED models would be in the entry-level to drive volume with prices starting from Rs.12,500 and going up to Rs.27,500.
These would be available in sizes ranging from 22 inch to 32 inch. Mr. Lee said he expected the LED market in the country to grow to eight million units this year, from 5.5 million last year.
However, he added, “We have some forecast for our own but the growth will depend on the economy… whether Indian economy will improve and by how much. It depends on that.”
Home and Entertainment segment, which includes the audio and video category of products besides flat panel displays, contributes about 36-37 per cent to the company’s revenues in India. “This contribution will go up as we have ambitious marketing plans. We have a different plan for entry-level marketing. To promote 3D flat panels, we have a different plan. In all, we have planned Rs.100 crore investment, considering the potential of each category in different plans,” Rishi Tandon, LG Electronics India Head (Marketing) Home Entertainment Division, said.