L G Electronics India Ltd. is gearing up boost its market share by about four per cent at least in the room air-conditioner (AC) market during this year as the Korean electronics major has unveiled a new range of air-conditioners that incorporate a new feature Mosquito Away, which promises to combat mosquitoes using ultrasonic waves, among others.
The company, which has sold over 7 million ACs in India till date, claims to have garnered a market share of about 24 per cent in the Indian residential AC market. It has now come out a new range of ACs that promise higher energy savings.
The 2014 range, which will sport new features like Himalaya cooling, monsoon comfort or mosquitos away, will be priced about five per cent higher. Thus, the price range for these models (split) will vary from Rs. 25,000 to Rs. 55,000. With new technologies and features, the company promises energy savings up to 53 per cent (up from 42 per cent) in its 5-star rated ACs. The company is also targeting to increase the revenue to Rs. 2,500 crore crore this year from Rs. 2,000 crore last year.
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Saurabh Baishakhia, business head, air-conditioners, LGEIL. bets big on the ‘mosquitos away’ technology and expects its to be a big driver of its AC sales. The company has introduced this technology in some African markets, and has tweaked it now for India.