LG Electronics India on Friday unveiled its new range of air-conditioners, aimed at consolidating its leadership position in the Indian AC market in 2011. Loaded with interesting health and power-saving features, the 51 new AC models are priced between Rs.10,000 and Rs.55,000.
“In our new range of ACs, we have introduced technologically advanced health filters, while we have introduced 5-star rated ACs across all models. Our inverter ACs are equipped with technology that save 60 per cent more energy than other comparable models,” LG India Chief Operating Officer Y. V. Verma told journalists here. The Korean consumer durables major sees India becoming its No.1 AC market globally by next year, overtaking the U.S. market. “The Indian market currently contributes about 18 per cent in our global AC sales...I hope, next year the Indian market becomes the No.1 in our global sales, which stands at around $3 billion, of which 30-40 per cent comes from the U.S.,” said LG Electronics Vice-President (AC Overseas Marketing) Sewoo Park.
Turnover target
LG India Business Head (AC) Ajaj Bajaj said: “We are targeting a turnover of Rs.3,500 crore from AC sales this year to capture 32 per cent market share against Rs.2,500 crore in 2010 (29 per cent market share). Eventually, we are aiming for 36 per cent share by 2014.”
According to Mr. Verma: “To maintain its leadership position in the consumer durables segment, LG India would invest Rs.800 crore in 2011 to add capacity and on marketing initiatives.
