LG Electronics, the renowned Korean consumer electronics giant, is doubling down on its commitment to the Indian market by unveiling a range of home entertainment products customized for Indian consumers. Senior company officials reaffirmed LG’s dedication to maintaining its leadership position in the television segment through strategic product offerings tailored specifically for Indian preferences.
LG Electronics India recently launched 55 AI-enabled television models, underscoring its commitment to innovation and customer-centric solutions. With an ambitious growth target of 25-30% this year in the home entertainment (HE) vertical, LG Electronics India is poised for significant expansion in one of its most crucial global markets.
Highlighting the importance of India in LG’s global strategy, Managing Director of LG Electronics India, Hong Ju Jeon, emphasized the growing demand for large-screen TVs in the country. Mr. Jeon stated, “India is the most important market globally. With this new lineup, we aim to further enhance our market leadership in flat panel TV in India.”
Acknowledging the unique dynamics of the Indian television market, Brian Jung, Director of Home Entertainment at LG Electronics India, highlighted the dominance of LED technology in the country, in contrast to OLED technology prevalent in European and American markets. Mr. Jung reiterated LG’s commitment to delivering products tailored to Indian consumers’ preferences, ensuring a seamless fit with local market trends.
Despite these differences, Mr. Jung noted the rapid evolution of the Indian market in terms of screen size and technology adoption. LG aims to capitalize on this growth momentum by offering innovative solutions that cater to the evolving needs of Indian consumers.
LG currently holds a commanding market share of 27.1% in the Indian television segment, a testament to its strong brand reputation and consumer trust. Abhiral Bhansali, Business Head of Home Entertainment at LG Electronics India, expressed optimism about the company’s growth prospects, targeting a robust 25-30% growth rate compared to the previous year.
Last year, LG Electronics India’s home entertainment segment recorded revenues of Rs 8,000 crore, reflecting the company’s strong performance in the Indian market. With a TV production capacity of 30 lakh units annually at its Pune plant, LG is well-positioned to meet the growing demand for its products in India.
As LG continues to innovate and tailor its offerings to suit Indian consumers’ preferences, the company remains committed to upholding its market leadership and delivering superior home entertainment experiences to customers across the country.
The Indian television market, estimated to be around Rs 28,000 crore annually, presents ample opportunities for growth and expansion, and LG Electronics India is poised to capitalize on these opportunities to further strengthen its position in the industry.