NEW DELHI: Riding high on the success of its home appliance business last year, consumer electronics giant LG, which currently has 33 per cent market share in India, is eyeing almost 30 per cent this year, a top company executive has said.
According to Deepak Bansal, Vice President, Home Appliances and Air Conditioners, LG did a good business in 2021 and the company has logged turnover growth of more than 20 per cent.
"The business for LG has been good in 2021 and when we say good, that means we have logged turnover growth of more than 20 per cent, " Bansal told IANS.
"We are already at 33 per cent market share and are expecting minimum growth of almost 30 per cent this year, " he added.
As several new players are foraying into the home appliance market, the consumer electronics giant is considering them as an opportunity.
"While many of the new players are entering the home appliance market, rather than seeing them as a threat, we consider them an opportunity, " Bansal noted.
The new brands are going to generate the demand for the products and "with the products that we operate in, we will be in a better position to capture the market, " he added.
The company recently unveiled a new lineup of home appliances, which starts from Rs 15, 000 and goes up to Rs 2 lakh. It includes new refrigerators, AI-based washing machines, wearable air purifier, water purifiers and a range of charcoal microwaves.
Earlier this year, LG Electronics launched latest range of AI dual inverter air conditioners with multiple in-built sensors. The new range of split ACs are available in the range of Rs 39, 990 to Rs 73, 990.
The ACs come a superior, varied speed dual rotary compressor, giving optimal cooling by automatically analysing the inputs from the sensors.
LG �VIRAAT Super 5 Star ACs offer a 35 per cent bigger outdoor unit due to which heat exchange is optimised and it can operate in high ambient heat conditions while still consuming 11 per cent less energy.
The company has also started manufacturing 'dual inverter' window air conditioners at their Noida plant.
It will invest in building the infrastructure with the capability of manufacturing up to 300, 000 units of window ACs in the country.
The company said that its new range of frost-free refrigerators is equipped with 'E-micom', which allows users to conveniently control the temperature settings without opening the door, significantly reducing the cold air loss.