LG eyes 42% pie of monitor market in India

LG Electronics India Private Limited (LGEIL) is targeting to corner a 42 per cent pie of the monitor market in India by the end of this year.

“According to a Cyber Media Research report, LG’s current market share in India is 33.7 per cent, while south contributes 40 per cent to the company’s overall monitor sales,” YV Verma, chief operating officer of LGEIL, told mediapersons, after launching the company’s new range of monitors here today.

Currently, LG has 33.7 per cent monitor market share and it targets to achieve 42 per cent by the end of 2011, he added.

According to Cyber Media Research, the monitor market in India is 5.8 million in volume terms and LG is looking at the addressable market of 3.2 million units. “We are focusing to achieve 1.1 million units and Rs 850 crore in revenues from IT products this year, as against Rs 790 crore last year,” he said.

Verma said the company would focus more on B2B products sales this year. Currently, B2B contributes anywhere between Rs 500 crore and Rs 600 crore to LG’s revenues in India, and the company expects a growth of 30 to 35 per cent this year, he said.

After a gap of over two-and-a-half years, LG will be re-entering the laptop market in India this year with its offering of 3D-enabled laptops. “The company is chalking out launch plans for marketing laptops. We will be re-entering the laptop market soon. However, the laptops would be imported and not manufactured in the country,” he said, adding the company expected revenues of Rs 50 crore from its new business (laptops) this year.

Also on the agenda is to phase out the LCD monitors and focus more on LEDs. “The LCD business is a dying category. We are looking at clocking about 60 per cent increase in the sales through LEDs,” he said. In the process, the electronics giant has introduced a host of other innovations in the LED monitor segment like the 3D cinema monitor, IPS monitor, E 60 E 81 and E 90 monitor variants here today.