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Korea's major consumer electronics manufacturers show continued robust growth in the Indian market for home appliances. LG Electronics Inc. was found to lead in India's five major home appliances categories; color televisions, refrigerators, washing machines, air-conditioners, and microwave ovens, during the April to June period.
LG-brand air-conditioners held a 41 percent market share, televisions 26.7 percent, refrigerators 29.4 percent, washing machines 35.1 percent, and microwave ovens 38.9 percent. Televisions rose 2.3 percent, while refrigerators and washing machines rose 3.4 percent, and 2.7 percent respectively, from a year ago.
Samsung Electronics followed LG Electronics in the Indian home appliances market, with a 14.4 percent market share in color televisions, 16 percent in air-conditioners, and 18.6 percent in microwave ovens during the April to June period. Although in India's optical machinery market Samsung Electronics was found to lead with its computer monitors and CD-ROM drives.
Meanwhile, in the audio markets, the two electronic makers fell behind competitors such as Sony and Phillips. Sony and Phillips had a 42.8 percent and a 34.1 percent market share, respectively. Samsung and LG trailed with 11 percent and 5.7 percent, respectively, in India's audio market.
"Although encountering severe competition from foreign rivals in India, a nation with enormous potential, LG Electronics is leading the Indian market for major home appliances every year," said Kim Gwang-ro, president of LG Electronics' South West Asian branch. The Indian branch of LG Electronics plans to achieve its goal of U.S. $10 billion in sales by 2010 with an investment of $150 million to 2007.
On the other hand, Samsung Electronics said it will focus on increasing brand recognition and value though its high-end product lines rather than attaching itself to simple, numerical sales volume in the Indian market. The company is restructuring its business segments in the Indian market to more concentrate on high value-added production.
India, as one of the four BRICs nations, along with Brazil, Russia, and China, is running an average of 7 percent annual economic growth, mostly driven by a growing IT sector. Some experts predict that India will become the world's largest economy by 2035. (The Korea Herald)
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