LG Electronics India Ltd today said it is targeting Rs 1,000 crore sales from its 3D smart TVs by selling 2.5 lakh units this year. To achieve the sales mark it will invest Rs. 100 crore for marketing the new range of 3D smart TVs launched today.
Besides, it is also looking to consolidate its presence in the overall flat panel TV market and aiming to increase its market share from 25 per cent to 30 per cent in 2012. “We are targeting business worth Rs. 1,000 crore from 3D TVs and aim to consolidate our position in the flat panel TV segment with 30 per cent market share,” LGEIL Managing Director Soon Kwon told reporters here.
The flat panel TV segment comprises LCD, LED, HD and 3D Smart TV televisions. “..To ensure the numbers, we have an aggressive marketing strategy with a target investment of Rs 100 crore in flagship product communication,” Kwon said.
As per the company estimates, the flat panel TV market in India is expected to touch 55 lakh units in 2012 from 38 lakh units in 2011.
LGEIL, which today launched a range of ‘Cinema 3D Smart TV’, is also looking to enhance its market share in the 3D TV segment to 50 per cent from the current 40 per cent.
According to industry estimates, the 3D TV segment in the country is expected to touch five lakh units in 2012 from around one lakh units in 2011. “We are looking at 2.5 lakh units in 3D TV segment in 2012,” LGEIL Home Entertainment Division Head (Marketing) Rishi Tandon said.
LGEIL, which sells 35 models of flat panel TV in the country, is also looking to launch 10 more models, taking the total models to 45 by the end of 2012, Tandon added. Tandon said the revenue share of 3D TVs in the total flat panel TV portfolio is currently 10 per cent and is likely to go up to 30 per cent this year.
The company’s new range of 3D TVs would be available in the price range of Rs 55,000 to Rs 7 lakh.