New Delhi, Sept. 9: LG Electronics, which today showcased its range of new display products, hopes to garner 10 per cent of its total colour television (CTV) sales from this segment in 2003-04.
The range, comprising plasma display panels, LCDs, projectors and projection televisions, are high-end consumer electronic products. Almost 50 per cent of LG's CTV sales in the US and Korea come from this segment.
At present, the new display product range, which is growing at a rate of 50 per cent per annum, has a $550 billion market. It is further expected to grow to $1000 billion by 2007.
LG Electronics India enjoys a market share of 18.2 per cent in the CTV category. Flat televisions have registered a growth of 283.7 per cent in 2002-03.
“We are not doing this to replace the analog TV, but offer other dimensions of display products in the Indian consumer durables market. We hope to sell 1.5 to 1.6 million CTV units this year,” said Nam K Woo, president, digital display and media.
At present, almost 8 per cent of LG's total turnover is attributed to southeast Asia, including India. In 2002-03, LG’s global turnover stood at $25 billion, out of which Indian operations contributed $700 million.
LG is also betting high on the coming festive season. Chandramani Singh, national head—consumer electronics, said, “We expect to sell approximately 10 to 12 lakh CTV units in October.”