South Korean tech giant, LG is looking to seize the “Window of Opportunity” and expand its market share in India. As we know, due to the Galwan Valley Faceoff, Anti- China sentiment is very high. The government has already banned 59 major apps including TikTok, Shareit, and UC Browser in India.
People are still buying Phones of Chinese brands as they have no Indigenous option, and left with premium brands like Samsung, Apple which is heavy to the pocket. The midrange segment is currently dominated by Chinese brands like Xiaomi, Realme, Vivo, etc.
In an interview with Economic Times, Advait Vaidya, business head - mobile communications at LG Electronics, said the brand has seen 10 times increased sales of smartphones in the past two months due to the anti-China sentiment. “The short-term window of opportunity is big enough for us to enter the space and achieve scale,” he said.
The company is seeking to scale up local manufacturing by 15 times until Diwali and expand its distribution network. Diverging from its global portfolio, this year, LG is building an ‘India specific and India first’ product portfolio to cater to unique consumer demands here, Vaidya said.
“So, this year, starting August, we will be launching six phones across all segments - starting from the sub-Rs 10,000 categories up to the flagship segment. We are ramping up distribution across channels, online and offline,” he said. The company is also targeting corporate sales and foraying into the tablet market by year-end.
For local manufacturing, LG is in talks with Indian contract manufacturers and will apply for the product-linked incentive (PLI) scheme under which the government offers a 4%-6% incentive on incremental sales of smartphones by any company over the next five years.
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