South Korean electronics player LG said it expects to double marketshare in the mobile phone segment to 10 per cent by the year end on increasing smartphone adoption across price bands in the country.
"Our target is to double the marketshare in the mobile phone segment to 10 per cent from the current four to five per cent," LG India's business head (mobile communications) Deepak Jasrotia told PTI.
The handset maker which launched its high-end smartphone 'LG G4' in Mumbai event, said that it expects to meet its targets encouraged by the rapid increase in smartphone adoption in the country.
According to the International Data Corporation's Worldwide Quarterly Mobile Phone Tracker, India is the only market expected to post an increase in smartphone shipments over the next few years, while globally the share of smartphone shipments are expected to contract.
India's share of smartphone shipments are expected to increase to 13.29 per cent by 2019 from 7.61 per cent forecast this year. LG India expects to sell over 1 lakh units of the 'LG G4' by the end of the current year, Jasrotia said, adding that the launch price of 'LG G4' is Rs 51,000.
The company makes handsets starting from Rs 10,000 to cater to consumers across price bands, he added. He said that mobile sales account for up to 10 per cent of total revenues here.
A majority of LG India's revenues come from products that the company manufactures in the country, he pointed out. "We have two manufacturing units in India, at Pune and Noida. But LG does not manufacture mobile devices here," he said.
However, if the company "crosses the threshold of 10 per cent marketshare" in handsets, it will consider manufacturing mobile phones in the country, he said.
Apart from mobile phones, LG sells TVs, washing machines and refrigerators among other consumer durables in the country.