South Korea's LG Electronics is moving high and low in the country’s mobile handset market and plans to sell phones priced between Rs 2,000 and Rs 40,000 in a blitzkrieg to make a mark in the cut-throat market dominated by names such as Nokia and Samsung and a slew of cut-rate local players.
It expects to grab a 12% market share by the end of next year, against the current 7.8%
The company has taken a slew of initiatives that range from launching new models to ramping up its handset production facilities.
“We will launch around 50 new handset models during the next calendar year and simultaneously increase our production facility from the existing eight million units a year to 15 million units by the next year end,” Moon Bum Shin, managing director, LG Electronics India told Hindustan Times.
The domestic handset market is estimated at around $3.3 billion (Rs 15,000 crore) with close to 120 million handset units expected to be sold during 2010.
The company would focus on the smart phone category, with around 60 per cent of the new models expected to be smart phones. “LG’s focus will be to tap the rural market,” he said.