LG targets Rs 2,000 crore, 10% share of India smartphone market

Korean handset maker LG expects to clock revenues of about Rs 2,000 crore from the sale of smartphones in India by 2014.

“According to GfK, about 50 million smartphones are expected to be sold in India. We are looking at 10 percent market share in smartphones by 2014.”

“We expect 10 percent of this target to come from the G2 which should be about Rs 200 crore, from a total of about Rs 2,000 crore,” LG India’s Managing Director Soon Kwon told PTI.

The company has launched a series of smartphones in high-end segments ranging from the Nexus 4 in partnership with Google priced at around Rs 26,000 to the 4G-ready LG G2.

LG is now gearing up to the launch Nexus 5 in which the software of the phone will receive direct updates from Google.

Kwoon said the company will look at setting up manufacturing mobile phones in India after meeting its target of 10 percent market share.

“We will consider manufacturing in India once we reach 10 percent market share here,” Kwoon said.

LG has earmarked Rs 100 crore for marketing and expansion of a retails sales network to push sales in the country.

PTI