South Korean consumer electronics major LG is targeting Rs 5,000 crore revenue from the built-in kitchen appliances category in India in the next 8-10 years.
“Built-in kitchen appliances business for LG is at the starting level right now. However, in the next 8-10 years, it will become 25 per cent of the total appliances market and contribute Rs 5,000 crore to our total business,” LG Electronics VP - Home Appliances Rajeev Jain told PTI.
Elaborating on the new business category, Jain said: “It (built-in kitchen appliances) may not have big potential initially due to its higher cost compared with free standing appliances. However, due to growing number of premium apartments in the country, we can see good growth.”
The company, which reported Rs 18,500 crore turnover last year, has done just one project with DLF so far.
He added that right now the company is discussing ideal product roadmap for the Indian market.
“This market may take 8-10 years to evolve,” Jain said.
Built-in kitchen appliance range includes microwave ovens, conventional ovens, refrigerators and dishwashers.
Competition in the premium built-in kitchen appliances business in India is getting intense with more companies launching their products in the country.
LG is competing with companies such as Whirlpool, Hafele and Miele in the premium built-in kitchen appliances business.