India fastest growing market for Samsung

India fastest growing market for Samsung

India has emerged as the fastest growing market for the South Korean electronics giant, Samsung according to Amit Sharma, J S Shin, president and CEO, Samsung South West Asia.

Samsung India has recently inaugurated three new conditioner production lines in its facilities in Noida and Chennai. The company will come up with a new facility to plant for refrigerators in Chennai by the month of August.

The company took another route to sell its products in the Indian market. It positioned itself for the premium market in the beginning while building up its distribution channels and then came to mainstream in 2008 with presence across the country.

Mr. Sharma said that Europe and the US are among our largest markets for the company however India has emerged as the fastest growing. The country contributes about 2% of the global revenues of the company which will reach 3% by next year.

Samsung is the leader in LCD and LED TVs and second in washing machine and refrigerator segment. It is also the second largest consumer durables brand in the country.

The company sees huge opportunity in the flat panel space where it excels globally. Also the company is the second largest mobile brand in India and according to some data it holds 16.1% share by volume and 20.4% by value. He added that the company does not intent to compete in the very low cost phone segment and it will focus on differentiated phones with added features.

Samsung India has grown to a $2.2 billion enterprise in the country and it aims to touch $3.5 billion this year. The company spends 3.5-4% of its turnover on marketing.

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