LG India Envisages 30% Growth in Home Appliances Segment This Year

23 April 2022: There’s good news for screen printers as the scope for a specific segment seems all set to rise higher. As per news reports, LG Electronics India is eyeing a growth of over 30% in 2022 in the home appliances segment backed by strong growth in the cooling products in the first half of the year and its new line-up of products, including smart products backed by AI technology.

With revenues recorded said to be around Rs.15,000 crore in 2021 in the home appliance segment, which includes air-conditioners, refrigerators, washing machines, microwaves, dishwashers and water purifiers, the brand is on the fast track and surging ahead.

Key officials from the company have shared with the media that it witnessed strong double-digit growth in the March quarter and anticipates even higher growth in the June quarter, thanks to pent-up demand for air-conditioners and refrigerators.

When quizzed on the possibility of price hikes taking place in response to inflationary pressures, they responded that there was a price hike of 7-8 per cent in the first quarter. Company officials are closely monitoring the situation, as the increase in raw material costs has been unprecedented.

LG India has recently launched the brand’s new line-up for 2022, which includes the Instaview door-in-door and frost-free refrigerators, AI Direct Drive washing machines, Dual Inverter air-conditioners, wearable air-purifiers, UV+UF water purifiers and a new range of charcoal microwaves.

The new line-up is based on key consumer insights, as they increasingly seek design and convenience-led products that simplify their lives. This includes products with AI LG ThinQ Technology, which aims to make machines intelligent and add comfort and convenience to the consumer’s daily life, the company officials pointed out.