Samsung sees massive India growth

14 April 2011

NEW DELHI: Korean electronics firm Samsung will launch 60 new products in India as it aims to increase sales in the territory by 40% this year.

The Economic Times reports that the Korean company will introduce a range of cutting-edge devices, from Galaxy Tab smartphones to smart TVs and 3D TVs, as it attempts to appeal to affluent Indian consumers.

Jung Soo Shin, operations president/ceo for Samsung West Asia, said that the firm aimed to increase Indian sales revenues from 2010's total of $3.5bn (€2.4bn, £2.1bn) to around $4.9bn this year.

Ravinder Zutshi, Samsung India's deputy managing director, added: "Definitely our focus will be on ... smart categories across our product range.

"We want to leverage ... the smart technology and drive our growth in future."

Zutshi also revealed that Samsung spends around 3.4% of its total Indian revenues on marketing initiatives.

New products being launched in India also include refrigerators and washing machines, reflecting the fact that the Asian nation is a major growth area for white goods.

According to Euromonitor data published by Warc, Samsung achieved a 27% CAGR in India in its consumer appliances division beteen 2005 and 2010 - well ahead of the all-regions average of 7%.

Samsung's consumer appliances division is also forecast to achieve a CAGR of 10% in India over the 2010-15 period.

Data sourced from Economic Times/Warc; additional content by Warc staff