Philips to add to its product range; Chalks out aggressive advertising budget
19 October 2007Mumbai: Philips Electronics India Ltd has chalked out an aggressive growth plan for itself, by launching new products like LCD televisions, audio players and other products to beef up its product range and market presence.
The Indian subsidiary of the Dutch electronics giant will invest Rs33 crore on advertising over the next three months towards this end.
Philips launched its new Ambilight Flat TV series a couple of days ago, and will reportedly mark its presence in the peripherals and accessories segments by year-end.
S Nagarajan, vice-president for the consumer electronics division at Philips Electronics India said, "From 0.5 per cent of our turnover in 2006, peripherals and accessories will constitute 15 per cent by 2010. There is a huge surge in demand for peripherals and accessories such as lens cleanser, an entire range of head phones and noise cancellation devices as well as cable accessories. We will slowly roll out all these products by the year-end."
The LCD TV market in the country is expected to hit one million sales a year by next year, and is largely expected to benefit from the global boom the segment is witnessing on account of the advent of the Olympics in China in 2008. The market for LCD TVs is reportedly growing at over 300 per cent annually, making it one of the top selling products.
Given this boom in the segment, Philips India plans to commence manufacturing LCD televisions through a third party, Dixons, at a plant in Dehradun. The plant already makes DVD players and other products for Philips, and will additionally assemble around 1,50,000 LCD TV units annually, which will increase in line with the market growth.
Ambilight flat TV uses light-emitting diodes (LEDs) rather than Compact fluorescent
lamps (CFLs) to reduce energy consumption, has seen global sales of around two
million pieces since it was first launched in 2004.