Electronics major Philips is bullish on increasing the market share in India and become number one in sound for which the company has lined up a host of new products, to be launched in phases by June.
"We have aggressive plans for India where the business is growing. These plans will help us gain market share faster in all categories and strengthen our position in the sound segment," Philips Consumer Lifestyle India Director, AVM, Gunjan Srivastava said.
Philips recorded overall sales of EUR 25.4 billion in 2010, of which 34% was from the emerging markets.
"With the high market growth in Asia, especially in India and China, we are targeting 40% revenue from emerging markets by 2015," he said.
Philips has been an audio company and it wants to build it further and take sound to the next level, he said.
The company, which is focused on sound for the next six months, will develop or acquire new technology to support this plan, he said.
Also Read
"AVM is a very important part of the Philips Consumer Lifestyle (CL) business. In 2010, the category contributed 13% towards Philips CL's overall business and we have aggressive plans for the future where we will grow the category even further," he said.
Philips is launching DVD Player and Home Theatre System (HTS) next week, Fidelio Docking Stations in early May, Blu-Ray Players in quarter two and Home Media Player in June.
These products will be available across all price segments and help the company in gaining leadership position in the sound segment, he said.