Moon B Shin, MD, LG Electronics India felicitated with the “Man of Electronics” Award
Consumer Electronics and Appliances Manufacturers Association (CEAMA), concluded the 31st annual function today evening. Sachin Pilot, Hon’ble Minister Of State for Communications & IT was the esteemed chief guest, who felicitated Mr. Moon B Shin, MD LG Electronics India, with the “Man of Electronics” Award.
Consumer Electronics industry with an estimated revenue of 35,000 crores in 2010 is set to grow 20% every year for next five years. The year 2010 for consumer durable industry witnessed upcoming trends in the market with advanced and smart technologies for consumers. The consumer trend has shifted towards premium, digital, big size and aesthetics. With LCD, plasma, LED television screens getting bigger; For 2010 market size of Flat Panel Display( LCD + Plasma) is 3 million units, by 2011 estimated market size for Flat Panel Display will be 4.8 million units, refrigerators getting larger, For 2010 market size of refrigerators is 10 million units estimated size for refrigerators by 2011 will be 12 million units and washing machine capacities increasing, Present size in 2010 for Washing machine is 5 million units, estimated size by 2011 for washing machines will be 6 million units. The premium products are future growth drivers in consumer durables and electronics industry. The Indian consumer has refined his buying behaviour. He just does not want availability, he also demand better experience, services, eco-environment, look, design and ambience. That is why companies have realigned their reach by opening best-buy outlets across the country. The upcoming trend in the industry has resulted in phenomenal growth during festive season 2010.
Mr. Shin received “Man of Electronics” prestigious award for an outstanding performance and extra-ordinary contribution made in the promotion and development of Indian Consumer Electronics Industry. LG, which is the Market Leader in durable industry, is today a $2.9 billion company and is targeting to achieve $ 10 billion sales by 2015. LG reported year-on-year growth of 30% this year and is confident that the high demand will last till the remaining year attributing factors such as rising incomes, positive economic forecasts, bright job prospects and hence, high consumer confidence. At the occasion were present, eminent dignitaries like Dr. Y.V. Verma, President, CEAMA; Mr. Rajiv Bajaj, Hony. Secretary, CEAMA; Mr. Ravinder Zutshi, Immediate Past President CEAMA, and P N Dhoot Past President CEAMA to highlight the recent developments and observations related to the industry.
Mr. Moon B. Shin, MD LGEIL has “a burning commitment to a cause” - to make LG the No. 1 Consumer Durable company in India, a “people’s company”. His passion, desire and determination have not only sustained the company at the No.1 position year after year by driving it from strength to strength but also transformed it into a “people’s company”. Mr. Shin ensured that the fastest growing consumer durable brand also became a much sought after premium brand on the basis of its superior quality, excellent product performance, revolutionary technology and After Sales service.
Mr. Moon B Shin, MD, LG Electronics, India on being conferred the award, said “I would like to thank CEAMA for recognising my efforts towards the industry. I owe it to the people at LG Electronics, who have made this possible with their hard work across all business units and also our consumers who have trusted the brand. We are market leader in durable industry and we succeeded in India because of the localization, we introduced products based on Indian consumer insights, empowered local employees to take decision. Going forward we will strengthen our product portfolio and will launch products based on consumer insights with right technology. We will live up to our promise of Life’s good- Let’s create a wonderful life”.
DR YV Verma, President, CEAMA concluded “With the total festive market estimated at 9,000 crores, the consumer durable industry is doing good, growing at rate of 20% owing to positive consumer sentiment, robust economic growth and other factors which are boosting the sales. I congratulate CEAMA for organising yet another successful annual function which saw the presence of esteemed members from across the industry who shared some very important insights on the industry. I would also like to congratulate Mr. Shin on winning the ‘MAN OF ELECTRONICS AWARD 2010’ for his exceptional all round contribution to the Indian Consumer Electronics and Appliances Industry.”
