LG India currently has a market share of five percent in the smartphone segment, and is looking to double that figure by the end of the year.
With markets such as the U.S. witnessing a saturation as far as smartphone adoption is concerned, manufacturers are largely turning to emerging countries such as India for future growth. The subcontinent is expected to double the number of smartphone shipments over the course of the next five years, which presents ample opportunity for handset makers.
According to LG India's mobile division Deepak Jasrotia:
Our target is to double the market share in the mobile phone segment to 10 percent from the current four to five percent
The South Korean manufacturer launched the LG G4 in the country last week, with the device now available across all sales channels for ₹44,900 ($700). LG is selling the leather variants as standard, currently offering the black and brown leather options, with the red version set to launch in the coming weeks. LG's pricing puts the G4 squarely between the regular and curved models of the Galaxy S6, which are selling for ₹39,795 ($620) and ₹53,400 ($830) respectively.
The company is targeting sales of 100,000 for the G4, and is looking to compete in the budget segment with devices such as the LG Magna, which launched in India in the month of April.
Although LG has two manufacturing plants in the country, these are used mainly for the assembly of devices. Jasrotia said that LG would consider manufacturing devices locally were it to attain a market share in excess of 10 percent.