LG India expects AC sales to cross the 2million mark as temperature rises
LG Electronics India on Monday said it has recorded orderbased sales of one million units of air conditioners in the first 100 days of the calendar year to retail partners, indicating strong demand momentum for the cooling products on the back of scorching temperatures.
The company on Monday launched 77 new models of ACs that are designed to address barriers such as running costs and energy efficiency.
Sanjay Chitkara, Senior VicePresident, LG Electronics India, told businessline, “We are witnessing an unprecedented season as demand has grown by manifold . We have seen demand pick up very strongly in Southern, Eastern and Western markets.
“We have seen strong demand for ACs even in cities such as Bengaluru and Pune, which are typically not big buyers of ACs.” He added that the forecast for summer temperatures in the North also indicate a normal season.
The company had seen sales double in several states in March over the previous season. Chitkara said that achieving one million orders for ACs in 2024 is a record for LG India.
“We expect to sell at least two million units of air conditioner in this summer season. It could end being higher too depending on the weather conditions, ” he added.
The company said that the wide range of ACs has been designed to cater to various needs of consumers in terms of sizes and energy ratings in different markets. It added that the 2024 lineup offers features such as the Energy Manager and ArtCool designer range. The 2024 lineup of LG air conditioners is available at a price range of ₹35,00060,000 offering consumers a variety of options to suit their budget and preferences. The air conditioners will be available across retail and online platforms including LG.com, LG retail stores, Flipkart and Amazon.
FOCUS AREA
Chitkara said that in the past few years, the AC category has been growing at 1820 per cent CAGR and is expected to see strong growth even this season. “The AC penetration is just about 8 per cent and hence offers huge potential. Our total manufacturing capacity is about 2.5 million3 million ACs to cater to the growing demand,” he added.
In a statement, Hong Ju Jeon, MD, LG Electronics India, said, “In 2024, our focus is to further enhance our market leadership across product categories. With the new product lineup of LG air conditioners, we are offering the most energy efficient cooling solutions to consumers; we will continue to introduce productinnovations across diverse categories, deeply rooted in our understanding of customer lifestyles, seeking to lead the market through thoughtful innovations for a better life.”