LG Electronics is expecting its India smartphone revenues to increase almost three-fold to Rs 2,000 crore in 2014 from Rs 800 crore in 2013.
To support its growth plans, LG announced the launch of G3 at a press meet in Mumbai.
The Korean smartphone vendor said it will be achieving 10 percent market share in the second largest telecom market. The company did not specify time frame to achieve the 10 percent smartphone market. At present, LG does not have even have 5 percent share in India, according to IDC telecom statistics.
LG Electronics India Managing Director Soon Kwon said the business from the smartphone category has almost trebled in the first half of the year.
LG will launch few more handsets this year in the Rs 20,000-30,000 range to strengthen its presence and reach. Currently, it has phones in the price category of Rs 6,500-65,000, EconomyLead.com reported.
IDC in its latest smartphone market report said Samsung is the market leader in the Indian smartphone category in India with 35 percent market share. The second largest smartphone player is Micromax with 15 percent market share, Karbonn with 10 percent, Lava International with 6 percent and Nokia 4 with percent.
LG has roped in Bollywood superstar Amitabh Bachchan to promote LG G3 smartphone in the country.
The company has priced the 16GB version of G3 at Rs 47,990, while the 32 GB version will be available for Rs 50,990.
LG Electronics Marketing Head Amit Gujral said the company expects to sell half a million G3 devices by year-end.
The 4G-supporting smartphone features a 5.5-inch quad HD display, 13 megapixel OIS+ (Optical Image Stabilizer Plus) rear camera and 2.1 MP front camera.
With the latest Android KitKat operating system, LG G3 also has a a removable 3,000 mAh battery, 2/3 GB RAM and internal memory of 16 GB and 32 GB options. It also has a micro SD slot with maximum 128 GB capacity.