NEW DELHI: Dutch electronics company Philips is set to enhance its lighting business in India, as the segment witnesses either flat or marginal growth in developed markets such as the US and Europe.
The company plans to double the number of exclusive retail outlets to 650 by the end of this year.
"India and China are fast growing markets and both are equally important to us. Although the penetration of CFL and LED lights is still very low in India, the market is growing at over 20% year-on-year, " Philip Doorduijn, global head (consumer luminaries) at Philips said.
The company, therefore, plans to foray in smaller towns. It, so far, had retail presence only in metros and mini-metros. Considering that Indian consumers are price-sensitive, the company is making efforts to introduce low-priced products from time to time.
The price difference between CFL and LED lights has already narrowed down by 2-3 times in the last few years with economies of scale and continuous technological innovation, Doorduijn said.
Philips may also exploring possibilities of making India a global manufacturing hub provided demand continues to grow at the existing pace at least for the next few years.
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