Philips Raises LED Lights Outsourcing Percentage in India26-05-2015
Philips is raising its LED light outsourcing ratio in LED lights to 70% in the Indian market in the next six to eight months to meet local market demands, reported by Indian media The Economic Times.
Currently, the Dutch lighting conglomerate sources 40% to 50% locally in the India market, said Sumit Joshi Philips Lighting India Marketing Head, adding that 90% to 95% of products sold in India are conceptualized, designed and manufactured in the local market.
Joshi also estimated LEDs would have a 40% market share in the Indian market by 2017, CFL would consist 10% to 15% of market share, while incandescent and tube lights the remaining 30% to 40%.
Following the increasing production and sales of LEDs, product prices are expected to drop to around double the prices of CFL, he added.
Philips LED lights sales in India have shot up by 76% in 2014, far above the industry average.
Besides, the company has introduced two new LED lights products into the Indian market, including Razor LED and 2-in-1, which are priced at INR 750 (US $11.21) and INR 1,790.