LG Electronics remains dedicated to true innovation: Sanjay Chitkara

Since its inception in 1958, LG Electronics has been dedicated to making life better through its wide range of products – from TVs and computers to washing machines and refrigerators. Embracing the motto of ‘Life’s Good’, LG continually strives to enhance user experiences in various aspects of daily life. In its latest endeavour, LG Electronics has introduced a groundbreaking line-up of air conditioners for the Indian market, promising advanced technology aimed at improving energy efficiency and user convenience.

At the helm of LG Electronics India’s air conditioning business is Sanjay Chitkara, Senior VP and Business Head for RAC. In a recent interview with Adgully, Sanjay Chitkara highlighted LG’s ambitious growth projections for the Room Air Conditioner (RAC) business category in 2024. As LG Electronics continues to innovate and evolve, its dedication to enhancing consumer experiences remains unwavering. With a focus on understanding consumer needs, driving growth through innovation, and navigating challenges with resilience, LG Electronics stands as a pioneering force in the consumer electronics industry, shaping the future of technology and enriching lives worldwide.

What are LG Electronics India’s growth projections for the Room Air Conditioner (RAC) business category in 2024, and what are the driving factors behind these projections?

The RAC business is traditionally tied to seasonal variations, heavily influenced by summer demands. However, this year, we’ve seen a significant surge in demand, particularly in regions like Kerala, Tamil Nadu, West Bengal, Bengaluru, and Pune, which traditionally start experiencing the heat early on. Even cities like Pune, which usually have milder climates, have shown increased demand this year. Overall, the industry is experiencing a healthy growth trajectory, with AC installations growing at an impressive 18% to 20% Compound Annual Growth Rate (CAGR).

Notably, India’s AC penetration rate, which previously stood at a mere 8%, is now expected to rise significantly. This uptick can be attributed to several factors, including favourable reviews from our partners, both offline and online. I’m pleased to announce that through the collective efforts of our partners, we’ve achieved a remarkable milestone of 1 million orders within just 100 days since the start of the year. With such positive indicators and a consumer base showing increased interest, the AC industry is poised for a promising year ahead.

What key strategies have you implemented to drive growth and innovation within LG Electronics in recent years?

At LG, our approach prioritizes understanding our consumers over focusing solely on competitors. This unique perspective has led us to identify key consumer needs, particularly the demand for more energy-efficient AC solutions. To address this, we made a bold move by introducing the Inverter compressor technology, which has been met with resounding success. Additionally, our decision to make our ACs convertible has resonated well with consumers, enabling us to cater to diverse needs within the market. By taking a consumer-centric approach and addressing pain points such as running costs and electricity bills, we’ve revolutionized the way ACs are perceived and utilized. Our commitment to innovation extends beyond product features to encompass services, ensuring that our consumers receive the best possible experience throughout their ownership journey.

How does LG Electronics stay ahead of the curve in product development and market trends amidst a rapidly evolving technological landscape?

While many competitors may simply iterate on existing products, LG remains dedicated to true innovation. We’ve recently launched an impressive line-up of 77 new AC models, each incorporating cutting-edge features such as enhanced power efficiency and aesthetic appeal. Our commitment to providing convertible ACs sets us apart in the market, offering consumers unparalleled flexibility and convenience. Moreover, our focus on customer service extends to Tier 2 and 3 cities, ensuring that consumers across India receive exceptional support. By investing in research and development, we continuously strive to anticipate and meet the evolving needs of our consumers, setting new benchmarks for the industry.

LG’s focus is on innovation in both functionality and aesthetics, with ACs serving as stylish additions to modern homes. Looking ahead, LG anticipates trends such as sustainability and smart home integration, reaffirming its commitment to pushing the boundaries of innovation and setting new standards for excellence in consumer electronics.

These are edited excerpts, for the complete interview, please watch below:

https://www.youtube.com/watch?v=9kIbJk76zoY