New Delhi, Nov 7 (IANS): Philips Thursday announced expansion of its research and development facilities for lighting in India and said it targets to further consolidate its leadership position in the Asia's third largest economy.
Addressing a media conference here chief executive officer of Philips Lighting Eric Rondolat said Philips controls more than 30 percent share of India's lighting market.
Rondolat said continued investment in innovation would help Philips maintain its leadership position in Indian lighting business.
He said Philips has expanded its lighting innovation centre located at Noida, in the national capital region. The company has so far invested $15 million in the Nodia's innovation facilities.
“India is a key market for Philips and we remain committed to delivering locally relevant products, systems and services to Indian businesses and consumers,” Rondolat said.
“With more than 30 percent share of the lighting market in India, Philips is the clear leader in the Indian lighting market. We value the trust that customers place in our brand and we are investing further in local R&D capabilities to continue to develop innovative products that meet their specific needs,” he said.
Netherlands headquartered Philips also introduced new light-emitting diode (LED) lighting products and solutions for the Indian markets.
Nirupam Sahay, president, Philips Lighting India, said LEDs are the future of lighting and its acceptance was growing rapidly in India.
“We feel that LEDs will capture 45 percent of the India lighting market by 2017-18. With rapid urbanisation, LEDs, given their long life, low maintenance, superior color rendering and above all energy efficiency, are the answer to our need for sustainable lighting solutions,” Sahay said.
Philips Lighting reported global sales of 8.4 billion euro in 2012. The company invested 5 percent of the overall sales in research and development activities.
Withing giving specific sales figures, Rondolat said India is among top eight markets for Philips lighting products.
“We have registered consistently double-digit growth in India in the past several years, despite the recent slowdown in economic growth,” Rondolat said.