According to foreign media reports, Philips Lighting is expected to increase its localization rate of LED lamps in the Indian market to 70 in the next six to eight months to meet local market demand. SumitJoshi, director of marketing for Philips Lighting India, said: Currently, 40-50 of Philips Lighting's procurement sources come from the Indian domestic market. 90-95 of Philips Lighting's products sold on the Indian market are locally designed and manufactured. SumitJoshi said that nearly 30 of the lighting sales of Philips Lighting are currently LED products, and by 2017, this proportion will rise to 40. At that time, compact fluorescent lamps (CFLs) accounted for about 10-15, while incandescent and fluorescent tubes accounted for 30-40. He said that with the increase in production and sales of LED lamps, product prices are expected to drop, about twice as much as CFL lamps. In 2014, sales of Philips LED lighting products in the Indian market surged 76, far above the industry average. In order to expand its business, Philips has also launched two new LED products, RazorLED and 2-in-1, in the Indian market. RazorLED is a downlight, priced at 1790 rupees (equivalent to about 174.7 yuan); 2-in-1 offers two color options, yellow and white, priced at 750 rupees (about 73.2 yuan). At present, the Indian LED market is estimated to have a market value of 22.75 billion rupees (equivalent to about 2.22 billion yuan), and the compound annual growth rate exceeds 40.
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