LG Energy Solution India, a marketing subsidiary of LG Energy Solution (KRX: 373220) located in New Delhi, today celebrates its first anniversary in the country. It was last year that the company officially established its subsidiary in India, to closely monitor the fast-changing market trends and respond more efficiently to local customers’ needs.
Interestingly, even before opening LG Energy Solution India, the company has been a major player in the country since its market entry in 2015, establishing a strong presence in the rapidly-growing light electric vehicle (LEV) market ever since.
The company says India, with its young population, bears significant market growth potential. The Indian electric two-wheeler market is expected to achieve about 45 percent electrification by 2030, creating a market worth approximately KRW 5.4 trillion (Rs 330 billion).
LG Energy Solution identified the Indian LEV market as a significant strategic opportunity for growth over the mid-to long-term. Accordingly, the company is exploring opportunities to accelerate growth in the Indian market, including securing market leadership in the early stages and proactively seeking partnerships with local top-tier EV makers.
The EV battery maker claims it currently holds over 50 percent share of the Indian electric two-wheeler market, “securing uncontestable leadership by supplying batteries to top-tier electric two-wheeler makers.” Based on this strong foothold, the company plans to expand its presence to electric three- and four-wheeler markets as well.
Choung oh Yoo, MD, LG Energy Solution India said, “Having recognised the significance of the Indian LEV market early on, LG Energy Solution has been actively seeking out opportunities for mutual growth for some time. This has allowed us to secure customer loyalty in the market in just a year of establishing our subsidiary in India. Our ultimate mission is to facilitate the EV transition in India through our innovative battery technologies and high-quality products.”
