Philips Eyes Double-Digit Growth in India's Booming Market

Philips anticipates substantial growth in India, aiming to become a top-five market within five years through double-digit CAGR. The focus is on personal health and medical tech, sourcing locally for global reach. New product launches in the grooming sector leverage India's burgeoning market potential.

Philips is projecting significant growth in India, expecting double-digit expansion in the short to mid-term. Vidyut Kaul, Head of Personal Health, emphasized the importance of India as a key market, with ambitions of making it one of the top five markets globally within five years.

The company is actively involved in local sourcing for both domestic and international markets. Its presence is strong in the personal health sector, including beauty and grooming products, and it plans to expand further in oral care. Philips recently launched premium electric shavers in India, aiming to build on its leadership in the male grooming segment.

In fiscal year 2024, Philips India's revenue rose to Rs 6,000.4 crore, supported by a robust personal health and health systems division. The company's initiatives in innovation and local manufacturing highlight its strategic growth plans in the region, leveraging India's economic potential.

(With inputs from agencies.)