Lenovo on Tuesday said India is central to the tech giant’s global ambitions as it exuded confidence about the market growth potential.
Lenovo clocked USD 1.9 billion in revenue in the country in FY22-23, with an 8 per cent growth outlook for the next three years, two per cent more than their global prospects, according to a company presentation.
“We are the third largest market in the world today on the personal computers (PC) side. India is central to the global ambitions that we have,” Director of Consumer Business (India Region) at Lenovo India, Dinesh Nair told PTI.
He was speaking on the sidelines of the launch of the company’s Yoga Book 9i.
According to the presentation, about 50 lakh units of Lenovo’s products are made in India each year.
The company operates on the commercial, infrastructure, services and solutions in India. Its share in the consumer market is between 12 to 14 per cent, Nair said.
Speaking about the challenges in the consumer market here, he said that affordability is among one of the challenges.
“But the fact is, with such a young population, there is only one way up,” he added.
Noting a post-pandemic slump globally, he said that the Indian consumer market is now inching up.
“(Pre-pandemic) the consumer market…for devices would have been about 4 million units consistently for about four to five years. This went to about 7 million in 2021. And now, it’s back to about 6 million plus,” he noted.
Nair also pointed to a shift in consumer preferences in India compared to 2019 and before.
“Already, 50 per cent of all business that is happening on the laptop market (in India) is over Rs 50,000,” he said.
Operating since 2007-08 in India, Lenovo has 520 stores spread across 250 towns and cities and about 10,000 partners across the country, the company said.
The company on Tuesday launched laptops in addition to its Yoga series, specifically for the emerging content creator community.
Its Yoga Book 9i comes with a world-first OLED dual screen, for on-the-go usage. Priced at about Rs 2.25 lakh, the device has a rotating soundbar, detachable Bluetooth keyboard and stylus which allows multitasking, viewing images across two screens and tent mode for viewing and displaying presentations.
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