Longman share: Philips Lighting to Raise R&D Investment in China

2016-03-15  Post By: Longmangroup

With Chinese and international manufacturers including NVC Lighting, Opple Lighting and GE accelerating the launch of their latest LED and smart lighting products into the world’s largest lighting market, Philips is allocating more than 30% of profits to R&D in China to improve innovation.

LED industry’s short product cycle is spurring innovation in the sector. Fast innovation is crucial for competing in the Chinese market, which is sensitive to new products especially those with more functions, said Olivia Qiu, Chief Innovation Officer of Philips Lighting.

Aiming to boost revenues and market share, Philips plans to release more than 1, 000 lighting products in China each year, with some designed to target the local market. The R&D will also be speeding up R&D of affordable residential LED products.

The country’s telecommunication infrastructure 4G network is also growing at a rapid pace to build a solid application foundation for consumers and manufacturers.

In response to these changes, Philips Lighting will be increasing collaboration with companies from different industries including Xiaomi, Alibaba Group to make more multifunctional products that integrate cross-industry technology, and diversifies the European company’s presence in China, said Qiu.

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