Panasonic India is betting big on its smart home appliance range to grow aggressively this fiscal. The company aims to grow at 40% this fiscal against the industry growth of 6%-7% in the Rs 11,800crore home appliance market.
Speaking to TOI, Panasonic India home appliances head Gaurav Minocha said, The smart home appliance market in India is under-penetrated. Also with the increase in electrification in India, demand has soared. In a few years, the demand in replacement market will also rise. So, we saw this as a good opportunity to focus on the home appliance market.
With its new range of appliances, equipped with ECONAVI inverter technology, Panasonic expects to capture around 5% of the frost-free refrigerator market and 10% of the washing machine market by FY2021, Minocha added on the sidelines of the companys launch of a new range of frost-free refrigerators on Wednesday.
He said, We are focussing on product innovations and customer service to gain ground. We shall have India-specific products to cater to the domestic customers.
The company also plans to strengthen its sales network by increasing its retail outlets from 7,500 to 12,000 stores by 2020. It recently started manufacturing refrigerators at their Jhajjar, Haryana, plant. The unit has the capability to curb out 10 lakh ACs, 400,000 washing machines and 500,000 refrigerators annually.
On eastern India, Minocha said, This region contributes around 10% to our overall revenue. We expect it to rise to 14%-15% by 2021. Panasonic India will generate revenue of over Rs 800 crore in FY18-19. India contributes to around 2% of the global business he said. The company plans to strengthen its presence in the e-commerce space with web-specific products that could be launched by next year.