Panasonic targets 25% share in split AC market
Dec 22 2010 , Kolkata
“Though we are a relatively new entrant in this category, we are aggressively focusing both on the industrial as well as consumer markets. The fact that we have launched Cube air-conditioner for the Indian market is part of our strategy to launch products suited for Indian customer requirements coupled with best technologies and concepts. This launch will help us garner a higher market share in the AC segment by tapping mass consumers,” said Suresh Bandi, head-sales, air-conditioners.
According to Ikuo Miyamoto, managing executive officer, corporate management division for Asia and Oceania, Panasonic Corporation, and managing director, Panasonic Asia Pacific, said India is a key market for Panasonic. “With a growing consumption pattern in India, we intend to introduce more products that can enhance and improve the quality of life and address specific requirements of our Indian customers,” he said.
Daizo Ito, president, Panasonic India, said, “As part of our India strategy, we have and will continue to launch localised products catering to Indian requirements besides bringing best in class technologies and concepts in consumer durables to India, which has helped us garner high growth across categories.”
“Our present market share is 5.5 per cent in the split AC segment. We are targetting a 16 per cent marker share in the coming season,” Bandi said.
He said that out of the total air-conditioning market in the country, 75 per cent was split and the remaining window. The company aims to capture 25 per cent market share in split ACs by 2012. “We are envisioning higher growth in tier II and III cities,” he said.
Currently, Panasonic is shipping the ACs into India from its factory at Kuala Lumpur. Bandi said that once the Indian factory near Haryana is commissioned in 2012, Panasonic would manufacture the ACs here. Initially, the production figures would be one million per year. The plant is being put up at a cost of Rs 4,000 crore.
Bandi said that the AC market in the country is growing at 20 per cent. Panasonic India recorded sales of Rs 2,200 crore in FY 2009. The company expects a turnover of Rs 3,200 crore in FY 2010.