Companies

LG India sees double-digit growth in washing machine segment in October 2021

Meenakshi Verma Ambwani/TV Jayan | | Updated on: Nov 28, 2021
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Focuses on growing dryers segment

LG India witnessed a 33 per cent value growth in the washing machine segment in the festival month of October backed by strong demand from consumers for higher capacity and fully-automatic washing machines. The company is also betting big on the development of the standalone dryers category in India in line with global trends.

Ashok Masnam- Business Head Washing Machines, LG Electronics India, said, “The washing machine demand trends have been strong in the second half of the year. Post the pandemic outbreak, consumers are looking at upgrading their home infrastructure and are going for bigger capacity washing machines. This is because they are looking for comfort as the frequency of washing of clothes has gone up with heightened focus on hygiene beside higher wash loads.”

The company said that strong growth was seen for 8 kg and above capacity washing machines. Its market share in the washing machine as of September was pegged at 37.1 per cent.

“We have gained market share by almost 1.7 per cent in the washing machines segment in the January-September period in 2021 compared to January-September 2020. In October alone, we saw a 33 per cent growth in the washing machine segment by value,” Masnam said.

In line with the global market trends, the Korean durables major also believes there is a strong potential to develop the standalone dryer segment in India, which it launched earlier this year.

“Our main goal is to offer the complete range of laundry solutions to Indian consumers and we have been expanding our product line-up in line with the evolving consumer needs. We are getting good response in the dryers segment which we launched in the second half of this year . By December-end, we will expand the availability of this product segment across all channels and markets especially in our over 750 brand stores,” Masnam added.

The company believes the standalone dryers segment is expected to see strong traction not just in metros but in other urban regions also as Indian consumers move away from sun-drying of clothes for better hygiene and convenience.

“By 2025, we believe the dryer category will contribute about 10 per cent to revenues of the overall washing machine segment,” he added.

With the ongoing wedding season and onset of winter season in the Northern region, the company expects the growth momentum to continue, especially in rural regions. “ The penetration of washing machines in the country is less than many other categories such as TV and refrigerators and therefore there is a huge headroom for growth,” Masnam added.

Published on November 28, 2021

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