Companies

Panasonic India eyes 10% share of AC market

V Rishi Kumar Hyderabad | Updated on February 20, 2020 Published on February 20, 2020

FILE PHOTO   -  REUTERS

Sees huge market in connected devices with new convenience features

Predicting a strong sectoral demand growth for air-conditioners in the country, Panasonic India has outlined plans to garner a 10 per cent market share this year, against 6 per cent last year.

Introducing its all-new futuristic range of connected air-conditioners, the Japanese company believes the country’s AC market, which performed well in 2019 after a sedate 2018, is likely to see double-digit growth this year, aiding the growth of the sector as well as that of Panasonic.

Gaurav Sah, Business Head, Air-Conditioning Group, Panasonic India, said: “A consumer insight study shows they (users) want advanced technology-based connected ACs with a number of new convenience features. The study further tells us that 40 per cent are willing to purchase connected ACs for better comfort, which is a huge opportunity.”

“Catering to the growing preference for connected ACs, with this launch, we aim to capture 10 per cent market share and achieve a strong 25-30 per cent growth in the air-conditioner segment in FY21,” he added.

Export market

The company has also been exporting units. Its manufacturing base in India has a capacity to produce 1 million units per annum and serve as a global hub, he said.

In 2019, the company clocked over ₹1,200 crore in revenues in the domestic market, which had cumulative sales of 7 million units, growing at 10-12 per cent per annum. “However, we believe that we can grow at a much faster pace in the country with our range providing the most advanced features,” said Sah.

The Indian market has an AC penetration of barely 5 per cent and promises to offer immense scope for expansion as affordability increases, he added. “We see the Indian market growing significantly in the year to come and become as big as the Chinese market in the next decade.”

Focussing on comfort and convenience, Panasonic’s connected AC range offers a customised sleep mode feature that allows users to programme different temperatures throughout the night for a comfortable sleep, said Sah.

The new range of ACs are being offered across Panasonic brand shops, large format retail outlets, online platforms such as Amazon and Flipkart and small electronic stores across the country. The IoT-enabled Panasonic inverter split air-conditioners are priced upwards of ₹35,990, said Sah.

Miraie platform

Connected ACs are the first product range to hit the market under the recently unveiled Panasonic connected living platform, Miraie. Equipped with advanced technology, the new range seamlessly connects with the user’s smartphone via Miraie to extend ease of control.

The connected ACs can be operated via voice assistants such as Amazon Alexa and Google Assistant.

Published on February 20, 2020
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