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Samsung India is eyeing a 20 per cent growth in the refrigerator business in 2020 on the back of the launch of its new range of direct-cool and frost-free refrigerators ahead of the summer.
The South Korean-headquartered company aims to strengthen its position in the overall refrigerator market with a market share of 35 per cent from the current 33.9 per cent in the first half of 2020.
While its stepping up its focus on the single door direct cool refrigerators by offering bigger capacities and a wide range of 5-star labelled models, it is hoping to woo consumers through features such as Curd Maestro and base stand drawers in the frost-free refrigerators range.
In line with BEE’s energy efficiency norms, which came into effect from January 1, the company said it is launching its direct cool single-door refrigerators range starting at ₹17,990 for the 198-litre model.
Market share
Raju Pullan, Senior Vice-President, Consumer Electronics Business, Samsung India said: “With the penetration levels of refrigerators at just about 33 per cent, we believe there is a huge potential for growth in this category. The government’s strong push for rural electrification is further fuelling demand from first-time buyers. In this summer, we are launching the country’s first five star direct cool refrigerator range in line with the 2020 energy efficiency ratings.”
“Our current market share in direct cool refrigerators stands at 28 per cent and we plan to increase it to 31 per cent to secure the leadership position in this segment,” he said adding that the company expects to expand the market for single door refrigerators with its new range.
New launches
Samsung India is also launching its Curd Maestro frost-free range of refrigerators this summer, which offers consumers the option to make curd in the fridge within five to six hours. Pullan said this was in line with the company’s Make for India strategy to offer “meaningful innovations” backed by consumer insights. Curd Maestro refrigerators will be available in 244-litre, 265-litre, 314-litre and 336-litre capacities priced between ₹30,990 and ₹45,990.
“Convenience, storage space and energy efficiency are the key features consumers look for in a refrigerator and our overall 2020 refrigerator range addresses all these needs. We expect to strengthen our market share in the overall refrigerator category to 35 per cent from the current 33.9 per cent and grow by 20 per cent this year,” he added.
Overall, the refrigerators segment grew by 9 per cent in 2019 and Samsung India witnessed a growth of 15 per cent.
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