Home appliances and consumer electronics company Panasonic India plans to manufacture air purifiers in the country by next year, a top company official has said.
“We are still importing air purifiers, but I am seriously considering (manufacturing) because this market is growing quite rapidly. So, we are considering to look at manufacturing them also in India, possibly from next year,” Panasonic India and South Asia President and Chief Executive Officer Manish Sharma was quoted by PTI as saying .
According to a PTI report: The company imports its range of air purifiers from its Hong Kong-based unit.
The Japanese firm has 15 manufacturing units in India and recently announced investment of Rs 115 crore in a factory in Haryana to manufacture refrigerators. Last fiscal, the company sold 5,000 units of air purifiers and this fiscal, it is aiming to sell around 20,000 units.
“We have at least 20 per cent of market share in urban markets,” he was quoted by PTI as saying, adding that the air purifiers market is estimated to be 1 lakh units in the country.
Panasonic, which is currently the number three player in the air purifier category, is expecting 10 times growth in next five years with a revenue of Rs 150 crore by selling over one lakh units by FY 2020-21.
The company’s total investment in India in the last few years has been over Rs 300 crore.
It manufactures TVs and air conditioners with a capacity of almost 10 lakh units each washing machines with 4 lakh units in the country.
The consumer durables division is expected to generate a revenue of Rs 4,800 crore this fiscal, with metros and Tier-I cities contributing around 65 per cent to 70 per cent of the company’s sales.
Panasonic India is eyeing an overall revenue of Rs 10,800 crore this fiscal at a growth rate of 25 per cent.
The company, which spends 10 per cent of its total revenue on marketing for consumer durables and electronics, has around 290 exclusive outlets — ‘Panasonic brand shops’ — in the country spread across major markets and it adds 30-35 outlets each year.
“The revenue which is coming from these outlets is 12 per cent of our current revenues,” Sharma was quoted by PTI as saying.