German home appliances firm Bosch and Siemens (BSH) Household Appliances is eyeing a market share of at least 10 per cent by 2025 to become a leading player in the sector.
“By 2025, we want to be one of the leading players with least 10 per cent market share and introduce products which are differentiated and deliver on unique consumer proposition,” Managing Director and Chief Executive Officer, BSH Household Appliances, Gunjan Srivastava was quoted by PTI as saying.
The company had entered India in 2010 and has a minuscule market share at present.
The home appliances market in India was around 3.5 million euros in 2015 and is expected to be around 7 million euro by 2025.
BSH is planning to introduce new products in the next three to five years.
“We are looking at completing our range in the next three to five years. We have a limited range now and we are in the process of launching new products on a yearly basis. Only when we complete our range, we can really look at a 10 per cent market share in the total space,” he was quoted by PTI as saying.
The company has been clocking a growth of 60-65 per cent year on year in last 18-24 months, Srivastava sees the company growing in strong double digits in the next three to five years.
BSH sells its products in 200 cities with a presence in 1,400 stores and plans to expands its reach to 300 cities in the next two years. It also has 60 branded stores at present and plans to take it to 200 stores in the next two or three years.
Last year BSH said it would invest 100 million euros (around Rs 700 crore) in India over the next five years to expand footprint here.
Bosch, which operates in mass-premium category contributes over 50 per cent to sales and the company expects its share of will grow in the coming years compared to Siemens which operates in the premium category.