Hyderabad: “Hit by the global meltdown, the domestic home appliances market is estimated to grow at 10% this year against 15% last year,” industry officials say.
“We expect the home appliance market may settle at 10% growth this year,” said Godrej & Boyce Vice President Sales & Marketing, Appliance Division, Kamal Nandi.
Morever, the refrigerators and air-conditioners market had been heavily impacted due to short summer and early monsoon this year.
“In the appliance category, washing machines, however, will maintain at the previous year’s growth rate of 15%,” Nandi said.
“We do not foresee fall in the demand for the washing machines this year, despite the global meltdown,” he said adding that the washing machine market is still at penetration level.
The appliances market (refrigerator, air-conditioners and washing machines) witnessed a growth little over 15% till October this year, i.e., before the impact of economic slowdown.
“While refrigerators saw a dismal 10% growth as against 40% last year, the air-conditioners reported a growth of 7% against 12%,” he said.
As the refrigerators and air-conditioners are driven by replacement market, Nandi said that the consumers are postponing their buying option due to low market sentiment.
“The industry is now hopeful that the market will be revived once the cenvat benefit is passed on to the consumers,” he added.