Mumbai: Japanese electronics and home appliances major Panasonic said it expects to nearly double its sales in India next year.
“This year we expect the turnover to be Rs5,500 crore (around $1.1 billion). Next year we should be a $2 billion company here,” Panasonic India president Daizo Ito told PTI.
Globally, Panasonic had consolidated net sales of $105 billion in the year ended March 2011, when its India business reported a revenue of Rs3,200 crore.
A household lithium-ion battery manufactured by Panasonic. Photo: Bloomberg
Panasonic manufactures and markets home appliances, television sets, health and beauty products, dry-cell batteries, carbon rods, office automation, telecom products, computers, projectors and security systems through different entities in the domestic market now.
At present, the company claims 8.5% market share in air-conditioners (ACs) space, around 8% in the LCD and LED television segment and 50% in the plasma TV category.
Next year, it is looking at increasing the AC market share to 12%, LCD and LED TVs to 18% and plasma to about 60%.
The company is targeting the domestic markets to contribute about 5% of its global sales by 2015 with an expected turnover of Rs25,000 crore, Ito said.
Panasonic is setting up a manufacturing facility at Jhajjar in Haryana which is expected to be operational by next November, Ito said, adding another manufacturing unit may come up by 2015.
Ito further said the company plans to export some of its appliances manufactured in the country to the Middle East and Africa. “Of the total sales in India, 10% we will try to make from exports,” he said.
Panasonic has committed to invest $200 million over a five-year period in India to roll out a range of products, including ACs and washing machines.