New Delhi: Appliances manufacturer Panasonic India on Monday launched a new range of air conditioners with an inbuilt air purification system, seeking to tap demand spurred by rising air pollution.
The Japanese company plans to install air purifiers in its entire range of air-conditioners without any hike in cost to consumer.
“This is a path-breaking technology for us.To prevent health problems across the country, we have introduced air-conditioners with pre-installed air-purifiers. The health aspect of the product will fuel growth for the company as well,” said Mohammed Hussain, business head-air conditioning group, Panasonic India.
With this launch, Panasonic, which competes with Videocon Industries Ltd, LG Electronics and Tata group-owned Voltas Ltd is looking to capture a market share of 10% and post growth of 30% in the air conditioner segment in 2017-18.
“Last summer, we received a phenomenal response for our AC range and witnessed a growth of 20%. The latest series focuses on three areas— comfort, health and beauty and has been launched with a view to tap the niche consumer segment. Our existing ACs will also be upgraded with inbuilt air-purifiers and will be available at a starting price of Rs30,000,” said Manish Sharma, president and chief executive officer, Panasonic India and South Asia, and executive officer, Panasonic Corporation.
According to a study by Consumer Electronics and Appliances Manufacturers Association (CEAMA) and consulting firm EY, India is also expected to rank fifth in the consumer durables market in the world by 2025.
“The Indian market for consumer electronics and appliances is around $9.7 billion and has grown at a compound annual growth rate of 9.7% over the 2010-2014 period and is poised to reach $20.6 billion by 2020,” the report said.