Client durables main Godrej Home equipment is bullish on the home air con market and has deliberate to quadruple its manufacturing capability by subsequent 12 months.
In comparison with its put in annual manufacturing capability of 200,000 AC models final 12 months, the corporate is seeking to double and quadruple the capability to 400,000 models and 800,000 models each year in 2020 and 2021 respectively, Godrej Home equipment (product planning) head Arif Kooliyat instructed Enterprise Commonplace right here.
He knowledgeable the corporate had already lined up funding of Rs 700 crore for capability enlargement throughout numerous product segments, together with AC, washing machines, freezers and so on at its Shirwal (Maharashtra) and Mohali (Punjab) amenities.
The corporate, which at the moment has about 4 per cent market share within the AC market, is seeking to double the pie in close to future, he famous.
The home AC market was pegged at practically 6.5 million models final 12 months and has been rising constantly over the previous few years. The market is anticipated to maintain the expansion momentum going within the subsequent summer time season as effectively, he knowledgeable.
In the meantime, the corporate has launched its new vary of vitality environment friendly air coolers outfitted with AC inverter expertise for the primary time within the Indian market.
“With the brand new line up of ‘greenest’ air coolers, the model forays into the desert cooler class which is estimated to type about 60-65 per cent of complete cooler trade,” he added.
The air cooler has been launched in 17 fashions of assorted sizes and cooling capacities ranging in introductory value from Rs 12,300 to Rs 19,900, coupled with guarantee, Kooliyat mentioned. The home air cooler market is anticipated to develop at CAGR of 20 per cent by 2022.