Consumer electronics and home appliance maker Panasonic India is planning to stand itself as “Solution Technology Company” in the coming years. The company has recognized five pillars to boost development. The growth factors include increasing consumer business, developing resolutions for living spaces, launching new technology and products and extending energy business.
As per the strategy, Panasonic is likely a high push from its customer’s durable business in its share into the coming years. However, the special emphasis on its business solutions may contribute around one-fourth of its business in the coming five years.
The company is expecting a revenue of around Rs 12,000 crore this financial year. However, it will also extend its retail by focusing on tier-III and IV places. Also, introducing new products offering small markets with local research & development push according to the strategy.
Manish Sharma, Panasonic India CEO said, “We will increase our portfolio of home appliances rapidly and dramatically. Now, with consumer durable business, half revenue comes from electronics and another half from home appliances. However, in the next 3 years, 65% of this will come from appliances.”
Products such as AV accessories, TV, audio products, come in electronic category. However, appliances comprise AC, refrigerator, washing machine, and others.
“We are aiming to double our home appliances revenue in the coming 3 years. However, the TV business will not double but it could remain to grow with the market growth, he said. However, the TV will continue to be our identity. Hence it will not change.
Currently, Panasonic has about 9 % market share in TV. However, home appliances have 8.5 % in AC and 6 % in the washing machine.
“In 3 years, we are planning to grow our market share to about 10% in all categories,” he said.
Overextension of the sales network, he said that in the coming 1 year, The company is going to enter small towns of the country.