Electronics major Samsung India is renewing its focus on the air conditioner (AC) business in India and aims to become the top player in the country by 2022, a senior company executive said on Thursday.
To achieve this target, Samsung is aiming to double its AC business every year over the next two years and expand its product portfolio.
Samsung currently sells ACs in the premium segment. The ACs coming next year will range from Rs 26,000 to Rs 70,000.
“Our objective is to be in the top 3 in the next two years and become No. 1 by 2022 and we are very confident of achieving this as we become a full-range player in the AC business,” Rajeev Bhutani, Senior Vice President, HVAC division, Consumer Electronics Business, Samsung India, told IANS.
The AC business in India has been growing at a fast rate over the last few years. In 2019, it grew at around 25 per cent and is expected to maintain similar growth levels in 2020.
The growth is coming on the back of changing lifestyles, urbanisation, higher electrification across the country and also due to the fact that current AC penetration levels in the country are just at 5 per cent.
Samsung said it will expand its inverter AC lineup and make a re-entry into the window AC and on/off AC segments in 2020, thereby addressing 100 per cent of the Indian market.
To drive the growth, Samsung has set up a separate heating, ventilating and air conditioning (HVAC) HVAC division within its consumer electronics business. This includes both room ACs and commercial ACs.
To tap further into tier-II and III cities, Samsung will expand its network from 9,000 outlets to 14,000 pan India in the first half of 2020, strengthening its retail and distribution.
The company said it will also set up 300 exclusive HVAC stores in 2020, which will showcase Samsung AC both for homes and commercial uses, offering completed solutions. (IANS)