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Godrej Appliances intends to raise its market share in AC segment

India: India’s largest player of the home appliances segment, Godrej, is optimistic to increase its share pan India in AC segment by launching a new series of energy efficient inverter air conditioners. Currently, Godrej appliances enjoys an estimate share of 5-6 % of the Indian market and is expecting to increase its market share by 3% in 5 star AC segment.

The company is about to introduce the new products in the South India, which is the major contributor by region with a Share of 15% in the AC market. Also, the company has plans to introduce 30 new models in the current season.

According to TechSci Research: The Introduction of new Energy Efficient Air Conditioner Models in the Indian market will help the company to increase its market share due to change in preferences of the customers and their need for energy efficient appliances. Developing new and innovative technologies for the product segments by the company after analyzing the needs and wants of the target market, is a competitive and strategic move by the company to tap the potential buyers. Furthermore, the introduction of the product in their strongest market, which is South India, will help the Godrej in accommodating the product in the market and subsequently in other markets of India.

According to a report published by TechSci Research India Air Conditioners Market Forecast & Opportunities, 2020, the Indian air conditioners market is projected to grow at a CAGR of over 10% during 2015-20. Accounting for a lion’s share of the air conditioners market, split air conditioners segment was the highest revenue generator, followed by VRFs and window air conditioners in 2014. The market share of window air conditioners has been declining over the last few years on account of decreasing price gap compared to split ACs, due to which many leading companies such as Samsung and LG have exited from the windows air conditioning segment while other major companies like Voltas, Daikin, Blue Star, etc., have lowered the production of window air conditioners in the country.

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