We all know about the desi Indian brand Micromax and their efforts to catch up with the Chinese smartphone makers with its range of devices. Now the company is planning to get a chunk of meat from the Home appliances segment as well.
In the first phase, the company will be launching a wide range of washing machines, air conditioners, and microwaves. To capture this market, the brand is investing as much as 300 crores on just manufacturing of these appliances. The brand is already dominating in the television segment with 7 to 8 percent of market share within a year.
Here are the official press release statements from Rajesh Agarwal, Micromax Informatics Co-Founder:
“In next one year, we will have 70-80 percent of product line up in the CE category. AC, air coolers, Washing machines in next one year. The rest of the products like microwave, refrigerators will need more planning and we plan to introduce those in next two years,”
“Our estimate is that in the next three years CE (consumer electronics) will contribute about 40 percent to the overall Micromax Revenue,” he said, adding “We have already started back-end work on this”.
As of now the company already have their manufacturing plants in Rajasthan, Telangana, and Uttarakhand. And more to the statement, Rajesh also said that,
“In the next two-three years, we will be investing another 200-300 crore for scaling up. Micromax has the philosophy to grow into a complete CE brand. We have gained a respectable market share with 2 categories – AC and LED TV and in the next one year, our focus will be to strengthen existing categories with more products and market share and further introducing newer categories as well. In 2017-18, we plan to sell around 8,00,000 lakh units and we have a market share of 7-8 per cent. Last year we sold about 6.5 lakhs televisions,”
“We believe that Micromax has a huge potential and opportunity. While we have already started backward integration, and our manufacturing has helped, our aim is to also start PCB manufacturing in India for LED TVs,”
Micromax is focusing big on creating a sustainable platform in India, from TV to smartphone to Home Appliances. Considering the current competition in the market, Micromax India has to work hard by giving quality products at an affordable price point without compromising on anything. Can Micromax achieve their long-haul goal? Leave your comments in the comments box.