Samsung India is all set to double its growth rate in washing business segment during the calendar year aided by growth in automatic segment, said a senior official.
“While the industry is growing at 10 percent per annum, we are growing much more than that,” said Maneesh Sharma, deputy general manager, Consumer Electronics Business, Samsung India.
“From January till September we have shown strong growth in automatic washing machine segment. We are on track and expect to maintain the momentum for the next few months,” he said.
According to him, the firm is betting on new product launches such as front loading and top loading washing machines, upcoming festival season, increased income levels and urbanization, to improve its growth rate by over 5 percent. The festive season alone was expected to bolster its growth by 2 to 2.5 percent.
Samsung India might close the calendar year with an average growth of 30 percent in the automatic washing machine segment against 10 percent for the overall industry. For 2018, the fully automatic category is estimated to be about 65 lakh units against 61 lakh units in 2017.
Mentioning that the penetration level for washing machines on all India basis was still low (12 percent) against refrigerators (34 percent), he said it provided a good opportunity for growth. Most of it would come from Tier-II and Tier-III cities, he said. — The Hindu