The company said it is expanding its product portfolio in India by providing localised offerings to tap the fast growing home appliances market in the country.
Bosch Home Appliances will invest 100 million euro in India over the next four years towards development of personalised products, brand building and strengthening its technology centre.
In a statement, the company said that it will use the investment to set up a refrigerator factory in India that will bring German technology to the country.
“In the coming years, Bosch will take its offerings from conventional to digital and transform businesses beyond mobility, by focusing on connectivity and new digital business models for customer value, as well as extending new employment opportunities in the space,” he added.
India’s household appliances market is expected to grow at 14.5 percent annually (CAGR 2018-2022), resulting in a market volume of USD 2,028 million by 2022. In line with this insight, Bosch said that it has steadily expanded its product portfolio with a major focus on localised offerings.
The company said that the localised offerings include the top-loader washing machine, freestanding microwave oven and mixer grinder.
“We want to remain the consumers’ first choice. Innovation and technology are the key pillars at BSH Household Appliances and we are constantly working towards simplifying the day-to-day lives of consumers by reinventing and regionalizing solutions and accessories including branded detergents for washing machines and dishwashers,” says Gunjan Srivastava, Managing Director and CEO, BSH Household Appliances.Bosch is already present in segments like cooking, washing as well as breakfast and food appliances. Srivastava had earlier told Moneycontrol that they will also be entering the small appliances space later this year.