Consumer electronics firm Intex Technologies today said the company is looking to capture 5-6 per cent share of the domestic air-conditioner (AC) market in the next three years.
Penetration of ACs in the masses is very low in India as compared to the global average and the market would "unleash its potential in the next three to four years", according to Nikhil Garg, product business head, Intex.
"We entered into the AC market in March 2017 and sold around 75,000 ACs in one year, which is around 1 per cent of the country's market of 4.5 million units in the last fiscal," he said, adding, "In 2018-19, we have set a target of selling 1.5 million units."
He was here for the launch of the company's new range of ACs, to be available in 14 models across three categories.
According to Garg, Indian AC market was 3 million in 2014, which is expected to go up to 5.5 million in 2018, and reach around 7 million units by 2020.
"Thus, the market doubled in five years. With this growth, Intex is eyeing to acquire 5 to 6 per cent market share in the next three years," he said.
Garg claimed that as per a trade report of 2014-15, AC penetration in India is just 5 per cent against the global average of 60 per cent.
"Though China's population is almost the same like India, market size of ACs is around 80 million there while Indian market size is just 5 million. Thus, this industry having a huge potential and it will unleash its potential in the next three to four years," he added.
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