Micromax Enters Refrigerator And Washing Machine Segment In India
For Refrigerator and Washing Machine category, Micromax will be aiming for 3 percent market share in first year, 5 percent market share in second year and 7 percent in third year
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Indian electronics brand Micromax has entered the refrigerator and washing machine segment in India. Micromax is all set to launch 8 models of refrigerators, 16 models of Washing Machines, 10 models of air conditioners and 8 models of room coolers. The company is aiming to launch Semi-automatic washing machines and Direct Cool Refrigerators by March 2018.
With the aim of 2000 crore revenue by 2020 with the diversification, Consumer Electronics segment will have 30 percent share in overall Micromax revenue by March 2019. For Refrigerator and Washing Machine category, Micromax will be aiming for 3 percent market share in first year, 5 percent market share in second year and 7 percent in third year.
With this launch the company is yet again expanding its product portfolio, offering consumers the products with the unique features that is designed for Indian climate and ecosystem. Democratizing technology for the masses, the company is aiming to launch Semi-automatic washing machines and Direct Cool Refrigerators by March 2018.
The company has already invested around 300 crores in the last 2-3 years and is planning to invest around 200 crores more in the next couple of years.
Micromax has also setup dedicated service centres and a special customer service application for the new product segment to provide its customers with the after sales services.
Rajesh Agarwal, Co-founder, Micromax Informatics Ltd. said, “Overall India’s Consumer Electronic market is growing at 11-13%. Two years back, we announced our vision to be a leading consumer electronics brand by diversifying the product portfolio and moving into non-mobility segment as well. In the past two years, we have been consistently working towards democratizing technology and bringing best of products at affordable price point. With our new category and expansion of our existing products, we are working towards becoming a leading consumer electronics brand and are very confident that 2018 will be a landmark year for us in this segment.”