Home appliances and consumer electronics company Panasonic India is aiming to rack up 10 per cent market share in the washing machines segment in the next fiscal year with the back of new product launches.
"In four years' time of manufacturing the product, we have achieved more than 5 per cent market share in the washing machine segment.
Currently, the industry size of this segment is approximately 5 million units. In the washing machine segment, we are aiming to achieve 10 per cent market share in the FY2017-18," Panasonic India Home Appliances Head Gaurav Minocha told PTI.
Currently, the washing machine segment is growing at 20 per cent in which fully-automatic washing machines are growing more than 20 per cent and semi-automatic washing machines are growing more than 15 per cent.
The tier II and tier III cities contribute almost 40 per cent to the total sale of washing machines.
The company witnessed lower washing machine sales in November and December due to demonetisation but Minocha said the situation has started to normalise from January.
"We saw low number of sales in the month of November and December due to demonetisation, but washing machines still contributed 10 per cent to the total Panasonic turnover in India," he said.
The Japanese consumer electronics major aims to clock a revenue of Rs 10,800 crore this fiscal, compared to Rs 8,700 crore that it had posted last fiscal.
Panasonic India currently manufactures 5 lakh top load washing machines and plans to scale it up to 8 lakh in the near future.
The company recently launched 13 models of fully-automatic top loading washing machine series FoamPremia in the country and Minocha said they aim to capture 15 per cent market share in the top load washing machine category in financial year 2017-18.