Samsung India Planning Comeback in Residential AC Segment After Seeing Unprecedented Sales Growth This Year, Will Launch Dozens New Models
Samsung India is planning a comeback in the residential air-conditioner market, launching over a dozen new models in the next few weeks, following unprecedented sales growth this year.
New Delhi, December 24:
Here are the results
Its room air conditioner (RAC) will have Samsung's DNA of smart features such as its propriety Bespoke AI solutions, targeting consumers looking to buy premium ACs and extra features, he said. A decade back, Samsung was the second-largest player in the RAC segment, having over 15 per cent market share in the 2014-15 fiscal year. However, Samsung lost steam in the segment after the company diverted its resources and energy to high-growth areas such as mobile phones, smart TVs, LED displays, etc. National Consumer Day 2024: Reliance Retail Partners With Department of Consumer Affairs To Reaffirm Commitment to Consumer Safety.
The Indian appliances market is witnessing a trend of premiumisation, where consumers are picking up higher average selling price (ASP) products and are ready to pay extra for premium, energy-efficient and connected offerings.
Samsung expects a double-digit volume growth in the RAC segment in 2025, riding on the wave of premiumisation and aspirations in 2025, the industry insider said.
Samsung, which sold around half a million units in 2024, has a market share in the low single digits. With its new lineup of AC with acclaimed Bespoke AI platform, Samsung expects to corner a double-digit share of the Indian RAC market, considered to be very competitive. An e-mail to Samsung India remained unanswered by the time of filing of the story.
Air conditioner sales in India typically start in the southern markets in mid-February. Its demand in India has been increasing due to a number of factors, including rising temperatures, urbanisation, and higher incomes. The Indian RAC market, which is estimated to be about 11 million units, is dominated by players such as Tata group firm Voltas, LG, Daikin, BlueStar, Hitachi-Johnson, Panasonic, and Lloyd, etc. Indian Startup Ecosystem Raises More Than INR 29,200 Crore From Stock Market in 2024, Sees Record 13 IPOs.
The industry had "record-breaking figures for sales in May and June, with a surge of 30-40 per cent in volume growth due to the unrelenting heatwave in most parts of the country". Moreover, the Indian RAC market is also evolving, helped by energy-efficient models that are suitable across income brackets and also by investment by the companies in indigenous manufacturing units of components.
(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)