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US-based Westinghouse Electric Corporation, which has entered the small appliances segment in the country through its brand licensee Amerex, is aiming to corner up to 5 per cent market share in the next five years, a top company official said.
Amerex is presently investing in branding and marketing for Westinghouse, which entered India in 2017.
The company is offering products like sandwich makers, electric kettles, mixer grinders and irons, among others.
"We are aiming to have around 4 to 5 per cent market share in the small appliances segment in next five years," Westinghouse Small Appliances India CEO Sachin Goel told PTI.
The Indian small appliances market is estimated to be around Rs 10,000 crore and is growing at about 20 per cent every year, he added.
This segment is highly competitive and price sensitive and is presently dominated by players like Philips, Bajaj Electricals, Usha and Morphy Richards.
Amerex expects sales of Rs 45 crore this fiscal from Westinghouse products.
The company is presently in the process of expanding its retail network and fill the gaps in its offerings in the segment.
"By Diwali this year, we would have presence in the west and south regions and in next one year, we would have a pan- India presence," Goel added.
Westinghouse is also focusing on the online segment through its channel partners.
The company would soon introduce coffee makers, grillers, and air-friers under the Westinghouse brand.
Presently, 80 per cent of the product range is imported while the rest is sourced from domestic manufacturers.
Westinghouse Electric Corporation, founded in 1886 has presence in various segments, including consumer electronics, lighting and domestic appliances across all continents.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)