Panasonic to double share in split AC market by next year

Japanese consumer durables major Panasonic today said it is planning to double its share in the Indian split AC market to 20 per cent by next year with introduction of more products in the category.     

The company, which currently has a 10 per cent share in the estimated 1.4 million units split AC market in India, has also started scouting for sites to set up a new manufacturing plant for producing air conditioners, washing machines and other home appliances.     

"Air conditioner is one category we are aiming big at. We are working on introducing a bigger range with different colours in the next two months and achieve a market share of 20 per cent in the split AC market by next year," General Manager (Marketing) Sabiha Kidwai told reporters on the sidelines of the company's announcement of scholarships for Indian students.     

Split AC currently constitutes 55 per cent of the entire AC market and it is increasingly replacing window ACs, she said.     

The company, which started its annual scholarship scheme for Indian students to study in Japan, said it is heavily investing on India and is planning to tap the rural market through its lesser priced products.     

"Our new manufacturing facility will be operational by 2011-2012. We will be making washing machines and air conditioners and other home appliances there," she said.

Panasonic has already announced an investment of $300 million in the next three years for setting up a manufacturing facility, enhancing R&D centres and other activities.     

The company currently has five facilities across the country and manufactures colour TVs, LCDs and rice cookers among other appliances.