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Just a month old in the Indian smartphone market, Japanese consumer electronics major Panasonic on Friday said it expected majority of its revenues in the next two years from its upcoming smartphone business.
"India is the largest smartphone market in the world. We don't think we are late as the market itself is just two-and-a-half to three years old. Only one top player rules this market, which is still not matured. We believe there is scope for another top player," Manish Sharma, managing director of Panasonic India, said here today.
The revenue growth targets set for Indian operations by Panasonic, which wants to more than double its topline to $3.7 billion by 2015-16 from the projected $1.7 billion in the current financial year, are largely based on the internal forecast on the yet-to take-off smartphone business in the country.
The company has launched only one smartphone model priced at Rs 26,000 last month and plans to launch three phone models in a price range of Rs 9,900 to Rs 15,900 this month. Cheaper phones priced at Rs 5,990 would be available in the next couple of months.
According to Sharma, 50 per cent of the exponential growth in revenues is expected to come from the smartphone business in India while the consumer electronics and appliances would grow at 20-22 per cent during the same period.
The other important driver of revenue growth for the company would be batteries and UPS business, which he said had a great potential and would contribute another 25 per cent to the revenues.
Going forward, the company would be focusing on three areas-electronics, security and surveillance and the energy related products.
