Japan's car audio systems maker Pioneer Corp today said it is eyeing 40 per cent market share in India by next fiscal as it expects higher sales on the back of a network expansion programme.
The company's Indian arm -- Pioneer India Electronic, which sells products including car audio and video segments, currently has over 2,000 retail points across the country.
"We expect a growth between 5 per cent and 10 per cent in our market share in India by FY12. The growth will come with enhanced sales of our product portfolio," Pioneer India Electronic MD Tomoyuki Komiya told reporters here.
The Gurgaon-based arm of the Japanese firm today unveiled its 2011 series of car audio systems.
According to industry estimates, Pioneer has market share of nearly 30 per cent. The organised sector accounts for only 50 per cent of the total car audio market in India, estimated to be over 2 million units annually. Sony is the other major player in the arena.
Komiya said, "We plan to add more dealers and introduce more marketing initiatives in the country. It would be essential to drive growth (to meet the market share target)."
He, however, did not specify details on how many retail points the company will be adding.
Currently, the company imports its products into the country from various Asian countries including, China, Thailand and Vietnam.
Asked if the company planned to set up a manufacturing unit in India, Komiya said, "We don't have plans to set up a manufacturing site or a research and development centre in India as of now."
