New Delhi, March 10: Targeting consumer by bringing out durable products, Micromax has come a long way.Extending its hands over launching new products this time with washing machines and refrigerator making its way to the customer houses. Aiming feasibility for its customers, Micromax will soon launch these home friendly products.
With amid competition from a Chinese company, Micromax, which has made a position in consumer durable segment and already sells air conditioners and televisions, now it is set to expand the market share as the company wants to achieve by almost 5% in the first year itself.
To increase its consumer electronics category, Micromax co-founder Rajesh Agarwal said, “India’s consumer electronics segment is growing at 11-13 % and we have a conviction that we can be a big consumer electronics company that will contribute Rs. 2,000 crore in revenue by 2020.”
Micromax, which is largest Indian handset manufacturer has stiff competition from Chinese firms like Xiaomi, Vivo, Oppo, and Gionee that have flooded the Indian market with cheap smartphones. The company is now trying to target of about 30% of its revenue from the consumer durable categories other than phones by fiscal 2018-19.
Notably, The company has already invested Rs.300 crore towards its manufacturing on consumer durable goods and is in talks with the Uttar Pradesh government to open new facilities by the end of 2018.