Panasonic Corporation, a global electronics company, is eyeing double-digit growth in the Indian market for the current fiscal year. With a long-term perspective, Panasonic intends to tap into India’s potential by introducing high-tech products and establishing the country as an export hub. The company recognizes the lower penetration of products in India, which provides ample room for growth. Despite contributing less than 2% to its global revenue, India is among the top three potential regions for Panasonic, leading the company to invest in factories and innovation centres in the country.
Panasonic is working on India-specific innovations across various business verticals. The company is focusing on consumer appliances, electric boxes, supply chain solutions, industrial devices, and energy business, including lithium-ion batteries for mobility and stationary storage applications.
In the previous fiscal year (FY23), Panasonic India recorded revenues of over ₹10,000 crore, marking a 15% increase compared to the previous year. For the current fiscal year (FY24), Panasonic aims to achieve double-digit growth on that base. Additionally, the company plans to double its exports from India in the next three years, targeting the Middle East, Africa, and European markets.
Panasonic India is sharpening its focus on value-added appliances, capitalising on the growing demand for premium and feature-rich products. The company has witnessed significant growth in demand for value-added products, even in smaller towns and cities. By introducing large-capacity washing machines, feature-rich refrigerators, and air-conditioners equipped with matter technology, Panasonic aims to democratise technology and cater to evolving consumer preferences.
The Indian appliances and consumer electronics industry is witnessing a trend of premiumization, with consumers willing to pay extra for better value products. As the average income is expected to rise in the coming years, there will be increased spending on appliances, creating diverse opportunities for Panasonic in India. The company is ready with its diverse portfolio to serve the Indian consumers and meet their evolving needs.
RTM Watch’s Take
Panasonic’s growth plans in India align with the country’s immense market potential and the company’s long-term vision. By introducing high-tech products and focusing on value-added appliances, Panasonic aims to capture the growing demand for premium and feature-rich products in India. The company’s commitment to manufacturing, innovation, and exports from India further strengthens its position in the market. With its strategic approach and diverse portfolio, Panasonic is well-positioned to capitalise on the opportunities presented by India’s evolving consumer trends and rising disposable income.
