Durables
Samsung aims to lead premium washing machine segment, launches AI-powered lineup
Samsung India launched a new range of AI-powered washing machines, aiming to dominate the premium segment. The company targets market leadership by gaining quarterly share and capitalizing on the trend of premiumization and festive season. With a focus on front-load models, Samsung anticipates consumer demand for larger capacity machines. The AI-powered lineup promises energy efficiency and reduced wash time, positioning Samsung as a market leader in the premium segment.
Premium consumer electronics sales growing faster online than in stores
Online sales of high-value electronics such as air-conditioners, washing machines, and laptops grew significantly faster than offline sales in the first half of 2024. GfK-NielsenIQ data revealed a 17% increase in online consumer electronics sales compared to 12% offline. Consumers now prefer the convenience and better deals offered by online shopping platforms.
AC makers' profits soar in April-June amid blistering heat
During the April-June quarter, air-conditioner manufacturers experienced significant revenue and profit growth due to heightened demand from a severe summer. Key players such as Voltas, Blue Star, Whirlpool of India, Johnson Controls-Hitachi, and Havells (owner of the Lloyd brand) reported substantial increases in both top-line and bottom-line metrics.
Major domestic appliances market sees 18 pc value-based growth in first half of 2024: Report
The small domestic appliances market recorded a 29 per cent increase in value, reflecting heightened consumer interest in home convenience products, according to the report.
Summer goods companies reap rich harvest this year
Consumers purchased almost 75 lakh units of air-conditioners this summer in the four-month period between March to June, as per latest numbers from market researcher GfK India. Industry executives said this is more than the total number of units sold in the entire calendar 2022, over three-fourth of last year’s total sales and double of 2023 summer.
White goods makers wish you a long (appliance) life
Consumer durables makers in India, such as LG, Samsung, Haier, Godrej, Voltas Beko, and Panasonic, are engaged in a competitive warranty battle to attract customers. These brands are extending warranties on key components like compressors and motors to win over mainly consumers above the age of 35, which is anticipated to increase sales.
Budget measures to enhance competitiveness in domestic, export markets: Consumer electronics players
CEAMA praises the union budget for customs duties removal on critical materials. FM Sitharaman's tariff cuts on minerals bolster initiatives like PM Awas Yojana and rental housing. Major firms like Voltas, Panasonic, Kent RO Systems, and MSMEs anticipate growth. SPPL and Amber Enterprises benefit from BCD increase, propelling India's manufacturing sector forward.
Indian AC industry likely to double in next 4 years: Blue Star
Blue Star forecasts a significant growth in the air-conditioning industry in the next four years, driven by factors such as low penetration of room ACs and increasing middle-class consumers with high disposable incomes. The company's strategic plans aim to capitalize on emerging opportunities.
White goods PLI reopens: More time for companies to crack open AC & LED production
The government has reopened the window for white goods manufacturers to apply for the Production-Linked Incentive scheme. Leading companies like Voltas and Blue Star are evaluating new applications. The scheme aims to increase local manufacturing and boost the industry by 2029.
Govt reopens PLI window for white goods
The Indian government has reopened applications for the PLI scheme for air conditioners and LED lights, allowing companies to invest more in manufacturing key components. With an outlay of ₹6,238 crores, the scheme, running from FY22 to FY29, aims to boost domestic production. Major firms like Voltas and Daikin are considering new investments.
Must Watch
Bosch weighs offer for appliance maker Whirlpool, say sources
German engineering group Robert Bosch is weighing a bid for U.S. appliances manufacturer Whirlpool, according to three people familiar with the matter, a move that would boost its position in the household appliances market.
As ACs start to sweat, cos plan machines the heat can't wilt
AC makers innovate to meet high-temperature demands, balancing efficiency and performance. The push for models operating in extreme conditions reflects the industry's commitment to providing effective cooling solutions. With a focus on advanced technology and supply challenges, manufacturers aim to enhance consumer experience in a changing climate.
Daikin to sell 2 million units of AC in FY25, expand manufacturing capacity of compressors
Daikin is focused on increasing its localisation level, leveraging the PLI scheme for the air conditioning sector. The company plans to enhance local manufacturing of PCB circuits to achieve this goal.
LEDs... and ACtion: White goods PLI may see light of day, again
The government is considering reopening the Production-Linked Incentive Scheme for White Goods (PLIWG) to boost domestic manufacturing of high-value components like compressors, copper tubes, and aluminium foils. The Department for Promotion of Industry and Internal Trade (DPIIT) is reaching out to industry players to gauge their interest in investing in the scheme, which aims to increase production of air-conditioner and LED light components.
Unprecedented AC demand forces makers to airlift components from abroad
Air-conditioning manufacturers in India are facing a surge in demand due to a relentless heatwave, leading to emergency airlifting of components like compressors and circuit boards from global suppliers. Prices are increasing by 4-5%, driven by metal cost hikes. Installations are delayed due to overwhelmed service networks. Industry players, caught off guard by a 50% growth in sales, are grappling with shortages and unexpected demand spikes.
Unrelenting heat sets AC demand on fire, scorches buyers' pockets as India's torrid summer goes on and on
As an unprecedented heat wave drives much of India indoors, AC prices have shot up in most regions of the country. Along with prices, sales too have jumped conspicuously. For some players, keeping pace with rising demand has become quite a task, leading to shortages in several parts of the market.
