New trends in kitchen appliances
With growing number of working couples and increased disposable income, home and kitchen appliances segment is witnessing double digit growth rates.BY Rajni Pandey | Jun 28, 2011 | comments ( 4 ) |
The Indian consumer durable market, with a market size of US$ 27.38 billion in 2008-09, has grown by 7.1 percent over the previous year. The growth is driven by a young population with easy access to disposable income and easy finance options. The Indian consumer durable market can be divided into two segments - White goods (AC, refrigerators, washing machines, microwave ovens etc.) and consumer electronics (TV, Pcs, mobile phones, DVDs, digital cameras etc.). The kitchen appliance market includes products such as - microwave ovens, refrigerators, toaster, juicer, mixer, cooker and other kitchen utensils.
Be more localised
India is one of the most dynamic kitchen appliance market today and companies know this fact that in order to attract the local consumers, they themselves needs to be more localised to deliver the right solution. LG Electronics, one of the leading players in the home appliance category is planning to launch new products in the coming months. Company is planning to localise more the technologies and products to benefit the domestic consumers. The company is tapping the possibilities in water purifier, new models in refrigerators, microwave ovens and vacuum cleaners.
Acquiring regional brands
Acquiring regional or local brands helps internationals brands to tap local consumers. One such example is the recent acquisition news of Preethi business, a leading kitchen appliance company in India by Philips Electronics. As per company, it will help them to strength their position in the Indian home and kitchen appliance market. Preethi manufacturers a wide range of kitchen appliances tailored to the needs of Indian consumers and also it has wide network of customer care centers, distribution networks with substantial presence nationwide.
Electrolux is one of the global leaders in home appliances and appliances for professional use category and sells more than 40 million products in a year worldwide. The product range include refrigerators, dishwashers, washing machines, vacuum cleaners and cookers sold under esteemed brands such as Electrolux, AEG-Electrolux, Zanussi, Eureka and Frigidaire.
Speaking over their more localised product offerings for India, Vishal Raman, senior national business development manager, Electrolux says, “At Electrolux we have selected a portfolio of products that are particularly well-suited for India. For instance, we have decided to import only built-in fridges that are fully tropicalized and can stand the high heat of Indian summers. Some competitors sell European fridges that are only semi-tropicalized – these won’t stand up to intense heat and can cause moisture to pool and swell the expensive cabinetry of the custom modular kitchen.”
In the year 2010, Kenwood, leading British kitchen appliance brand entered into the Indian market with a wide range of kitchen appliances. The company invested its considerable resources in developing products for the Indian market to position itself as a global market leader of food preparation products.
Modern Indian kitchens
Throughout Asia, kitchens are emerging from their traditional boxes to become places for interaction and there are influences, both local and global, that are driving transformation. Explaining about the product specialties, Raman says, "Some of the finest imported modular kitchens in India are from Italy and other European countries. Our Electrolux colleagues in Italy and Germany have been working closely with kitchen manufacturers in those markets for decades. In effect, we have co-created many kitchen appliance solutions as we anticipate, together, trends in cooking, design and living space. Electrolux is a close partner in Europe with such leading names as Del Tongo, Snaidero, Veneta Cucina, Valcucine, Boffi and many others." As most of the urban couples are living alone, away from their parents and do not necessarily have full time help at home. This is leading to a rise in interest in labour-saving appliances such as larger freezers, dishwashers and washer-dryers which will further strength the market of home and kitchen appliance in India.
Electrolux targets Rs 500
: Swedish consumer appliances firm Electrolux is targeting Rs 500 crore turnover from small