Mirc Electronics, one of the renowned leaders in consumer electronics industry, has launched a range of eighty-four inverter air conditioners (ACs). The company is apparently planning to double its air conditioner segment revenue and hit an estimated target of INR 720 crore. The launch is expected to impel the regional consumer electronics market that witnesses a huge boost annually during the summer months when consumers buy cooling gadgets to fend off the heat.
For the record, Mirc Electronics registered a revenue of INR 346 crore during FY17 through the air conditioners segment which accounted for 46% of the entire sales of the company. The firm reportedly claimed that the new range of air conditioners will deliver 170% faster and more powerful cooling and will save up to 65% on energy bills. The smart inverter air conditioner will also be equipped with the Internet of Things (IoT), enabling users to control the functionality of the AC with the help of a smartphone.
Mirc Electronics also stated that the overall Indian air conditioner market size is projected to grow from 5.6 million at present to 20 million by 2022. Based on this projected growth, Mirc Electronics is expecting its air conditioner business to grow to INR 1,500 to INR 1,600 crore within the next five years.
G Sundar, CEO of Mirc Electronics, reportedly said that in the coming few years, Mirc Electronics expects its share in the split air conditioner market to reach double digits from the 8% share the company currently garners. India at present is witnessing a major upheaval in its economy, causing consumer electronics market to thrive with increased consumer purchase parity, claim experts. It has also been speculated that the rising global warming acts as one of the chief drivers for the India air conditioner industry.
Among the chief competitors of Mirc Electronics and Onida are other AC makers of India such as Whirlpool, Daikin, Hitachi, Blue Star, Godrej and Lloyd.