Appliance makers expect robust growth from heating products this winter
Appliance makers are expecting a high double-digit growth in sales of heating products such as geysers and room heaters on hopes of a good winter and are ramping up production capacity to meet the demand.
The manufacturers are seeking to cash in on the onset of winter with new-tech products like Internet of Things (IoT)-enabled geysers, besides tankless water heaters and a range of premium room heaters with oil-filled radiators.
Besides, the makers are offering convenience, durability, and aesthetics with upgraded appliances in different sub-categories ranging from mass to premium.
Crompton Greaves Consumer Electricals Ltd (CGCEL) is looking at 20 per cent growth in both instant and storage water heaters over last year.
It “is looking at over 70 per cent growth in room heaters over last year,” said CGCEL Vice President – Appliances Anand Kumar N.
The company has introduced seven models, including the Solarium Cube IOT series and Solarium Care series which provide customised bath modes like baby care, hair care, hygiene care etc.
According to industry body CEAMA (Consumer Electronics and Appliances Manufacturers Association), the water heater market size this year is expected to be 4.25 million units with a growth of approximately 10 per cent over last year, said its President Eric Braganza.
While “room heater is a 4 million market… growth this year will depend on the severity of winter,” Braganza added.
Bajaj Electricals Consumer Products Business COO Ravindra Singh Negi said:”The growth of business this season will depend on winter season a good winter will help accelerate the demand. We plan our production well in advance to ensure there is no supply shortage in the market.”
The Bajaj group firm’s product portfolio for the season is well spread out and it is also geared up for launches.
“In room heaters too we have a complete range starting from Oil Filled Radiators (OFRs), Carbon Room Heaters, Fan Room Heaters and Halogen Room Heaters,” Negi said adding the company has refreshed its portfolio for winter.
Bajaj Electricals’ products are sold through 2.18 lakh retail outlets across India.
“Our aim is to provide every Indian household access to cutting-edge, intuitive and aesthetically appealing appliances, he said.
Last week, the India Meteorological Department said 2022 might see a warm winter in northwest and northeast India, but many parts of peninsular India will see a relatively cold winter.
Hindware Home Innovation, which has witnessed double-digit growth in this category over last two years , has also strengthened its portfolio and introduced as many as 20 models of water heaters and room heaters this year, taking the total SKU (stock keeping unit) count to over 90, said its CEO and whole-time director Rakesh Kaul.
” In H1, FY23 we registered a volume growth of over 30 per cent and we are hopeful that we will be able to achieve another 30 per cent volume growth by March 2023, with consolidated value growth of over 25 per cent by end of FY23, he said.
The company, which has a joint venture with one of the leading global heating appliances companies Groupe Atlantic of France, has also launched a variety of premium room heaters including OFRs, Kaul added.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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