SEOUL, March 3 (Korea Bizwire) — Samsung Electronics has kept its top position in India’s refrigerator market while boasting an impressive double-digit annual growth rate for two consecutive years.
As of last month, the South Korean electronics giant’s market share accounted for 30.7 per cent of all refrigerator sales in India., according to the Korea International Trade Association(KITA) and Indian media.
Samsung’s market share has grown 12.8 per cent in the course of 10 years since 2007.
Indian media reports peculate Samsung’s refrigerator market share will grow by up to 35 per cent this year, citing economic support from the Indian government, a strong product line-up, and increased supply.
Samsung India’s latest line up of refrigerators and air conditioners include solar-powered refrigerators that cool 31 per cent faster than their predecessors.
Speaking to journalists at a press conference last month, Rishi Suri, director of Samsung India’s Consumer Electronics Division, said, “Consumers are looking for energy efficient products, and our new range of refrigerators and air-conditioners has been designed to suit their needs.”
Analysts speculate Samsung India is taking a new direction in a bid to appeal to Young middle-class customers.
‘New Opportunities in India’
More than 12.5 billion people now live in India, the third largest economy in the world, with Samsung employing over 40,000 workers.
Last October, in line with its commitment to the ‘Make in India’ and ‘Make for India’ initiatives, Samsung vowed to invest $296 million to double capacity at its Noida plant, a facility built in 1996 that has since been serving as the manufacturing backbone of Samsung India.
Chief Minister Akhilesh Yadav welcomed the decision saying, “Samsung has been our partner in this growth since 1996. It has created thousands of jobs, supported business, developed the service sector, and helped give global recognition to Noida.
“I am happy Samsung is pioneering this transformation yet again,” he continued.
Hyunsu Yim (email@example.com)