The Rs. 35,000 crore Indian durable goods market is getting ready for some major changes this season. With the booming economy and increase in disposable income with people, the demand for premium goods is increasing at a much faster rate than that of mass goods. Consumers are looking for goods which will enhance their lifestyle.
Consumer electronics makers such as LG, Samsung, Panasonic, Godrej and Onida bet big on smart televisions and home appliances to woo the increasingly aspirational Indian consumer. Smart products come loaded with intelligent features and capabilities to connect with other devices and interact with consumers. While the concept of connected home appliances has been around in global markets for sometime now, smart phones and tablet computers have given it a boost by making it possible to control home appliances from anywhere. Wi-Fi enabled appliances can be accessed from anywhere if there is a wireless Internet connection at home. All one needs is to install the applications provided by appliance manufacturers on their smart phone or tablet. For LG, 2011 is going to be all about smart products. It has recently displayed its “Thinq” series of refrigerators in Consumer Electronic Show last month.
Most of these smart products come at premium prices of 20% to 40% over regular devices. But companies like Panasonic aim to make these devices a mass phenomenon. Panasonic has recently launched air conditioners with sensors and internet enabled plasma TVs and it expects 10% value contribution from these smart devices. Country’s largest durable maker Videocon has employed a team of 100 engineers for developing these smart devices. Similarly, Godrej Appliances is investing around 5% of its revenue on developing such products.
Source:
The Economic Times, Mumbai. Date: February, 16. Page No.:4
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