Mirc Electronics Ltd, which owns the Onida brand, is looking to double its revenues from the air conditioners segment to about Rs 720 crore, betting big on a new range of 84 inverter air conditioners launched yesterday.
According to TOI, in FY17, the air conditioners(AC) segment contributed Rs 346 crore, accounting for 46 per cent of the total sales of the company. The new range of air conditioners promise to deliver 170 per cent faster and powerful cooling along with 65 per cent savings in energy bills, Mirc Electronics said in a statement.
The company’s smart inverter air conditioners are enabled with IOT (Internet of Things) which allows the user to operate the AC and control its various functions through a smart phone from anywhere in the world.
Stating the overall market size of the ACs in India would grow to 20 million by 2022 from 5.6 million now, the company said it is expecting its air conditioners business to grow to Rs 1,500-1,600 crore in the next five years.
“We currently have a market share of 8 per cent in the split air conditioners, which would grow to double digits in the years come, because of increasing demand for air conditioners in the country,” Mirc Electronics CEO G Sundar said to TOI. He further said affordability of the consumers and increasing global warming are the biggest growth drivers for increasing volumes in air conditioners in the country.