Samsung, the country’s leading refrigerator brand, is set to further consolidate its business with the launch of new range of refrigerators. It is eyeing a strong double-digit growth in a market estimated to be growing at about 7-9 per cent.
Saurabh Katiyal, Director, Consumer Electronics Business, Samsung India, told Business Line, “The overall market is passing through a phase where the customers’ requirements and expectations from products are changing. There is a growing preference for frost-free refrigerators.
While single-door direct cool refrigerators still account for about 60 per cent of the total market share of about 10 million units per annum, two-door frost-free ones account for 40 per cent market share. And in the frost-free range, with 350 litres and above, Samsung has gained share from 42 per cent in 2015 to 51 per cent in 2017.”
Based on customer feedback and usage patterns in India, the company launched smart convertible refrigerators with 5-in-one twin cooling feature. Following the progress it has made with frost-free range, Samsung plans to bring the same innovative features in refrigerators with capacities below 350 litres.
Through the Incredible India initiative, Samsung research teams developed innovative products that are being sold in other markets as well. These include a flexible and adaptable storage and cooling solutions wherein the usage of freezer space could be interchanged to a regular refrigerator.
Referring to the innovative products rolled out from the company’s manufacturing facilities at Noida and Chennai, Katiyal said trends point towards increasing preference for floral designs in refrigerators.
The market penetration of refrigerators is estimated to be 27 per cent. Apart from potential in the major cities, tier II, III and IV cities and rural markets hold immense potential for growth, he said.