Home appliances major Godrej Appliances on Thursday said it has forayed into air cooler category with introduction of coolers with inverter technology, and is looking at capturing 15 per cent market share in the segment in next 5 years.
Air coolers with inverter technology ensure cooling at higher efficiency with up to 50 per cent more power saving, delivering savings of up to Rs 3,000 in 3 years, Godrej Appliances said in a statement.
"We have entered another category in cooling space. Air cooler market was going at about 17 per cent over the last five years, but if you look at last one or two years it has grown by around 20 per cent and there is a huge market and it is bound to grow," Godrej Appliances Business Head and Executive VP Kamal Nandi told reporters here.
With its inverter technology and delightful features, Godrej air coolers aims to make eco-friendly technologies within everyone's reach, while bringing in ease and convenience to consumers, he added.
"As the price point of entry level air conditioners has increased by Rs 5,000-6,000, the consumers who were looking for air conditioner in the entry level price bracket find that to be unaffordable. Because of this, a large chunk of consumers are now looking at cooling solutions which are of lesser cost and lesser budget and therefore air cooler as a category is going very fast," Nandi said.
The size of air cooler market is about Rs 6,000 crore (both organised and unaorganised) and Godrej Appliances is looking at acquiring 4 per cent share this year, he added.
"We are looking at around 4 per cent of market share in the air cooler category in this year and aim to have a 15 per cent market share in next five years," Nandi said.
Godrej air coolers range is broadly classified into three sub-categories -- inverter series, electronic series and mechanical series, the company said.
The air cooler range consists of 17 models in various sizes and cooling capacities, ranging from Rs 12,300 to Rs 19,900, it added.
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