Japaneses car audio systems maker Pioneer today said it will launch more India specific models to maintain its market lead and focus on touch-screen models apart from expanding its OEM base.
"This fiscal year, we are aiming up to 30 per cent increase in our revenue. We are growing with a year-on-year growth of around 20 per cent," said Pioneer India Electronics Managing Director Minoru Ogawa.
However, the company did not share revenue details.
The growth would come from increased product line and India fcoused models launched today, the company said.
"We would launch more India specific model and would expand our OEM area," he said adding that "we would now focus on touch screen models".
Pioneer, which started its business in 2008 is now holding 40 per cent share in the branded car audio segment and around 25 per cent in car speaker segment, Ogawa added.
Pioneer India's 85 per cent revenue is coming from the car market and 15 per cent from OEM and DOP (dealer's option sales). It has agreements with leading auto makers as Maruti Suzuki, Toyota Kirloskar, Mahindra & Mahindra, GM, Hyundai Motors and Tata Motors.
"Maruti Suzuki is very important for us as we have got genuine accessories tag there. It is very tough to get it," a Pioneer India official said.
Pioneer imports its entire range of car audio system and is also mulling for local manufacturing. However, Ogawa gave no time frame for that.
"Making India specific models is the first step in that and then we are observing Indian government policy... However, it would be too early to say on the time frame," he added.
Presently, Pioneer India contributes less than a per cent in global sales of its Japanese parent firm Pioneer Corp.
However, Ogawa said that India's contribution would increase as "India's car market is increasing and it is one of the most rapidly growing. We are aiming for small cars with our AV products. It would increase our penetration and Pioneer's revenue."
Pioneer India today unveiled its new range of India focused products ranging from AV players, DVD Players, CD & USB players to speakers, and subwoofers after extensive India focused research.
