Sharp India is eyeing Rs 500 crore turnover from its air purification business segment by 2023 as it expects the niche product category to grow exponentially in the coming years.
The company also called for creation of standards and regulations for air purifier with respect to effectiveness and safety of the products.
"We are aiming for Rs 500 crore turnover from our air purifier business by year 2023. Air purifier business in India is growing at an exponential growth with the increase in the awareness about poor air quality in the country," Sharp Business Systems (India) President-CE Business Kishalay Ray told reporters.
At present, air purifiers account for 25 per cent of Sharp India's total sales. The company reported sales of Rs 30 crore in the previous fiscal from air purifiers and is expected to double it in the current fiscal.
Elaborating on the need for regulations, Ray said: "At present, there are no standards or regulations for air purifiers being sold in the country. The government should frame regulations which will help customer make decisions to purchase the product".
There are about 40 companies offering air purifiers in the Indian market.
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