The Gurugram-based company is set to launch as many as eight refrigerator models and 16 washing machine versions along with 10 versions of air conditioners and eight versions of air coolers. The first selection of semi automatic Micromax washing machines and direct-cool refrigerators are anticipated to arrive in the nation sometime later this month.With an aim to achieve Rs. 2,000 crores earnings by 2020, Micromax is targeting into its consumer electronics segment to get 30 percent share of its general earnings by March 2019. Specifically for the fridge and washing machine category, the company is aiming for three percent of market share from the first year, 5 percent at the second year, and seven per cent in the next year.
“Two decades back, we declared our vision to be a leading consumer electronics manufacturer by diversifying the product portfolio and moving to non-mobility segment as well. In the past two decades, we’ve been consistently working towards democratising technologies and bringing best of products at a reasonable price point. With our new class and growth of our present products, we are working towards becoming a top consumer electronics and are very confident that 2018 is going to be a landmark year for us in this segment,” said Rajesh Agarwal, co-founder, Micromax Informatics, at a press statement.
Micromax has already established dedicated service centres and a distinctive customer service program in the new product segments. Further, the company is likely to set a strong distribution channel “spread across the length and breadth” of the country.
In the last two to three decades, Micromax has spent around Rs. 300 crores and is set to spend around extra Rs. 200 crores in another couple of years. The investment is overall planned to help the company ramp up the building of its electronics products locally and build the capacity of complete regional manufacturing to donate to the government’s ‘Make in India’ initiative.