Symphony, which is one of the most popular Air cooler manufacturers in India and been in the market for a very long time. Symphony has a Global presence in over 60 Countries including America, Europe, Asia, and Australia.
Symphony has also established strength in the Indian Market and now looking forward to exploring the unmapped segment of best air cooler in india.
Since Symphony has already gained the command over the Household segment, the company is now moving toward the Commercial Segment. Here’s what Achal Bakeri said in the recent Interview with Business line (The Hindu) about the current market and the company’s vision for future projects.
The effect of two significant events, demonetization and the introduction of GST on the Air cooler market
After these two major economic events, the market becomes a little muted. The GST affected the inventory model the rates were high and reduced economic growth because of Demonetization were consumer has to cut down their expenses.
Since these were the temporary issues and the economy has already started growing again, and a lot more growth opportunities are there shortly the company believes that there are still potential in the Air cooler market to improve.
The company stated that there would be a compound annual growth rate of 27% by the year 2022.
Being one of the first one in the air more cooling market how what the company is fighting with its competitors
As per the evaluation, the Air cooling market is about 7-8 million units per annum in which Symphony holds a massive 45 percent share while only 25 percent are from a group of company.
The company established its root since there were almost no organized players.
Company’s strategy to increase the growth in the competition
The company is focusing on a lot of different segments, and the one which contributes the most is the domestic market. In which the company makes Air coolers for household, and the other segment is the commercial appliances.
The household segment is very well established for the company and has an annual growth ratio of 27 percent.
In India, the commercial cooler segment is almost negligible. The company will be focusing more on this segment in the future because it has the potential to grow and there is very less competition.
Is the Industrial/Commercial Segment promising enough?
The company has already made up its product line for this year. The segment was created by symphony around seven years ago, but because of the low sale, it doesn’t contribute well enough as said before there is massive potential in this segment if we think about long term.
Large commercial places are tough to air condition. Since the company’s Research and Development team is working the company has already seen much success in cooling such a large commercial place using Air Coolers.
To master this segment the company also has to educate the market about the effectiveness and affordability. At 1/10 of the electricity cost as compare to an Ac the Air cooler fits right in.
What all commercial places going to be the goal for the Commercial Segment ?
The company will be targeting large complexes such as Hospitals, worship place, and fitness centers while the company has already tried Schools, Workshops and movie theaters in the past.
The future is unpredictable, but till now there are no significant competitors in the Commercial segment So Symphony might be one of the first to well establish this market.