Penetration of ACs in the masses is very low in India as compared to the global average and the market would "unleash its potential in the next three to four years", according to Nikhil Garg, product business head, Intex.

Consumer electronics firm Intex Technologies said the company is looking to capture 5-6 percent share of the domestic air conditioners (AC) market in the next 3 years.

Penetration of ACs in the masses is very low in India as compared to the global average and the market would "unleash its potential in the next three to four years", according to Nikhil Garg, product business head, Intex.

"We entered into the AC market in March 2017 and sold around 75,000 ACs in one year, which is around 1 percent of the country's market of 4.5 million units in the last fiscal," he said, adding, "In 2018-19, we have set a target of selling 1.5 million units."

He was here for the launch of the company's new range of ACs, to be available in 14 models across three categories.

According to Garg, Indian AC market was 3 million in 2014, which is expected to go up to 5.5 million in 2018, and reach around 7 million units by 2020.

"Thus, the market doubled in five years. With this growth, Intex is eyeing to acquire 5 to 6 percent market share in the next 3 years," he said.

Garg claimed that as per a trade report of 2014-15, AC penetration in India is just 5 percent against the global average of 60 percent.

"Though China's population is almost the same like India, market size of ACs is around 80 million there while Indian market size is just 5 million. Thus, this industry having a huge potential and it will unleash its potential in the next three to four years," he added. - Moneycontrol