The consumer electronics (CE) boom took place in India in the mid-90s. Since then, it has grown to proportions of great value. Through this, one can envision the expansion of the Indian refrigerator market in the future. Today, the refrigerator section is emerging as one of the fastest growing segments. The implementation of the 7th Pay Commission, favourable monsoons, and an increase in the buying power of citizens play a vital role in accelerating the growth of this sector. The main driver for the large volume in the sale of refrigerators is mainly the harsh Indian summer.
This year, CE is already witnessing a rise of more than 20 percent year-on-year sales. Plus, the air conditioners and refrigerators market has achieved the best-ever sales. However, there are still some challenges that the industry encounters.
One such crucial factor is GST. In the current scenario, appliances such as air conditioners, televisions, washing machines, refrigerators, and microwave ovens enjoy a basic customs duty (BCD) rate of 10 percent. These can also be imported as completely built units from Association of Southeast Asian Nations (ASEAN) and South Asian Free Trade Area (SAFTA) countries like Thailand and Japan at concessional rates of BCD ranging from 0–6 percent. Such practices cause erosion of the component supply base which it already has in the Indian context, as the country has a smaller domestic demand to be catered to by the component manufacturers who failed to reach economies of scale. Therefore, to prevent this, GST plays a key role in discouraging the import of these commodities while going hand in hand with the idea of Make in India.
With all the new comings and trends entering the market, it clearly seems that CE is evolving at an unprecedented rate. While providing the consumer with myriad choices, a proactive CE player such as Videocon has always been at the forefront to bring innovation into consumers’ lives. The company with a strong focus on paving unique ways has been diligently working toward consumer satisfaction and providing them with effective solutions.
Keeping this in view, Videocon launched its top-of-the-line Titanium series of frost-free refrigerators the previous year. Equipped with the world’s coldest freezer, Videocon Titanium refrigerator offers the highest temperature of −30°C. The battle against the scorching Indian summers stops here with Videocon’s customised refrigerator to meet the needs of the typical Indian customer who needs to cool off every other minute, while catering to the large family size.
The company in addition is geared up to make a million lives worthwhile and takes pride in presenting the world’s healthiest refrigerator. Videocon’s Titanium series ensures minimal loss of nutrients and is adept at keeping food fresh and healthy. Backed by a team of experts, the company has fuelled the mammoth Indian populace with tremendous ease and embedded a healthier way of living in their lives.
Videocon believes that freshness is one of the foremost things in an individual’s life. With its smart cool refrigerators, it has been consistent in offering the best-in-class refrigerators to its consumers. The company is renowned all over the world for producing the finest-quality refrigerators equipped with state-of-the-art technology, going hand in hand with rapid technological evolution. These aesthetically designed refrigerators improve the lifestyles of people and keep food fresh. They give the consumer a healthier and better life.
These are just some of the examples that showcase the company’s dedication and diligence toward its work. Going forward, the company will continue to un-tap the hidden potential of the refrigerator industry by bringing new and advanced products, while reaching out to the grass root levels. Videocon with its strong commitment believes in achieving milestones and reshaping the society into a better place to live in.