ENA Sectors 2024-12-04 15:01:48 <p><strong>New Delhi, Dec 4 (KNN) </strong>Panasonic Corporation is positioning itself for significant expansion in the Indian market, with plans for substantial growth and long-term strategic development. </p> <p>Manish Sharma, Chairman, Panasonic Life Solutions India and South Asia, revealed that the company expects a double-digit revenue increase in the current fiscal year, reflecting its strong commitment to the Indian market.</p> <p>Despite contributing less than 2 per cent to the company's global revenue, India remains one of Panasonic's top three potential markets. </p> <p>Over the past decade, the Japanese corporation has invested heavily in the region, establishing five factories and two innovation centres. </p> <p>The company is pursuing a strategic approach that goes beyond mere market opportunity, focusing on building comprehensive capabilities in manufacturing and innovation.</p> <p>Currently, Panasonic's Indian revenue portfolio is diverse, with approximately 40 per cent derived from consumer products including television panels, air conditioners, refrigerators, and washing machines. </p> <p>The remaining revenue comes from wire and wiring devices, along with various business-to-business products that are less widely recognised.</p> <p>The company is also targeting ambitious export goals, aiming to double its export volume within the next three years. </p> <p>Presently, Panasonic exports products such as air conditioners, LED TVs, wiring devices, and appliances like rice cookers to neighbouring South Asian countries, with exports currently accounting for 8-9per cent of its total revenue.</p> <p>Sharma noted significant shifts in the Indian consumer electronics landscape, highlighting emerging trends of premiumisation and increased consumer awareness. </p> <p>Consumers are increasingly willing to invest in higher-value products, demonstrating growing sophistication in purchasing decisions. </p> <p>Factors driving this change include rising disposable incomes, digital convergence, and a preference for technologically advanced, multifunctional products.</p> <p>Looking ahead, Panasonic sees immense potential in the Indian market, anticipating diverse opportunities that will persist for decades. </p> <p>The company is preparing to introduce high-tech products and solutions specifically tailored to Indian market needs, positioning itself to capitalise on the country's evolving consumer electronics ecosystem.</p> <p><strong>(KNN Bureau)</strong></p> 40134 https://knnindia.co.in/news/newsdetails/sectors/panasonic-to-develop-india-as-manufacturing-hub-for-domestic-market-exports 2024-12-04 15:01:48 knnindia.co.in