BSH Home Appliances, which manufactures and sells products under Bosch and Siemens brands, aspires to be a Rs 5,000 crore company in India by 2026 by increasing its market addressability with expansion of product line-up, a top company official said.
The company is growing at 25-30 per cent rate and would continue the momentum focusing on categories such as washing machines, refrigerators and built-in appliances, said MD and CEO Neeraj Bahl.
Besides, the company is expanding its retail footprint by adding more brand shops and retail partners.
''We aim to become a Rs 5,000 crore company by 2026,'' Bahl told PTI.
Though he did not share present sales turnover of BSH Home Appliances, he mentioned that even in 2021, which was heavily impacted by the second wave of the pandemic, it reported 30 per cent growth.
''Overall, we are in the right direction and grew almost 30 per cent in 2021. We have almost grown double from 2018 to 2021,'' Bahl said, adding ''this year would also be good for us and we will grow by 35 to 40 per cent.''
According to him, BSH Home Appliances has grown faster than the market and other consumer durable brands in the last two years. It has also resulted in gaining market share, he added.
When asked about the growth drivers which will take BSH Home Appliances to its projected sales number of Rs 5,000 crore, Bahl said the company is expanding its product line-up.
''We have just launched our refrigerators, which will bring massive turnover. We have also launched a top-loading washing machine,'' he said.
BSH Home Appliances is also launching 25 models of the chimney this month and refrigerators with water dispensers. By June, it would add 7-8 models of top-load washing machine, cooktop in July and then microwave oven.
''Then we would have our product line-up ready for 2023, where we are launching two major products which cater to 60 per cent of the market, in which we were absent. Right now Bosch addressability is only 5 per cent of the market. We are taking it to 60 per cent of the addressability. This addressability will take us there,'' he said.
''It is definitely an ambitious target but so far India (market) has always delivered better than the target set in our BSH World.'' Presently, Bosch contributes 85 per cent of BSH Home Appliances sales and the balance 15 per cent is from Siemens.
Its 50 per cent sales come from metros and tier 1 markets. While tier-II contributes 30 per cent, rest comes from tier III markets.
Besides, the company is planning to increase the number of its brand shops to 100 from the present 80.
''In the next two years, we will be 200 plus,'' he said adding the company will have 3,500-4,000 retail partners by the end of next year.
The company is also investing Rs 150 crore for the expansion of its washing machine manufacturing capacity in India.
BSH Home Appliances is shifting the production of its Bosch-branded top-loading washing machine to India from China because of tariffs, duties and geopolitical issues.
It wants to double the capacity of its front-loading washing machines to about 6.5-7 lakh units at its existing plant near Chennai.
