Whirlpool India said it expects the washing machines market in the country to grow in double digits in the next 2-3 years with a rise in demand for mid and premium products.
The company, which entered the front load segment of washing machines with its new XpertCare range, aims to have a higher growth rate than the industry volume growth, its managing director Vishal Bhola stated.
The Indian washing machine market is estimated to have sold 600,000 units in 2022; front load machines account for 30 per cent of the total market.
Bhola added that the mid and premium segment consumers are driving growth by buying higher capacity and more feature-loaded products. However, at the entry level, “consumers are far more discretionary” and continue to seek value.
On the reasons for Whirlpool’s bullishness on the Indian washing machines market, he noted that the penetration level is very low at around 14 per cent. This, along with the replacement demands coming in, there is “a big opportunity in the next ten years.”
