The expert also said that the economic slowdown has not affected the sector, which grew by 10 per cent in the first three quarters of 2019-20, as people continue to spend on consumer products like ACs, refrigerators, washing machines and other appliances.
The last quarter would be much better than first three, so overall growth in the current fiscal year is expected to be over 15 per cent, Sanjeev Jain, National Sales Head, Godrej Appliances, told reporters here. The sector has grown at around 10 per cent in the current financial year, he added.
Asked about the effect of economic slowdown, Jain saidthat this has not affected the sector because people are spending on their needs of consumer products.
Talking about the growth in the next five years, he said the consumer durable sector is expected to double the market size to Rs 1 lakh crore by 2025.
"It is expected that the size of the consumer durable sector would be doubled to over Rs 1 lakh crore from present around Rs 55,000-crore because of growing needs of products in the day-to-day life of the people," Jain said. On the occasion, Godrej launched a new range of air-coolers in MP. Jain said that the organised sector has only 40 per cent share in the air-cooler market in the country, which involves the sale of one-core units. Arif Kooliyat, Head, Product Planning, Godrej Appliances, said that the air cooler market is expected to grow at a CAGR of 20 per cent by 2022. ADU MAS NP MRMR