Tata Group company Voltas has forayed into the air cooler segment to cash in on the lack of branded players in the market, Pradeep Bakshi, president and chief operating officer told NDTV.
"Since we are already into cooling products probably this was a natural extension. There are not many branded players available in the air cooler segment. We thought there is a gap and vacuum in this category," Mr Bakshi said.
Voltas is the market leader in air conditioners (ACs), selling one in five ACs, according to the company. The company has around 25 per cent market share in the AC segment, it said.
The air cooler market is largely unorganised with around 70 per cent of the market share with unbranded players, Mr Bakshi said. Voltas aims to be among the top players in the segment in the next 2-3 years, he said.
"Customers have generally been looking for a product which can provide them with quality cooling at an affordable price, so that is how the idea came to our mind." (Watch)
Symphony is the current market leader in branded air cooler segment. Crompton Greaves, Bajaj, Kenstar, Orient, Usha, Khaitan, Maharaja Whiteline are some of the other branded companies in the market.
The Voltas stock closed nearly 4 per cent down at Rs 266.75, underperforming the broader Nifty and the Sensex which ended around 0.45 per cent lower.
Voltas gained as much as 3 per cent to an intraday high of Rs 292.80 on Tuesday after the consumer durables maker announced its foray into the air cooler segment.
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