Voltas expands into water heaters to transform into an home appliance co
Voltas has ventured into the water heater segment as part of its plan to transform into a home appliance manufacturer.
Water heaters are a thriving category in the Indian market with an annual demand of around five million units. The segment has experienced consistent growth of 10-12 per cent year on year, with sales happening for ten months in a year.
Pradeep Bakshi, managing director and CEO of Voltas, said with the arrival of festival season, the demand for hot water solutions have seen a considerable uptick, making this the perfect time for this new launch.
«As we expand our product portfolio, we remain committed to providing our customers with smart and reliable solutions that enhance their daily lives,» he said.
Voltas said besides the extreme weather conditions, the increasing real estate footprint and disposable incomes will lead to a surge in the penetration of electrical water heaters.
The current penetration of installation in 14 per cent of households is expected to be more than 21 per cent within the next five years. Voltas has plans to tap the electrical sales channel which is a main contributor to water heater sales
