Somany Home Innovation Limited, makers of ‘Hindware Appliances' has forayed into the ceiling fans category under its popular brand ‘Hindware Snowcrest' to further strengthen its presence in the consumer appliances segment.
After witnessing acceptability and success in Air Purification and Air-Cooling category, Hindware Appliances is expanding its product portfolio in the air treatment business through Ceiling fans.
Speaking on the launch, Rakesh Kaul, CEO and Whole Time Director, Somany Home Innovation Limited said, "Our entry into fans category segment is backed by consumer insights, our wide established distribution channel, R&D and product development to cater to our growing customer base. We have joined hands with the finest manufacturing and design facilities in the country and aim to bring products which are well engineered to deliver optimized performances while retaining competitive cost."
He further added, "We believe in giving ‘power in the hands' of consumers, and therefore recently have launched Smart (IoT enabled) kitchen chimney, water purifier and water heater. In due time, we will be bringing internet connectivity to our other range of products".
The total size of the fan market in India is valued at approximate INR 8000 crore, with 110 million units sold every year. Ceiling fans are a common household appliance and this has resulted in a steady double-digit growth of the segment over the years. The fan market in India consists of ceiling, table, wall, pedestal, exhaust and multi-utility fans. Out of which ceiling fan constitutes 77% of the total share. As per India Electric Fan Market Outlook 2022, the revenue for organized electric fan market is growing with a CAGR of more than 10% as compared to the last five years.
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