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Indian electronics manufacturers expand global reach to US, Europe markets
Industry News- Feb 12,24
During their December quarter earnings calls, companies like Havells, Dixon, Voltas, and Blue Star announced plans to establish a foundation for exports in developed nations like the US.
Indian consumer electronics manufacturers are expanding their horizons for exporting made-in-India products to developed markets such as the US and Europe, which were previously limited to neighboring countries, the Middle East, or African nations.
During their December quarter earnings calls, companies like Havells, Dixon, Voltas, and Blue Star announced plans to establish a foundation for exports in developed nations like the US. Havells India Chairman and Managing Director Anil Rai Gupta revealed that the company had formed a subsidiary in the US to distribute air conditioners, marking a significant step in establishing an export base in the developed market.
Dixon Technologies, a homegrown contract manufacturer, plans to increase exports of Motorola smartphones produced in India, with approximately 28-30% of production destined for the US. Dixon is also exploring export opportunities for lighting products in developed markets.
Atul Lall, Managing Director of Dixon Technologies, mentioned the emerging trend known as "OOC" (out of China) and expressed optimism about making substantial breakthroughs in developed markets. Tata-owned Voltas secured export orders for frost-free refrigerators and dishwashers from Arçelik, a European appliance brand sold under the Beko label.
Many electronic companies in India currently have higher import bills than revenue from exports. However, they anticipate a shift with increased value addition in manufacturing, including components, and efforts to tap into newer and developed markets for exports.
Blue Star Ltd, a leading AC maker, revealed plans to design and manufacture products for international markets like the US and Europe under other brands, adhering to specific regulations, energy efficiency standards, safety requirements, and refrigerant specifications. The company is actively developing and prototyping products for approval and acceptance in these markets.
Blue Star's Managing Director, B Thiagarajan, aims for $500 million in global business within three years, emphasising that this is just the beginning of their journey. While the contribution of exports to sales has remained relatively flat or marginally increased for most consumer electronic companies in the past four to five years, Samsung stands out as an exception, with export contribution to total India sales rising from 21% in FY19 to 40% in FY23, driven by the export of Samsung phones to various markets, including the US, UK, and South Korea.
Source: msn.com
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