Panasonic Manufacturing Philippines Corp. said it expects to double sales by 2018 and improve market share in the consumer durable lines, especially in the washing machine and air-conditioning segments.
PMPC vice president Masaru Toyota said the company was determined to keep its current position as the biggest supplier of refrigerators in the Philippines. Its current market share is about 27 percent.
“With the introduction of our inverter technology system for the washing machine and air-conditioner line-up, we are optimistic that we’ll have bigger share and possibly be the market leader for these products,” Toyota said during a product launch Thursday at the Makati Shangri-La Hotel.
The company is the second biggest supplier of washing machines in the Philippines with a 20- percent market share. It is also the second biggest supplier of air-conditioning systems with 22 percent of the market.
The Japanese company has manufacturing operations in the Philippines for entry-level single and twin-tub washing machines; window-type air-conditioners; direct cool, no-frost and inverter technology refrigerators; and electric fans.
“Those are our key products. But we are also bringing in premium product lines as aspirational options for Filipino consumers. The premium line targets the A and B markets. But with the continued economic growth every year, most Filipinos have more disposable income and can afford premium products, as well,” Toyota said.
The company aims to grow business by at least 20 percent, across all durable line-up this year.
Panasonic started bringing high-end products such as full-cycle washing machines, split-type air-conditioners and frost-free refrigerators.
It will have the elite series Sky Wing air-conditioning system available at all Panasonic dealers nationwide in March.
Front-load washing-machines, which is another premium line, will be introduced by February.
The company also plans to strengthen its audio/visual segment by introducing more friendly solutions for the commercial sector.
The company generated P7 billion in sales in 2014 and ended 2015 with 20-percent growth in sales.