Japanese brands are experiencing a recovery in India..!?

Sowmiya Sriram
Japanese brands are experiencing a recovery in India..!?
India is a rapidly growing market in the sale of electronic devices including TVs, ACs, and washing machines. At one time, Japanese companies dominated the indian electronic device market. However Chinese and Korean companies have captured this market by selling products at low prices. In this situation, Japanese companies have started to regain that position. sony, Panasonic, and Hitachi are Japanese companies. Until a few years ago, these three companies were the largest sellers of home electronics including televisions in India. But in the meantime, Chinese and South Korean companies have started to capture the indian market by selling these products at low prices.
For the financial year 2023-24, Japanese company Panasonic reported a loss of 53 crores. The company's sales have not grown at the same rate for the last six years, but have gone on a growth path in the first six months of the current financial year. Last year, their company sold products worth 2038 crores, and in the current financial year, it has set a sales target of 3000 crores. sony India has grown by 20% in its sales after almost 8 years. In 2014-15, the company sold products worth 11 thousand crores in India. It increased to 7,063 crores in 2024. In this, the net profit is 168 crores. The indian electronics market has been dominated by Chinese and Korean companies for the past five to seven years. Chinese companies like xiaomi and Haier entered the indian market by selling products at low prices. South Korean companies also followed the same pattern. Therefore, Japanese companies, understanding the market situation, changed their strategy. They have reduced the number of products that do not sell well in India, but instead have started offering their products as quality and premium. The Managing director of sony India said that sony India has regained the name of a company that sells premium products in the indian market. As the demand for premium products has increased in India, Japanese companies have started to fill that space.
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