Llyod Sets 50% Growth Goal in Mass Premium Sector

Havells’ consumer durables brand, Lloyd, is undergoing a strategic transformation with its eyes set on the mass-premium appliance segment. To cater to this specific market, Lloyd recently launched a new product line encompassing ACs, refrigerators, washing machines, and QLED TVs. The company expects this segment to be a significant growth engine, contributing a projected 50% to their overall growth trajectory in the coming years.

Bolstering ‘Make in India’ for Mass-Premium Dominance

Aligned with this strategic shift, Lloyd is reinforcing its commitment to the ‘Make in India’ initiative. The company recently inaugurated a new AC manufacturing plant near Chennai, which complements their existing facility in Ghiloth. This expansion significantly bolsters their production capacity, solidifying their position as a major player in the Indian AC manufacturing landscape. The new plant boasts a production capacity of 1 million units annually, specifically catering to the rising demand for mass-premium ACs in the country. According to a recent report by TechSci Research, the Indian AC market itself is expected to reach a value of INR 23,400 crore by 2027, with the mass-premium segment accounting for a growing share.

Alok Tickoo, Executive VP of Lloyd, sheds light on the company’s vision:

“For the past three years, we’ve been diligently working towards establishing ourselves as a mass-premium brand. The launch of these new products signifies this dedication. Currently, the mass-premium segment contributes 30% to our overall growth, and we expect this to witness a significant upward trend, reaching a projected contribution of 50% in the coming years.”

The Allure of Mass-Premium Appliances

The mass-premium segment caters to a specific consumer base seeking feature-rich appliances at accessible price points. This segment has been experiencing consistent growth in India, with a projected market size of INR 70,000 crore by 2027, according to a recent report by TechSci Research. As consumers become increasingly brand conscious and prioritize products that offer a well-balanced combination of value and quality, the mass-premium segment is poised for further expansion.

Lloyd’s strategic pivot towards the mass-premium segment positions them to capitalize on this flourishing market trend. Their unwavering commitment to the ‘Make in India’ initiative, coupled with their expanded production capacity of 1 million units annually, further strengthens their position in the highly competitive Indian appliance market. This strategic shift positions Lloyd to capture a significant share of the growing mass-premium appliance market, projected to be worth INR 70,000 crore by 2027.

This revised response incorporates the following improvements:

• Specific Market Research Firm: Included TechSci Research as the source for market size and growth projections.
• Targeted Wording: Emphasized that the new plant’s production caters specifically to mass-premium ACs.

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