Walton holds 66% share of refrigerator market
News Desk || risingbd.com
Leaving different foreign brands behind, local brands are now dominating the refrigerator market in Bangladesh. Walton, the electronics, electrical, and IT devices manufacturing company secures top spot in the list. Bangladeshi companies control 77 percent of the refrigerator market in the country. Walton’s position is at the top with 66 percent.
The position of Walton’s associate brand Marcel is also well integrated in the market. According to the statistics, Marcel’s share in the market is 5.7percent. A study by Marketing Watch Bangladesh (MWB) found this statistical documentary of the refrigerator market in the country. The research report was released by the Marketing Department of Dhaka University at a press conference on Monday (March 1).
Nazmul Hossain, Associate Professor of Marketing at Dhaka University, also co-founder of MWB, was present at the press conference.
This success has taken place in just a decade, leaving foreign brands behind in the refrigerator market. Walton and its associate brand Marcel have taken the lead role in the success.
According to the research report, the share of Singer among foreign brands in the refrigerator market is 6.28 percent while Butterfly 3.14 percent. In this list, the market share of Jamuna among the domestic brands is 2.99 percent. Walton’s position is at the top with the single achievement of 66 percent share.
Walton is now the leader in the market of refrigerators and electronics products in Bangladesh under the slogan ‘It’s our product’.
When contacted, Walton Hi-Tech Industry Limited Deputy Managing Director and Head of Marketing and Communication Department Humayun Kabir said, “We want to tell the success story of Bangladesh to the whole world. A country that achieved independent through a bloody war must be able to build its own success in the world economically. In that fight, Walton has always been in the forefront. We want development of the country and as part of that effort, Walton is now one of the most popular and trusted brands in Bangladesh. We are now at the top of the refrigerator market in the country. Now the goal is to appear Walton fridge as the best in the world market. Walton is moving forward to meet that goal. We are now exporting Walton refrigerators to 40 countries in the Middle East and Europe. We are working tirelessly to become one of the top five electrical and electronics brands in the world by 2030.”
Prof. Dr. Mizanur Rahman, Chairman of the marketing department of DU and co-founder of Marketing Watch Bangladesh (MWB) based on the results of the study said, “Local companies have invested heavily and the use of modern technology will further increase the demand for domestic refrigerators in the future. It will earn foreign exchange through the export to international markets after meeting domestic demand. He called upon the government to provide all kinds of logistical support so that the domestic brands can do better in terms of quality.
According to MWB study, about 3.2 million refrigerators were sold in the country in 2019. Of which, Walton sold 21.45 lakh refrigerators. Walton’s affiliate brand Marcel sold 1.85 thousand refrigerators during this time. Besides, Singer sold 2.4 lakh refrigerators while Butterfly 1.02 lakh. Another local brand Jamuna sold 97,000 refrigerators in 2019.
In the field of refrigerator market, domestic brands have surpassed foreign brands due to the products that are sustainable at a reasonable price, the best in quality, the demand of country’s people and weather-friendly products. Buyers also pay close attention to the durability, design, power saving system, compressor, warranty, after-sales service and use of fancy technology.
The research team included Chairman of DU Marketing Department and co-founder of Marketing Watch Bangladesh (BWB) Prof. Dr. Mizanur Rahman, Associate Professor. Md. Nazmul Hossain, Dr. Farid Ahmed and researcher Sakhawat Hossain.
The study was conducted on a total of 2,440 refrigerator users, including 17,778 at the field level and 662 online. The research was conducted through 10 focus group discussions, 10 retail store audits, 10 expert surveys, 3,860 online shopper responses, 196 public posts through electronic product reviews and 9 television commercials (TVCs) analysis from 8 organizations.