After a successful venture into smart TV manufacturing and sale along with other electronic appliances, Africa-based company Maser Group has stepped its feet into washing machines with a plan to set up a manufacturing plant in Africa worth USD 20m.
The global washing machine market size was valued at $56.32 billion in 2022 and is projected to grow from $59.39 billion in 2023 to $83.47 billion by 2030. This figure can be seen as a pushing factor for Maser’s decision to act aggressively in this space.
“Washing machine business has experienced an escalating growth rate in recent years as more consumers have become inclined toward automating household chores. The product’s ability to save time, eliminate physical effort, and reduce drying time resulted in its high preference rate. This is an area that we will invest heavily,” says Prateek Suri, Maser’s CEO
According to the company CEO, Maser sold a total of 20 thousand units of washing machines in 2021 and the number grew to 65 thousand in 2022.The advantage came in Market after Maser Group Revealed its Financial with more than $500 million making it Valuation more than 1.9 Billion USD.
“The demand for washing machines is growing steadily and we want to take full advantage of this growth. Our plan is to sell over 200 thousand annually,” he adds.
Affordability and quality is what aid maser’s products penetration into different markets, according to Mr. Suri.
“Even as we think of the cost of producing high-quality electronic products, we must be conscious of pricing. If we place the price on the roof, these products will only be affordable to the rich. We need to think about the lower-income earning families in the world,” he said.
Maser, which also launched dishwashers for easier cleaning of utensils, has in the past six years been banking on affordability in what Mr. Suri says should be a global goal to ending income gaps in most of the capitalist world.
Africa, for instance, where most families still earn less than a dollar per day, has suffered in the past decades as manufacturers from China sell low-quality products in the name of affordability.
“If you want to help people afford these products, take your time to create quality ones that can compete in the international market. Don’t make some low-quality electronics just because your goal is to sell them cheaply,” noted Mr Suri.
He added that manufacturers must stop taking advantage of low-income families in the Africa region, and instead show empathy and sell at a good price.
“Most marketing campaigns are driven by greed. They want to make supernormal profits even when they sell items to countries where citizens are struggling to get basic goods,” he remarked.
For washing machines and dishwashers, which have undergone numerous changes and improvements over the years, Maser is tapping on the need for creativity to achieve the efficiency of the machines.
Mini or portable washing machines are one such modern innovation that consumers love. They are easier to hide around the house and easy to carry from point to point.
Such portability, Suri says, coupled with less power consumption and the low initial cost is expected to bring stiff competition to the market.