Mumbai-headquartered Bajaj Electricals aims to increase its market share in the consumer lighting space and is targeting a position in the top three over the next three years. The company, which revamped its position in consumer lighting with ‘Built to Shine’, has introduced more than 290 products in the last two years.
“The revamped positioning of the brand is expected to drive positive impacts on business growth and reinforce Bajaj’s market dominance in the lighting segment. We have separate professional and consumer lighting, which were attached to consumer products. In professional lighting, we are number two, but in consumer lighting, we were lacking focus because consumer products were bigger in the segment. This is why we decided to combine both verticals. With lighting technology changing rapidly, both businesses must work together. We have been working on creating synergy and providing products, including inventor lights, motion sensors, and eye-car lamps. Our brand recall is higher, and what was required was fuel in terms of new products and brand push, which we did with ‘Built to Shine’, where we can communicate that we are back,” said Rajesh Naik, COO - Lighting Solutions, Bajaj Electricals Limited to businessline.
“As the quantity and market consumption have gone up, product prices will drop due to price erosion in the market. We realised that if we want to survive and maintain revenue, we will have to make adjustments to our offerings. In the last two to three years, we have introduced differentiated products across various product segments, including economy and sub-economy,” he said.
Premiumisation
With the Indian lighting industry valued at nearly ₹15,000 crore, Bajaj Electricals has also increased its focus on premium lighting within the consumer lighting space.
“We have increased our focus in every category, along with premium products. We are conducting consumer research and studying patents being filed in health and lighting across the world. If you understand the trends, you can identify the platforms we should be working on,” added Rajesh Naik.