Panasonic Shifts Focus to Growth Segments in India Amid Global Restructuring

Panasonic, the Japanese electronics giant, is withdrawing from the refrigerator and washing machine markets in India as part of a broader global restructuring effort. The company, facing difficulties in penetrating the Indian market, saw these segments as unprofitable.

Panasonic's market presence in these sectors has been negligible, with shares recorded at a mere 1.8% in washing machines and 0.8% in refrigerators. Over the past six years, these ventures contributed to financial losses.

The company is now refocusing its resources on more promising sectors within the Indian market, including home automation, HVAC, and B2B solutions. This strategic pivot is aligned with the global outlook, seeking to navigate market dynamics more effectively.

(With inputs from agencies.)