Toshiba Thailand Co, the distributor of Toshiba electrical appliances, expects growth to resume this year after being flat for the past several years.
President Masaaki Kimura said the company expects to grow its sales by 5% this year with refrigerators and washing machines being the major sales drivers. This year, the overall home appliance market is forecast to rise by 3-5%.
During the first quarter of this year, the market saw limited growth as consumers still remain cautious on spending. But government stimulus measures are expected to buoy the overall economy throughout the rest of the year.
To achieve its growth plan, Toshiba Thailand this year will expand its home appliance business here and in neighboring countries.
The company earlier established its presence in Laos and will expand into Myanmar and Cambodia in 2017.
Toshiba also plans to launch new products into the Thai market, including new washing machines.
"We aim to expand into the medium- to high-end segments this year by offering innovative products," said Mr Kimura.
Boonyarat Trisirisombat, group marketing manager for home appliances, said the company has been focusing on offering new refrigerators and air conditioners in the first half. After that, washing machines will be in the limelight in the second half.
With new technology, the new Toshiba refrigerators under the MG and TG series will be more energy-efficient and come with modern designs and glass doors.
There will also be new Toshiba washing machine models to replace the old ones, targeting the high-end market. They will be launched in June.
Toshiro Ishiwatari, president of Toshiba Lifestyle Products and Services Corporation (TLSC) in Japan, said he is highly confident in Thailand, seeing more business potential in two-door refrigerators and air conditioners.
TLSC is a joint venture between Midea Group, a giant electrical appliance company in China, and Toshiba Corporation in Japan, with 80.1% and 19.9%, respectively.
"TLSC is committed to the Thai market and we will work together for sustainable growth in the future. We will steadily develop business in other Asean countries as well," said Mr Ishiwatari.
Meanwhile, Toshiba Consumer Products (Thailand) Co (TCPT) yesterday reached a milestone by manufacturing its 10-millionth two-door refrigerator.
"I'm here today, not only to assure Thai people that Toshiba Lifestyle will be stronger than ever, but also to celebrate TCPT's achievement in making its 10 millionth two-door refrigerators here," he said.
