Local refrigerator makers dominate trade fair

Highlights:

Refrigerator stalls in trade fair:

• 7-10% discount offered on refrigerators.
• Four out of six stalls of refrigerator makers belong to local companies.
• Price of the freezers range from Tk14,000 to Tk3 lakh.
• 26 lakh refrigerators were sold in the country in 2020.
• The country's refrigerator market has grown from $131 million to $549 million in the last two years.
  

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The country's big electronics companies have brought several new models of frost and non-frost refrigerators with attractive designs and features at the Dhaka International Trade Fair this year.

Four out of six stalls that are selling refrigerators at the fair belong to the local companies and the buyers are flocking to the stalls of local brands.

Local and foreign brands including Walton, Minister, Samsung, Konka, Vision, and Jamuna are showcasing refrigerators priced from Tk14,000 to Tk3 lakh in the fair.

Some of these companies are offering 7-10% discount on their products, while others are offering lucky draw coupons upon purchases of their products.

Companies participating in the fair are showcasing smart fridges with digital display, advanced temperature control, twin cooling system, intelligent inverter, door alarm, ioniser, motion detector, special ice compartment, moisture control, antifungal technology, and a system that allows the user to get cold water without opening the freezer.

The number of visitors in the fair are still low, but the sellers hope that it will increase within the next one week.

Mohammad Yunus, a visitor at the fair, told The Business Standard, "Foreign refrigerators are more expensive, so I will buy a refrigerator of a domestic brand."

"The companies usually come to the fair with new products. Refrigerators of domestic and foreign brands are available so it is easy here to compare them," he added.

Walton has launched a 619-litre double door refrigerator with digital display in the fair. Advanced inverter technology enables this energy-saving refrigerator to run without a voltage stabiliser. The user can control its temperature through a touchscreen. They can also use a Walton app to control its temperature from anywhere. The refrigerator costs Tk1.1 lakh.

Prince Hossain, additional director of research and development at Walton said, "We have brought six new models of refrigerators to the fair. All the models include a digital control system. Currently, we have more than 65 models of refrigerators."

There is a 10% discount on all Walton refrigerators and a 12-year guarantee for their compressors.

Minister too has launched a new model of refrigerator at this year's fair.

MD Sazibul Islam, assistant director of sales and marketing at Minister, said, "Seven to ten more models of refrigerators will arrive at the fair within a week. These energy-saving freezers use nanotechnology and smart inverters."

Minister is offering a 7% discount on their refrigerators and 12-year warranty for their compressors.

Vision has launched two double-door refrigerators, priced Tk99,900, in the fair.

Tuhin, a salesman at the Vision stall, said they are displaying 20 models of refrigerators. A 142 litre Vision refrigerator costs Tk19,500, 150 litre deep fridge costs 24,800, and 250 litre deep fridge costs Tk31,900.

Vision offers a 10-year warranty for their compressors.

Samsung's 218 litre fridge costs Tk24,900 while its 845 litre fridge costs Tk2.99 lakh.

Pranab Kumar Ghosh, a salesman at Samsung stall, said they are offering Tk4,000-6,000 discount for the refrigerators on the occasion of the fair.

A 150 litre refrigerator of Chinese brand Konka costs Tk27,400 and a 750 litre fridge costs Tk86,000. It has also introduced a three-door refrigerator in the fair.

The company is offering a 10% discount on their refrigerators. However, instead of the discount, the buyer can choose to take a lucky coupon which offers different prizes ranging from Tk300 cash to a new refrigerator. The company will contact the winners of the lucky coupon draw later.

Jamuna is selling a 148 litre fridge at Tk20,000. Besides, a new model of a 348 litre fridge of the company costs Tk40,000, said Raihan Hossain, a showroom manager.

Refrigerator market to grow significantly

Marketing Watch Bangladesh (MWB), a research enterprise in the marketing department of the Dhaka University, has forecasted that the country's refrigerator market will grow to $900 million by the end of 2022.

According to a recent study by the MWB, the country's refrigerator market has grown from $131 million to $549 million in the two years since 2018.

They also said domestic companies will occupy 80% of the country's refrigerator market in the near future.

Prior to 2010, foreign brands accounted for 80% of the country's refrigerator market.