Panasonic has set a goal of boosting its global sales of home appliances such as refrigerators and air conditioners to 1.5 trillion yen a year by fiscal 2015, or 50 percent higher than current levels.
Panasonic says it plans to make up for drops in revenues caused by its pullout from TV production by strengthening its marketing capabilities for such appliances. But they may face an uphill battle from competitors such as Samsung and LG who are also looking to grow their kitchen appliance sales let alone from the industry incumbents.
To attain the goal, Panasonic aims to raise the percentage of its overseas sales to 60 percent of overall sales in fiscal 2015, up from 45 percent for fiscal 2010.
In Europe, Panasonic will prioritize products equipped with high-performance energy-saving functions, however with reports of poor quality products in laundry and now the use of Vestel to build washing machines branded fro Panasonic some within the trade fear this may be too ambitious a target.
From 2012, Panasonic will market such appliances that referred to in the consumer electronics industry as "white goods", equipped with energy-saving capabilities or what the company calls "eco-navi" functions. Eco-navi functions work in conjunction with sensors able to recognize where a person or persons are in a room (in the case of air conditioners) or the amount of dust and the floor type (in the case of vacuum cleaners).
Panasoic is keen to double its European sales of home appliances in 2015 compared to projected sales of about 40 billion yen for fiscal 2011.
The nation's largest consumer electronic product manufacturer, Panasonic also plans to expedite projects to beef up its production capacities in emerging economies.
The company will build a new factory for producing air conditioners and washing machines in India for operation from August 2012. Panasonic may also build new factories for goods to be shipped to Africa. In Brazil, Panasonic will build a new refrigerator and washing machine plant, where production will be launched in 2012 or 2013.
In Vietnam, Panasonic will build a washing machine factory in 2013, while expanding production of the firm's existing refrigerator factory in that country to double the current level in 2015, the company said.
Panasonic will also bolster activities to carve out new markets in emerging economies, the company noted.
In or after 2012, the Panasonic aim to build "lifestyle research centers" in the United Arab Emirates and Russia to study lifestyles and consumer preferences through R&D activities to develop new products.