"We have set a target of opening 20 exclusive branded retail outlets in India by the end of this year," Vedat Guergeli, Blaupunkt general manager, sales and marketing, Asia Pacific said.
The company opened its fourth branded outlet in Delhi on Thursday. Guergeli, however, declined to comment on the investment for retail expansion.
"These are done in collaboration with our business partners," he said, adding the company was looking at a sales of $10 million (about Rs 44 crore) in India this year.
Ajay Sahney, deputy general manager, Blaupunkt in India said the company is looking at maintaining its 15 per cent sales growth achieved last year. The sales turnover of the company in India touched Rs 35 crore (Rs 350 million) last year, he added.
Sahney said the car stereo market in India is estimated to be about Rs 600 crore (Rs 6 billion), of which the organised sector comprises 40 per cent.
"We have a market share of 21 per cent in the organised market, and since we are growing twice the rate of overall industry growth we hope to increase our market share substantially," Sahney said.
At present the company is an original equipment supplier to Tata Motors, General Motors India and Reva Electric Car Co. While 85 per cent of its sales in India comes from after market 25 per cent comes from OE supply.
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