Nearly half, or 47 per cent, of the electrical accessory and lighting product market is occupied by non-branded goods, according to a nationwide study, as the non-branded products are either locally manufactured but do not meet quality standards, or are counterfeit imports that evade taxes.
The remaining 53 per cent of the market consists of branded products from various companies, show the study by Marketing Watch Bangladesh (MWB).
Local companies dominate the branded segment, accounting for roughly 94 per cent of electrical accessories and 89 per cent of lighting products. And this share is steadily increasing.
The study included products like switches, sockets, holders, multi-plugs, circuit breakers, metres and different lighting options such as LED bulbs, tubes, panels and emergency lighting.
According to the study findings revealed at a press conference at Dhaka university, Superstar Group is the leading domestic company in both product categories.
The following market share breakdown for branded electrical accessories is Super Star 29 per cent, Walton 17 per cent, Click 17 per cent, Energypac 9 per cent, Osaka 4 per cent and Blink, MEP and Luxury 3 per cent each.
For branded lighting products, the study identified the following market share distribution: Super Star 25.59 per cent, Click 13 per cent, Walton 12 per cent, Transtech 10 per cent, Energypac 8 per cent and Philips 7 per cent.
According to the research, factors like extensive electrification initiatives, sustained economic growth, rising disposable incomes, rapid urbanisation and rural development projects propelled the growth of this industry.
According to the Marketing Watch Bangladesh, over 500,000 people are directly or indirectly involved in the industry, including roughly 150,000 retailers and 2,500 entrepreneurs nationwide.
The study identified non-branded and low-quality counterfeit products flooding the market as a major industry challenge.
The findings were presented by former chairman of the marketing department and co-founder of MWB Md Mizanur Rahman and Professor Dr Md Nazmul Hossain. Chairman of Marketing Department Professor Dr ABM Shahidul Islam and Professor Razia Begum of the department were also present.
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