Pioneer targets 50 pc market share

New Delhi, Mar 23 (UNI) Global in-car entertainment major Pioneer Corporation today launched its India specific range of products and said it aims to capture more than 50 per cent share of the Rs 1,000 crore market in the next five years.

''India is an extremely important and strategic market for Pioneer, having a domestic market of more than 1 million new cars.

We aim to capture a significant share of the in-car entertainment market,'' Pioneer Corp director and adviser Kaneo Ito said here.

Pioneer's India specific range of in-car WMA/MP3/CD players and speakers are priced between Rs 5,990 to Rs 15,490.

When asked about setting up a manufacturing plant in India, he did not rule it out for future, but said for the moment Pioneer will concentrate on capturing the Indian market through reduced costs and high quality.

The Japanese electronic firm already has manufacturing facilities in China and Thailand.

The company also announced the signing of a distribution, marketing and service support agreement with Autocorp India Pvt Ltd, country's leading automotive electronic manufacturer.

Pioneer also announced the signing of original equipment supplier agreements with Hyundai Motors India and General Motors India.

Autocop President and CEO Umesh Deshpande said they would be focusing on the after market as well as the significantly emerging OES/OEM markets.

''Approvals from other OEMs apart from GMI and HMIL are being pursued favourably and should come through shortly,'' Mr Deshpande added.

UNI SR YA PM1806