For selling electric products, around 60,000 retail shops have also sprung up across the country, Mainul said, adding that from production to marketing, 4-5 lakh jobs have been created.
Kamruzzman Kamal, director for marketing at Pran-RFL Group – the market topper with an 18% share – mentioned that luxury, which now adds to essential use of electric products, and a massive rise in demand for these products in different industries has fueled growth in the industry.
RFL started the business of electrical products in 2012, cashing in on the increased availability of electricity.
Starting with ceiling fans, the company now manufactures more than 1,200 types of products, such as fans, lights, switches, sockets, circuit breakers, cables and batteries.
“Electrical products of our brands, such as Bizli, Click, Blaze, have better quality than many foreign brands. Our annual growth is more than 20% and we expect such a growth will sustain for at least next five years, he noted.
“We have not been affected by Covid-19 as demand for electric products did not drop with continuation of construction even in lockdowns.”
Kamruzzaman also said they employed around 4,000 people in production and marketing.
Sohel Rana, chief of business operation at Walton Electronics, said the government has provided a 10-year tax holiday for electric companies. Duty on raw material imports has been reduced too, leading to a gradual growth of the market.
Starting its journey in 2016, Walton Hi-Tech Industry now manufactures more than a 1,000 types of products, such as different types of switches, circuit breakers, DB boxes, fan hook boxes, holders and ceiling roses, UPVC electrical pipes and fittings, and hardware and accessories.
Stating that the company has created at least 5,000 jobs, Sohel said, “Our target is now to gain a global foothold. Last month we visited the African market where we witnessed a lot of potential for our products. Besides, opportunities in neighbouring Nepal and Bhutan are also up for the grab.
Another big player, Energypac, which now makes 500 types of electric products with a 5%-6% market share, has made massive expansion over the last decade.
Nurul Aktar, chief executive officer and a director at Energypac Electronics Ltd, said they were gradually expanding into production of all types of electric products. “We are now exporting our products to India and we also have a big opportunity to enter different countries, including African ones.”
Humayun Rashid, director at Energypac, said the company has made an investment of Tk1,200 crore and employed 4,700 people.
Over the last four decades or so, Mohammadi Electric has emerged as one of the leading market players with its annual turnover reaching Tk430 crore – nearly 8% of the domestic market with an array of some 1,600 items.
Mohammadi Electric now has two large manufacturing units, producing most essential electric products, such as ceiling fans, all kinds of lights, cables, switches, sockets etc.
Besides, both BRB and BBS hold at least 4% market share each.
