Home appliance and consumer electronics manufacturer VisionPlus plans to set up a Ksh. 125 million plant in Kenya to manufacture smart televisions and audio entertainment systems.
The firm announced its investment in the Ksh. 125 million plant to expand its product range. The company plans to build locally designed appliances that include smart televisions, refrigerators, audio systems, wearables, and accessories.
Managing Director Umesh Bhojwani said “We want to serve the needs of the Ksh. 300 billion market consisting largely of young professionals and families who value quality, style, and convenience in their homes. Our analysts project demand for home appliances will grow at about 4 percent annually, with the total volume of products sold in Kenya alone expected to rise to 23 million units by 2029. This exponential growth will be driven mainly by population growth, rapid urbanization, an expanding middle class and changing lifestyles of the rural and urban dwellers,” explained Bhojwani. noting that more people are also expected to consider replacing older, less energy-efficient models for newer products engineered to meet modern standards.
Echoing his remarks, Principal Secretary for Trade in the Ministry of Trade and Industry Alfred K’Ombudo stated that the local home appliance and consumer electronics manufacturing industry stood to benefit immensely from the recently negotiated trade agreement with the European Union and the one with the United Arab Emirates that is awaiting Parliamentary approval for ratification.
“These opportunities will offer Kenyan manufacturers a platform for economic diversification and industrial development, through backward integration and a keen drive to innovate for the local and international markets,” said K’Ombudo