Godrej Locks Seizes 50% Market Share, Focuses on Affordable New Products and Price Reductions

Godrej Locks, a leading locks and security solutions company, has announced its ambitious goal of increasing its market share from 30% to 50% within the next three years. This move is fueled by the introduction of a new range of more affordable products and a reduction in prices for existing ones.

Shyam Motwani, the business head for Godrej Locks & Architectural Fittings and Systems, shared that the newly-launched products are now over 50% more affordable than the existing locks. Additionally, efforts have been made to decrease the prices of the current locks by 7-8%.

The company’s strategy to achieve a dominant market share in the span of three years will heavily rely on the new affordable range and price cuts for existing locks, as mentioned by Motwani in an interview with PTI. He emphasized the vast opportunity for their products in tier-2, 3, and 4 cities and towns.

Furthermore, Motwani highlighted that the newly-launched locks have been designed to cater to the needs and aspirations of the “rurban” population (rural-urban) without compromising on quality. Godrej Locks, established in 1897, has already gained a reputation for its reliable products and is now focused on expanding its distribution in smaller cities.

The company’s current revenues from “rurban” areas make up just over 20%, with the majority coming from the top eight cities in India. Plans are in place to double the reach to over 700 towns in tier-2, 3, and 4 cities, aiming to have a presence in every district.

With a focus on increasing automation and designing new models, Godrej Locks is dedicated to delivering quality products at more affordable prices. The company’s commitment to growth is evident as it targets over 20% growth in a market that is expected to reach ₹10,000 crore by 2027.