In-car entertainment major Blaupunkt on Friday introduced its unique stereo product 'Mumbai MP26', with a view to increase its presence in the rapidly growing Indian car market.
This is the first time the German firm has come out with a product named after any city.
"Mumbai has always been a good market for us and also the dealers here have performed excellently. All our campaigns have also been done in Mumbai. This made us name our new product after this city," Blaupunkt's Deputy General Manager, Ajay Sahney, said.
Blaupunkt has about 16-18 per cent of the organised market share and sales worth of Rs 50 crore in the Rs 650 crore in-car entertainment segment that annually sells eight lakh units, he added.
This range of Mumbai MP 26 would be imported from Malaysia.
The in-car segment by 2007-08 should touch the double digit growth of 11 per cent and Blaupunkt aims to capture 20 per cent of the market share, said Sahney.
The new product has features such as Playback of MP3/WMAs FM, AM radio, connection for i-pod interface with remote control and a shock-proof memory.
Blaunpunkt has 12 Brand Shops in the country selling its products currently and the company plans to increase it to 30 in the next two years.
When asked about any investment the company was planning in India, Sahney said the volumes here were still small but with the market growing, the company may look at exploring India as a destination after three years.