South Korean corporation Samsung predicts minimal growth in the Thai home appliance market because of high household debt.
The company wants to promote appliances powered by artificial intelligence (AI) in the Thai household market.
Roengboon Klongkumnuankarn, director of home appliances business at Thai Samsung Electronics Co, said the market this year is likely to post meagre growth as the economy poses a challenge for the company.
Thailand's household debt-to-GDP ratio was 90.9% in the third quarter of 2023, according to the National Economic and Social Development Council.
To promote sales in the sluggish economy, Samsung launched marketing campaigns such as longer instalment plans and extended warranties.
"I think these promotional campaigns could help increase sales growth during this slowdown, with the company aiming for growth in line with the market," Mr Roengboon said.
He said AI technology has been integrated into daily lives in recent years. The trend of AI-powered home appliances is growing, which should drive industry growth, said Mr Roengboon.
Aphiradee Phaholvech, head of AC and B2B business, said the market for AI-equipped appliances is increasing as consumers show more interest in AI-enabled products and smart home applications.
Some real estate developers request air conditioners equipped with AI-powered functions, which can work with developer's smart home applications, she said.
Mr Roengboon said 10% of Samsung's existing home appliances are estimated to be powered by AI.
Samsung plans to incorporate generative AI technology into 50% of its home appliances within three years, he said.
"The company has many products equipped with AI systems, and combined with Samsung's business scale, we believe this goal is achievable," said Mr Roengboon.