India Consumer Electronics Industry Overview
The India consumer electronics market size is expected to reach USD 124.94 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.5% from 2022 to 2030. Rising disposable income, rapid urbanization, and the introduction of novel products in the market are expected to further contribute to the market growth.
The demand for flat refrigerators, washing machines, and TVs is rising with a decline in penetration of products vis-à-vis global levels, urbanization, and increasing disposable income of consumers. There has been an increase in imports from regions such as China and South-East Asia, considered to be low-cost regions, owing to certain free-trade agreements and the availability of low-cost products, in relation to costs about local manufacturing. To effectively suffice the rising local demand and export demand to the neighboring regions and the Middle East and Africa, global market participants are planning to expand their local manufacturing in India, thus making it an export hub.
Under the Union Budget for the financial year 2017, the government exempted certain components, parts, and subparts for the production of set-top boxes for TV and internet and broadband modems. The introduction of artificial intelligence (AI) is set to project a bright future for consumers and industrial electronics in India.
India Consumer Electronics Market Segmentation
Grand View Research has segmented India consumer electronics market on the basis of product:
Based on the Product Insights, the market is segmented into Smartphones, Televisions, Refrigerators, Washing Machines, Digital Cameras, Air Conditioners, and Others
- The smartphones segment held the largest revenue share of over 30.0% in 2021. Increased disposable income, the development of telecom infrastructure, the appearance of budget-friendly smartphones, and a rising number of product launches are all contributing to the smartphone market's rise in India.
- In addition, the desire for high-speed data connectivity for integrated IoT (Internet of Things) applications like energy management and smart home devices is expected to drive 5G smartphone adoption.
- The refrigerators segment is projected to grow from 2022 to 2030. Rapid urbanization, coupled with the increasing disposable income in the country, has contributed to a rise in demand for refrigerators.
- Due to the versatile and advanced refrigerators available in the market, Indian consumers are replacing their existing and old refrigerators with new ones.
- In addition to this scenario, refrigerator selling retailers are adopting competitive strategies such as teaming up with financial institutes to provide easy financing options to sell their products. Such trends are expected to favor the market growth over the forecast period.
Key Companies Profile & Market Share Insights
The market includes both international and domestic participants. Key market players focus on strategies such as innovation and new product launches to enhance their portfolio offering in the market. In December 2021, the first-ever Bespoke French Door refrigerator, Bespoke kitchen package, Bespoke JetTM vacuum cleaner, and Bespoke Washer and Dryer were displayed at Samsung's CES 2022 booth.
In October 2021, Panasonic Corporation, a leading diversified technology business in India, has announced the addition of 43 new refrigerator models and 24 new washing machine models to its home appliance lineup ahead of the festive season. In January 2021, In India, Toshiba's Home Appliance Business has opened its first unique store. The Toshiba Lifestyle Centre, which opened in Bangalore, is expected to provide first-hand experience with Toshiba's home appliance portfolio, which includes refrigerators, washing machines, dishwashers, water purifiers, and air purifiers.
Some prominent players in the India Consumer Electronics market include:
- Samsung Electronics Co., Ltd.
- LG Electronics, Inc.
- Godrej Appliances
- Sony Corporation
- Mitsubishi Electric Corporation
- Vijay Sales
- Panasonic Corporation
- Haier Consumer Electronics Group
- Bajaj Electricals Ltd.
- Hitachi Ltd.
- Toshiba Corporation
- Whirlpool Corporation
Order a free sample PDF of the India Consumer Electronics Market Intelligence Study, published by Grand View Research.
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