India Consumer Electronics and Appliances Market to Grow with a CAGR of 12.78% During the Forecast Period
Rising innovation in the
day-to-day consumer-based electronic products and increasing purchasing power
are driving the India Consumer electronics and appliances market growth in the
forecast period, 2023F–2027F.
According to TechSci Research report, “India Consumer Electronics and Appliances
Market - Industry Size, Share, Trends, Competition, Opportunities and Forecast,
2017-2027F” The India consumer electronics and
appliances market would potentially project impressive growth in the forecast
period, 2023F–2027F, with an impressive CAGR of 12.78% on account of rapidly
surging demand from the residential sector.
Consumer electronics encompasses a wide
range of electronic devices that serve one or more purposes in the home or for
a specific individual. Initially, the term referred to electrical devices that
could only be found or used within a home or residence. Consumer electronics include
mobile and computing devices that can be readily taken outside the home, such
as a cell phone or a laptop. Lower penetration levels of appliances and
consumer electronics items, more excellent replacement opportunities, a growing
middle-class adding new customers, and other factors would be the significant
growth drivers in the consumer electronics and appliances market. Moreover,
with the increasing number of nuclear families, the demand for electronic
appliance products has been reawakened within the household segment. With the
rising consumption of consumer electronics and appliances, even the Tier-2
markets are expanding, influencing their technological advancement.
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The India consumer electronics and
appliances market is segmented by type, application, distribution channel,
regional analysis, and competitive landscape. Based on type, the market is
further fragmented into Audio & Visual Electronics (Smartphones, Televisions, Laptops, Speakers, and Others
include Smartwatches, Earphones/Headphones), Home Appliances (Air Conditioner,
Washing Machine, Air Cooler, and Air Purifier), Kitchen Appliances (Refrigerator, Juicer Mixer Grinder, Toaster,
Microwave Ovens, Electric Kettle, Others include Kitchen Hoods, Induction
Cooktops, Dishwasher, Airfryer, Blender, Sandwich Maker, etc.), and Personal
Care Devices (Trimmers & Shavers, Hair Dryers, Hair Straighteners, Hair
Curlers). The Audio & Visual Electronics sub-segment, which includes
products like Smartphones, Televisions, Laptops, Speakers, and Others has
dominated the market in terms of value and will continue its dominance in the
upcoming five years on account of its various advantages as consumer
preferences shift toward customized home appliances with appealing designs, a
variety of colors and textures, and advanced features such as smart
technology-driven consumer appliances and touch solutions. These are some of
the significant factors influencing the growth of India consumer electronics
and appliances market.
Based on the distribution channel, the
market is segmented into Multi-Branded Stores, Hypermarket/ Supermarket,
Online, Others (Direct Sales, Exclusive Stores, etc.). Multi-Branded Stores are
one of the significant contributors to the growth of the consumer electronics
and appliances market, as these stores are more convenient and feasible to the
customers, and the availability of a wide range of products are also influencing
the preference for these retail channels in India.
Key market players in the India consumer
electronics and appliances market include:
- BBK
Group (Oppo, Vivo, Realme, OnePlus)
- Samsung
India Electronics Private Limited
- Xiaomi
Technology India Private Limited
- Apple
India Private Limited
- LG
Electronics India Pvt. Ltd
- Whirlpool of India Ltd.
- Panasonic India Private
Limited
- Sony India Private Limited
- Crompton Greaves Consumer
Electricals Limited
- Godrej & Boyce Mfg Co
Ltd.
- Bajaj Electricals Limited
- IFB INDUSTRIES LTD.
- Bosch Limited
- Dell International Services
India Pvt. Ltd.
- Johnson Controls-Hitachi Air
Conditioning India Limited
- Daikin Airconditioning India
Pvt. Ltd.
- Voltas Limited
The threat of new competitors in this
industry is limited due to tight safety rules and higher capital needs for
constructing reliable infrastructure to store consumer electronics and
appliances. Furthermore, established firms such as BBK Group (Oppo, Vivo,
Realme, OnePlus), Samsung India Electronics Private Limited, Xiaomi Technology
India Private Limited, Apple India Private Limited, LG Electronics India Pvt.
Ltd., have raised the bar for new players to
enter the market.
For instance, to capitalize
on the rising demand, brands are focusing on creating a manufacturing base
within India to cater to the demand within India. Such as, Samsung India has
confirmed its investment of USD216.05 million to set up a refrigeration plant
for refrigeration through an MoU with the government of Tamil Nadu on the 15th
of March 2022.
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Because a more significant portion of
India's population lives in the northern states, the North India region is
expected to have the largest revenue share of the market. The West India region
is expected to be the fastest-growing region in the next five years because of
the rapidly increasing number of hospitals, restaurants, hotels, etc., in the
region. The western states like Maharashtra and Madhya Pradesh are considered
among the top ten most significant states for consumer electronics and
appliances consumption.
“The need for efficient and time-saving
technology has risen in recent years as the source of entertainment, and
day-to-day activities are directly linked with electronic appliances."
Growing urbanization, changing lifestyles, and an expanding working population
influence the consumer electronics and appliances market's growth. Continuous
innovations and the rising demand for artificial intelligence-based products
have increased to offer a diverse range of products. These are the specific
factors that may influence the growth of the India consumer electronics and
appliances market in the upcoming five years.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“India Consumer
Electronics and Appliances Market By Type (Audio & Visual Electronics, Home
Appliances, Kitchen Appliances, and Personal Care Devices), By Application
(Residential and Commercial), By Distribution Channel (Multi-Branded Stores,
Hypermarket/ Supermarket, Online, and Others (Direct Sales, Exclusive Stores, etc.)),
By Region, By Top 3 Leading States (in each region),
Competition, Forecast & Opportunities, 2017-2027F”, has
evaluated the future growth potential of India consumer electronics and
appliances market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in India consumer electronics
and appliances market.
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