Report Description

India Electrical Materials market was valued at USD 6550.3 million in 2022 and is anticipated to project robust growth during the forecast period, registering a CAGR of 13.82% through the forecast period.

Every construction project that involves connecting residential, commercial, or industrial structures to an electrical power source must include electrical materials as vital components and building blocks. A modest home circuit or a major industrial facility might both have electrical components of various sizes. These materials should have the lowest electrical conductivity possible. They are utilized for the production of conductors for all varieties of windings found in electrical machines, apparatus, and gadgets, as well as for the distribution and transmission of electrical energy.

Impact of Covid-19 Enhance the Market of Electrical Materials

The pandemic has raised demand for vital electrical components utilised in crucial infrastructure and healthcare institutions, including cables, lines, and transformers. To support in the fight against COVID-19, the government has also promoted the provision of vital electrical materials. The pandemic also affected a number of companies and their plans for company expansion, which hindered the development of the nation's electrical materials industry as a whole. Owing to a shortage of financial resources inside companies, strategies including mergers and acquisitions, partnerships, and other resource collaborations have been postponed.

Increasing Demand for Electricity

India's population expansion, urbanisation, industrialisation, and rising affluence have all contributed to the country's fast increase in power consumption. As a result of this, India's need for electrical components, such as transformers, switchgear, electrical cables, and equipment for power transmission and distribution, has increased significantly . India's growing population is one of the key factors contributing to the country's rising need for power. India presently has the greatest population in the world and over the projected period, it is anticipated that this trend would continue. The need for energy to run homes, companies, and industries rises as the population grows.

Increase Usage of Renewable Energy

The Indian market for electrical materials is significantly influenced by renewable energy. India has set a goal to raise its renewable energy capacity from its present level to 817 GW by 2030, which is a huge increase. India generated 11664.17 MW of renewable energy nationwide between April 2022 to January 2023, and 121549.52 MW nationwide. . With a capacity of 21183.82 MW installed, Rajasthan is leading the market, followed by Gujarat with 18866.36 MW. The demand of the renewable energy market in India is expected to enhance the demand for electrical materials, as renewable energy sources require specialized electrical components and infrastructure.

Government Policies and Regulations

Government rules and regulations have a significant impact on the market for electrical materials in India, which might limit its potential for expansion. Manufacturers and investors may find it difficult to invest in the market due to policy ambiguity and inconsistency, which can lead to uncertainty. Price hikes brought on by the rising import taxes on electrical components have hampered the growth of the sector. Furthermore, it has made it challenging for SMEs to compete with bigger businesses that have greater access to raw materials and components.

ChallengesGovernment Policies and Regulations

Government rules and regulations strongly restrict the market for electrical materials in India, which may have an impact on the industry's potential for growth. Uncertainty caused by policy ambiguity and inconsistency might discourage manufacturers and investors from making market investments. Price hikes caused by the rising import duty on electrical materials have impeded industrial growth. Furthermore, it has made it challenging for SMEs to compete with bigger businesses that have greater access to raw materials and components.

Recent Developments & Investments:

  • Budget 2023 focused on affordable housing sector which helps to boost the infrastructure sector. The budget for the Pradhan Mantri Awas Yojana (PMAY) was raised 66% from the previous year. The country's finance minister also announced the Urban Infrastructure Development Fund (UIDF), which would be used to improve urban infrastructure in Tier 2 and Tier 3 cities.
  • In accordance with the funding allotted for the ministries of civil aviation, communications, housing and urban affairs, new & renewable energy and power, ports, and green and urban infrastructure in the Budget 2023. It comes out that infrastructure accounts for 2.5% of GDP and 16.6% of overall spending. Infrastructure received a higher allocation in the budget for the previous year, which was 14.1% of total spending and 2.151% of GDP. 18% of all government spending is allocated for infrastructure in the budget 2023–24, or USD 100.77 billion.
  • In Union Budget 2022-23:
    • The Ministry of Housing and Urban Affairs received USD 9.85 billion from the Union Government to construct housing for both urban and rural residents.
    • The government has allotted USD 130.57 billion to upgrade the infrastructure sector, providing it with a considerable boost nationwide.
    • India is expected to construct 43,000 houses each day till 2022 in order to achieve the objective of providing housing for everyone by that time. The Pradhan Mantri Awas Yojna (PMAY-Urban) plan has authorized 122.69 lakh residences as of August 22, 2022.
    • The government gave the Department of Telecommunications a grant of USD 10.87 billion to support the development and upkeep of the nation's telecom infrastructure.
  • From April 2000 and June 2022, Foreign Direct Investment (FDI) stood at USD 26.22 billion and USD 28.64 billion, respectively, in the construction development of the townships, housing, built-up infrastructure, and construction development projects and construction infrastructure activity sectors.
  • The governments of UAE and India signed a contract in October 2021 to build infrastructure in Jammu and Kashmir, including industrial parks, IT towers, multifunctional towers, logistics centres, medical colleges, and specialised hospitals.  Therefore, the market is expected to rise during the forecast period and maintain a high CAGR during 2024-2031F.


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    Market Segmentation

    The India Electrical Materials market is divided into type and end user. Based on the type, the market is divided into cable management, circuit breakers, electrical conduit, plugs & sockets, light switches, voltage switcher, cable duct, and others. Based on end user, the market is segmented into commercial, industrial, and domestic. The market analysis also studies the regional segmentation to devise regional market segmentation, divided among North, South, West and East.

    Company Profiles

    Havells India Ltd, Wipro Enterprises (P) Ltd, Polycab India Limited, Panasonic Life Solutions India Pvt. Ltd, GM Modular Pvt. Ltd, ABB India Limited, Schneider Electric India Pvt. Ltd., Goldmedal Electricals Pvt. Ltd., Signify Innovations India Limited (Philips Lighting India Limited), Novateur Electrical & Digital System Pvt. Ltd, Honeywell Electrical Devices and Systems India Ltd. are among the major players that are driving the growth of the India Electrical Materials market.

    Attribute

    Details

    Market Size Value in 2022

    6,550.3 million

    Revenue Forecast in 2031

    20,322.7 million

    Growth Rate

    13.82%

    Base Year

    2022

    Historical Years

    2018 – 2021

    Estimated Year

    2023

    Forecast Period

    2024 – 2031

    Quantitative Units

    Revenue in USD Million and CAGR for 2018-2022 and 2023E-2031F

    Report Coverage

    Revenue forecast, company share, competitive landscape, growth factors, and trends

    Segments Covered

    Type

    End User

    Regional Scope

    North, South, West, and East.

    Key Companies Profiled

    Havells India Ltd, Wipro Enterprises (P) Ltd, Polycab India Limited, Panasonic Life Solutions India Pvt. Ltd., GM Modular Pvt. Ltd, ABB India Limited, Schneider Electric India Pvt. Ltd, Goldmedal Electricals Pvt. Ltd., Signify Innovations India Limited (Philips Lighting India Limited), Novateur Electrical & Digital System Pvt. Ltd, Honeywell Electrical Devices and Systems India Ltd.

    Customization Scope

    10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

    Pricing and Purchase Options

    Avail of customized purchase options to meet your exact research needs. Explore purchase options

    Delivery Format

    PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

    Report Scope:

    In this report, the India Electrical Materials market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

    • India Electricals Materials Market, By Type:
      • Cable Management
      • Circuit Breakers
      • Electrical Conduit
      • Plugs & Sockets
      • Light Switches
      • Voltage Switcher
      • Cable Duct
      • Others
    • India Electricals Materials Market, By End User:
      • Commercial
      • Industrial
      • Domestic
    • India Electrical Materials Market, By Region:
      • North
      • South
      • West
      • East

    Competitive Landscape

    Company Profiles: Detailed analysis of the major companies present in the India Electrical Materials market include:

    Available Customizations:

    With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

    Company Information

    Detailed analysis and profiling of additional market players (up to five).

    Table of content

    1.    Product Overview

    1.1.  Market Definition

    1.2.  Scope of the Market

    1.2.1.          Markets Covered

    1.2.2.          Years Considered for Study

    1.2.3.          Key Market Segmentations

    1.3.  Product Definition

    1.3.1.          By Type

    1.3.2.          By End User

    1.3.3.          By Region

    2.    Research Methodology

    2.1.  Objective of the Study

    2.2.  Baseline Methodology

    2.2.1.          Methodology Followed for Calculation of Market Size

    2.2.2.          Methodology Followed for Calculation of Market Share

    2.2.3.          Methodology Followed for Forecasting

    2.3.  Partial List of Companies Interviewed

    2.4.  Partial List of Secondary Sources

    3.    Executive Summary

    4.    Impact of Covid-19 on India Electrical Materials Market

    5.    Voice of Customer

    5.1.  Brand Awareness

    5.2.  Factors Considered for Selecting Manufacturer

    5.3.  Key Satisfaction Level

    5.4.  Current Need Gaps

    6.    India Electrical Materials Market Outlook

    6.1.  Market Size & Forecast

    6.1.1.          By Value & Volume

    6.2.  Market Share & Forecast

    6.2.1.          By Type (Cable Management, Circuit Breakers, Electrical Conduit, Plugs & Sockets, Light Switches, Voltage Switcher, Cable Duct, Others)

    6.2.2.          By End User (Commercial, Industrial, Domestic)

    6.2.3.          By Region (South, West, North and East)

    6.2.4.          By Top 10 States

    6.2.5.          By Company (2022)

    6.3.  Pricing Analysis

    6.4.  Product Market Map

    6.4.1.          By Type

    6.4.2.          By End User

    6.4.3.          By Region

    7.    South India Electrical Materials Market Outlook

    7.1.  Market Size & Forecast

    7.1.1.          By Value & Volume

    7.2.  Market Share & Forecast

    7.2.1.          By Type

    7.2.2.          By End User

    8.    West India Electrical Materials Market Outlook

    8.1.  Market Size & Forecast

    8.1.1.          By Value & Volume

    8.2.  Market Share & Forecast

    8.2.1.          By Type

    8.2.2.          By End User

    9.    North India Electrical Materials Market Outlook

    9.1.  Market Size & Forecast

    9.1.1.          By Value & Volume

    9.2.  Market Share & Forecast

    9.2.1.          By Type

    9.2.2.          By End User

    10. East India Electrical Materials Market Outlook

    10.1.             Market Size & Forecast

    10.1.1.        By Value & Volume

    10.2.             Market Share & Forecast

    10.2.1.        By Type

    10.2.2.        By End User

    11. Market Dynamics

    11.1.             Drivers

    11.2.             Challenges

    12. Market Trends and Developments

    13. Policy and Regulatory Landscape

    14. India Economic Profile

    15. Company Profiles

    15.1.             Havells India Ltd.

    15.1.1.        Business Overview

    15.1.2.        Key Financials & Revenue

    15.1.3.        Key Products

    15.1.4.        Key Personnel/Contact Person

    15.1.5.        Headquarters Address

    15.2.             Wipro Enterprises (P) Ltd.

    15.2.1.        Business Overview

    15.2.2.        Key Financials & Revenue

    15.2.3.        Key Products

    15.2.4.        Key Personnel/Contact Person

    15.2.5.        Headquarters Address

    15.3.             Polycab India Limited

    15.3.1.        Business Overview

    15.3.2.        Key Financials & Revenue

    15.3.3.        Key Products

    15.3.4.        Key Personnel/Contact Person

    15.3.5.        Headquarters Address

    15.4.             Panasonic Life Solutions India Pvt. Ltd.

    15.4.1.        Business Overview

    15.4.2.        Key Financials & Revenue

    15.4.3.        Key Products

    15.4.4.        Key Personnel/Contact Person

    15.4.5.        Headquarters Address

    15.5.             GM Modular Pvt. Ltd.

    15.5.1.        Business Overview

    15.5.2.        Key Financials & Revenue

    15.5.3.        Key Products

    15.5.4.        Key Personnel/Contact Person

    15.5.5.        Headquarters Address

    15.6.             ABB India Limited

    15.6.1.        Business Overview

    15.6.2.        Key Financials & Revenue

    15.6.3.        Key Products

    15.6.4.        Key Personnel/Contact Person

    15.6.5.        Headquarters Address

    15.7.             Schneider Electric India Pvt. Ltd.

    15.7.1.        Business Overview

    15.7.2.        Key Financials & Revenue

    15.7.3.        Key Products

    15.7.4.        Key Personnel/Contact Person

    15.7.5.        Headquarters Address

    15.8.             Goldmedal Electricals Pvt. Ltd.

    15.8.1.        Business Overview

    15.8.2.        Key Financials & Revenue

    15.8.3.        Key Products

    15.8.4.        Key Personnel/Contact Person

    15.8.5.        Headquarters Address

    15.9.             Signify Innovations India Limited (Philips Lighting India Limited)

    15.9.1.        Business Overview

    15.9.2.        Key Financials & Revenue

    15.9.3.        Key Products

    15.9.4.        Key Personnel/Contact Person

    15.9.5.        Headquarters Address

    15.10.          Novateur Electrical & Digital System Pvt. Ltd.

    15.10.1.     Business Overview

    15.10.2.     Key Financials & Revenue

    15.10.3.     Key Products

    15.10.4.     Key Personnel/Contact Person

    15.10.5.     Headquarters Address

    15.11.          Honeywell Electrical Devices and Systems India Ltd.

    15.11.1.     Business Overview

    15.11.2.     Key Financials & Revenue

    15.11.3.     Key Products

    15.11.4.     Key Personnel/Contact Person

    15.11.5.     Headquarters Address

    16. Strategic Recommendations

    17. About Us & Disclaimer

    (Note: The companies list can be customized based on the client’s requirements.)

    The data given for any year represents the market during the period, i.e., 1st April of the former year to 31st March of the latter year. Eg: For FY2023E, the data represents the period, from 1st April 2022 to 31st March 2023.

    Figures and Tables

    List of Figures

    Figure 1:               India Electrical Materials Market Size, By Value, 2015-2026F (USD Million)

    Figure 2:               India Electrical Materials Market Size, By Volume, 2015-2026F (Million Units)

    Figure 3:               India Electrical Materials Market Share, By Type, By Value, 2015-2026F

    Figure 4:               India Electrical Materials Market Share, By End User, By Value, 2015-2026F

    Figure 5:               India Electrical Materials Market Share, By Region, By Value, 2015-2026F

    Figure 6:               India Electrical Materials Market Share, By Top 10 States, By Value, 2020

    Figure 7:               India Electrical Materials Market Share, By Company, By Value, 2020

    Figure 8:               Type Map on the basis of Market Size (USD Million) & Growth Rate (%)

    Figure 9:               End User Map on the basis of Market Size (USD Million) & Growth Rate (%)

    Figure 10:            Region Map on the basis of Market Size (USD Million) & Growth Rate (%)

    Figure 11:            North India Electrical Materials Market Size, By Value, 2015-2026F (USD Million)

    Figure 12:            North India Electrical Materials Market Size, By Volume, 2015-2026F (Million Units)

    Figure 13:            North India Electrical Materials Market Share, By Type, By Value, 2015-2026F

    Figure 14:            North India Electrical Materials Market Share, By End User, By Value, 2015-2026F

    Figure 15:            West India Electrical Materials Market Size, By Value, 2015-2026F (USD Million)

    Figure 16:            West India Electrical Materials Market Size, By Volume, 2015-2026F (Million Units)

    Figure 17:            West India Electrical Materials Market Share, By Type, By Value, 2015-2026F

    Figure 18:            West India Electrical Materials Market Share, By End User, By Value, 2015-2026F

    Figure 19:            South India Electrical Materials Market Size, By Value, 2015-2026F (USD Million)

    Figure 20:            South India Electrical Materials Market Size, By Volume, 2015-2026F (Million Units)

    Figure 21:            South India Electrical Materials Market Share, By Type, By Value, 2015-2026F

    Figure 22:            South India Electrical Materials Market Share, By End User, By Value, 2015-2026F

    Figure 23:            East India Electrical Materials Market Size, By Value, 2015-2026F (USD Million)

    Figure 24:            East India Electrical Materials Market Size, By Volume, 2015-2026F (Million Units)

    Figure 25:            East India Electrical Materials Market Share, By Type, By Value, 2015-2026F

    Figure 26:            East India Electrical Materials Market Share, By End User, By Value, 2015-2026F

     

    List of Tables

    Table 1: Number of Proposed Smart Cities in India, By State (As of January 2020)

    Table 2: Upcoming Hotel Projects in India, By Existing Hotels and Planned Hotels, By Expected Timeline of Execution of Projects, 2020

    Table 3: North India Electrical Materials Market, Pricing Analysis

    Table 4: West India Electrical Materials Market, Pricing Analysis

    Table 5: South India Electrical Materials Market, Pricing Analysis

    Table 6: East India Electrical Materials Market, Pricing Analysis

    Frequently asked questions

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    The market size of the India Electrical Materials Market was estimated to be USD 6,550.3 million in 2022.

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    The commercial segment dominated the India Electrical Materials market by end user, accounting for a market share of 35.37% in 2022. In the commercial sector, electrical materials are used for various applications such as cables, lighting, HVAC systems, power distribution, communication systems, and other electrical equipment. The demand for electrical materials in the commercial segment is driven by factors such as rapid urbanization, increasing disposable income, and growing awareness about energy efficiency.

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    South India region dominated the India Electrical Materials market with a market share of 30.46% in 2022. South region has a high demand for electricity due to its industrial and commercial activities. Therefore, there is a need to focus on energy efficiency and promote the use of energy-efficient electrical materials such as LED lighting, high-efficiency motors, and variable frequency drives (VFDs).

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    Increasing demand for electricity and rising usage of renewable energy are the major drivers of the India Electrical Materials Market.

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    Parvati Sharma

    Account Manager BD
    Press Release

    India Electrical Materials Market to Register a CAGR of 13.82% During the Forecast Period, 2024-2031

    Mar, 2023

    Increasing demand for electricity and rising usage of renewable energy are driving the India Electrical Materials market across the country.