A comprehensive glimpse into the “India Consumer Electronics Market Size, Share & Trends Analysis Report, 2023-2030” reveals an enticing outlook for the consumer electronics industry in India. The forecast predicts a remarkable journey, with the market anticipated to burgeon to a value of USD 124.94 billion by 2030. This trajectory is underpinned by a compelling compound annual growth rate (CAGR) of 6.8% from 2023 to 2030. The driving forces behind this surge encompass escalating disposable incomes, rapid urbanization, and the advent of innovative product offerings.
A notable surge in demand for consumer electronics such as air conditioners, flat refrigerators, and televisions aligns with various factors, including the rise of disposable incomes, urbanization trends, and the preferences of consumers seeking enhanced living standards. This ascendancy coincides with a dip in product penetration compared to global benchmarks, driving increased imports, particularly from regions renowned for cost-effective products like China and South-East Asia. Favorable trade agreements and competitive pricing are giving impetus to India’s transformation into an export hub. Market players on a global scale are eyeing local manufacturing expansion to cater to the burgeoning local and export demands.
Nonetheless, indigenous manufacturers in India face a spectrum of challenges. Inverted duty structures, emanating from trade pacts, render domestic production less competitive for appliances like refrigerators, washing machines, and air conditioners. Additionally, specific consumer durables lack applicability under the Modified Special Packages Scheme (MSIPS), further compounded by escalating excess duties, nascent local supplier networks, and the inherent costs of production and capital, stemming from ever-evolving energy efficiency criteria.
Key drivers propelling market growth encompass the surge in income levels, urbanization rates, enhanced product affordability, innovation, the introduction of novel product variants, consumer-centric financing solutions, and the ascendancy of organized retail. A surging number of Original Equipment Manufacturers (OEMs) are charting their course towards localized production, heralding an upswing in local value addition and investment.
Highlights of the India Consumer Electronics Market:
- Television Segment: Secured the second-largest revenue share in 2022, fueled by a burgeoning middle class, augmented per capita incomes, and escalating living standards. Strategic promotional endeavors, exemplified by industry leader Samsung, are further fueling growth, poised to persist.
- Air Conditioners Segment: Poised for notable CAGR growth from 2023 to 2030, fueled by increased consumer spending power and a robust residential sector.
- Digital Cameras Segment: Projected to achieve the fastest CAGR of 7.8% from 2022 to 2030, buoyed by rising consumer interest and growing enthusiasm for photography genres like wildlife, fashion, and weddings. The future of India’s consumer electronics market holds immense promise, intertwined with shifting income dynamics, urbanization patterns, and a heightened appetite for cutting-edge electronic products among consumers.