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.