Dublin, Aug. 28, 2023 (GLOBE NEWSWIRE) -- The "India Consumer Electronics Market Size, Share & Trends Analysis Report, 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The India consumer electronics market is set to achieve a significant milestone, projected to reach a value of USD 124.94 billion by 2030. This growth trajectory anticipates an impressive compound annual growth rate (CAGR) of 6.8% from 2023 to 2030. Factors such as increasing disposable income, rapid urbanization, and the introduction of innovative products are primed to fuel this market expansion.
The surge in demand for flat refrigerators, washing machines, and televisions correlates with a decline in product penetration compared to global levels, urbanization trends, and the escalating disposable income of consumers. Imports from regions like China and South-East Asia, recognized for their cost-effective offerings, have risen due to favorable free-trade agreements and the availability of competitively priced goods. This, in turn, propels India towards becoming an export hub, with global market participants considering local manufacturing expansion to cater to both local and export demands.
Despite the promising outlook, Indian manufacturers face challenges. An inverted duty structure, courtesy of free trade agreements, renders Indian manufacturing less competitive for white goods such as air conditioners, refrigerators, and washing machines. Additional hurdles include non-applicability of Modified Special Packages Scheme (MSIPS) for certain consumer durables, increased excess duties, underdeveloped local supplier bases, and the high costs of manufacturing and capital, attributed to frequently evolving energy efficiency requirements.
Market growth drivers include rising income levels, urbanization rates, enhanced product affordability, innovation, the introduction of new product variants, consumer-friendly financing options, and a surge in organized retail's market share. As a growing number of Original Equipment Manufacturers (OEMs) envision localizing their products in India, there's an anticipated surge in local value addition and investment levels.
India Consumer Electronics Market Highlights
- The television segment secured the second-largest revenue share in 2022. The nation's burgeoning middle class, rising per capita income, and improving living standards are driving heightened demand for television sets. Promotional activities by industry leaders like Samsung have further amplified market growth, with this trend expected to continue.
- The air conditioners segment is poised to register a noteworthy CAGR from 2023 to 2030. As the average Indian consumer's spending power increases and the residential sector strengthens, the demand for air conditioners is set to surge.
- The digital cameras segment is forecasted to achieve the fastest CAGR of 7.8% from 2022 to 2030. This growth stems from rising consumer interest due to their ability to deliver high-quality images. Furthermore, growing enthusiasm for wildlife, fashion, and wedding photography is propelling the expansion of the digital camera market.
The India consumer electronics market showcases immense potential, with its growth trajectory intricately linked to evolving income dynamics, urbanization trends, and consumers' increasing appetite for innovative and cutting-edge electronics products.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 90 |
| Forecast Period | 2022-2030 |
| Estimated Market Value (USD) in 2022 | $73.73 Billion |
| Forecasted Market Value (USD) by 2030 | $124.94 Billion |
| Compound Annual Growth Rate | 6.8% |
| Regions Covered | India |
Key Topics Covered
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. India Consumer Electronics Market Variables, Trends & Scope
Chapter 4. Consumer Behavior Analysis
Chapter 5. India Consumer Electronics Market: Product Estimates & Trend Analysis
Chapter 6. Competitive Analysis
Companies Mentioned
- 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
For more information about this report visit https://www.researchandmarkets.com/r/o6m3b8
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