The global India consumer electronics market size is anticipated to expand at a high CAGR during the forecast period, 2021-2028. The growth of the market is attributed to rising disposable income and increasing technological advancements in the emerging economies.
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The consumer electronics are the electronic equipment designed for day-to-day usage, especially in private homes. They comprise devices used for communications, recreation, and entertainment purpose.
The consumer electronics industry in India is rapidly developing with rising global trend of continuously inspiring excitement and capturing the images of users in memories form with new devices and technologies. For the past few years, consumers of India especially the middle-class segment is showing a drastic change in their buying preferences and lifestyle with a robust inclination towards consumer electronics goods, which in turn, has propelled the consumer electronics market in India.
The Indian consumer electronics sector has witnessed several investments in the form of mergers & acquisitions, partnerships, and collaborations. Industry players are set to raise investments in production, distribution, and R&D activities during the forecast period. Increasing number of organized retail stores such as E Zone, Reliance Digital, and Tata Croma has boosted the growth of the market.
India’s union budget that was published in fiscal year 2017, stated that the government has not included certain components and parts, subparts for the manufacturing of set-top boxes for TV and Internet and broadband modems. The implementation of artificial intelligence (AI) is anticipated to create lucrative opportunities in India. India is expected to develop as a potential future manufacturing hub for Asia Pacific, provided by the government shows suitable support and focus on the electronics industry.
Market Trends, Drivers, Restraints, and Opportunities:
- Growing disposable income, declining prices of consumer electronic devices, and introduction innovative devices are expected to fuel the market growth.
- Increasing penetration of connected devices is propelling the demand for advanced consumer electronics in the market.
- Rising demand for washing machines, flat refrigerators, and TVs, is expected to spur the market growth during the forecast period.
- Huge cost of manufacturing due to energy inefficiency and high excess duties cost can hinder the market growth
- Indian manufacturers are facing challenges such as inverted duty structure owing to free trade agreements, which can reduce the ease of doing business rank and further create challenges for the market in India.
- Rapid growth of the manufacturing industry owing to the government initiatives and foreign direct investments is speculated to stimulate the market growth.
Global India Consumer Electronics Market Segment Insights
Television segment is estimated to record a high market share
Based on products, the market is segmented into washing machines, televisions, set-top boxes, refrigerators, mobile phones, digital cameras, and air conditioners. The televisions segment is estimated to record a high market share owing to growing disposable income, which has raised standard of living in the country. The promotion and advertisement activities carried out by major industry players such as Panasonic and Samsung have propelled the segment growth. Increasing penetration of digital cable networks is positively influencing the growth of the segment.
The demand for refrigerators has been increased owing to the rapid urbanization combined with increasing number of the innovative refrigerators available in the market. Multi-brand retail stores are offering financial schemes to increase the sales of the refrigerators. This, in turn, is anticipated to spur the refrigerators segment.
North expected to dominate
In terms of regions, the India consumer electronics market is categorized as North, West, East, and South. North is the dominating region for consumer electronics in India, owing to the massive production of consumer electronics in this region, followed by West, East, and South. In North India, Delhi and Uttarakhand are the major hubs for the manufacturing of consumer electronics. Meanwhile, in West India, Maharashtra and Gujrat are the manufacturing host units for the companies including Videocon, BEL, and LG. Whereas, in East India, West Bengal is the main manufacturing host unit for the companies such as Philips and Videocon. Moreover, in South India, Tamil Nadu and Andhra Pradesh are the main hubs for manufacturing consumer electronics in India.
Competitive Analysis
Some major players competing in the global India consumer electronics include Panasonic, Hitachi, Bharat Electronics, Videocon, Hewlett Packard, and Toshiba, Dell.
The landscape of original equipment manufacturers (OEMs) or original design manufactures (ODMs) and local component suppliers in the Indian consumer electronics market is not developed yet. Though, developing market players of this industry have established a significant local manufacturing base and in-house box-building assemblies and perform their manufacturing actions through a mix of local production and assembly.
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