The India
consumer electronics market is expected to reach USD 118.4 billion
in 2025, according to a new report by Grand View Research, Inc. Rising
disposable income, rapid urbanization as well as the introduction of novel
products in the market is expected to further contribute to the market growth.
The
demand for flat refrigerators, washing machines, and TVs is rising with a
decline in penetration of products vis-à-vis global levels, urbanization, and
increasing disposable income of consumers. There has been an increase in
imports from regions such as China and South-East Asia, considered to be
low-cost regions, owing to certain free-trade agreements, and availability of
low-cost products, in relation with costs about local manufacturing. To
effectively suffice the rising local demand and export demand to the
neighboring regions and the Middle East and Africa, global market participants
are planning to expand their local manufacturing in India, thus making it an
export hub.
However,
presently the Indian manufacturers are facing challenges such as, inverted duty
structure due to free trade agreements, which makes Indian manufacturing
uncompetitive for white goods, including ACs, refrigerators and washing
machines. The non-applicability of Modified Special Packages Scheme (MSIPS) in
several consumer durables; hiked excess duties, under-developed and
insufficient local supplier base; and high-cost of manufacturing and capital
costs owing to frequently changing energy efficiency requirements also
contribute to this scenario.
The
drivers contributing to the growth of this market relate to increasing levels
of income and urbanization, improved affordability of products, product
innovation, availability of newer variants of products, easy consumer
financing, and rise in the share of organized retail. Increasing local value
addition levels and growing investment will observe a manifold jump, as an
increasing number of OEMs are foreseeing the localization of their products in
India.
Browse full research report on India Consumer Electronics Market: https://www.grandviewresearch.com/industry-analysis/india-consumer-electronics-market
Further
key Findings from the Study Suggest:
- India
possesses the availability of talented workforce and superior design
capabilities, at nearly 140% lower wages than China, which will help in
strengthening the country’s position as a potential
domestic-cum-export-oriented production base globally.
- The enormous
electronics domestic demand is likely to emerge as a key trigger
necessitating the establishment of a local ecosystem.
- Programs and
policies, such as, Make-in-India, Digital India, Jan Dhan Yojana, Swacch
Bharat Abhiyan, Domestic Efficient Lightning Programme, Smart Cities,
Modified Special Incentives Package Scheme, etc. are likely to positively
impact the electronics manufacturing growth in India.
- Reliance on
imports for critical electronic components and inadequate testing
facilities in the country are some anticipated weaknesses for the market
in the forecast period.
Browse more reports of this category
by Grand View Research: https://www.grandviewresearch.com/industry/consumer-goods
Grand
View Research has segmented the India consumer electronics market on the basis
of product:
India
Consumer Electronics Product Outlook (USD Billion, 2014 - 2025)
- Mobile Phones
- Televisions
- Refrigerators
- Set-top Boxes
- Digital
Cameras
- Air
Conditioners
- Washing
Machines
- Others
About Grand View
Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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