India market info
The Indian consumer electronics and domestic home appliances market is expected to grow from $31.4 bn in 2017 to $48.3 bn by 2022 at 9% CAGR
Demand is expected to grow at 41% CAGR (2017-20) to reach $400 bn by 2024. With domestic production touching $60 bn in 2018-19, there is an import shortfall of $340 bn
50-60% of the products & 70-80% of components are imported
India is the world’s second largest mobile phone market and boasts 7.6% of the global smartphone market
The 2019 appliance & consumer durable market was $10.7 bn
- The Indian consumer electronics and domestic home appliance market is expected to grow at 9% CAGR till 2022, from US$ 31.4 billion in 2017 to US$ 48.3 billion by 2022
- The demand for electronic products is expected to grow at a CAGR of 41% during 2017-2020 to reach US$ 400 billion by 2020
- Domestic electronics production is growing at a CAGR of 27% and may touch $104 billion leaving an import shortfall of around $300 billion
- India’s imports of electronic goods grew 31% between April and October 2017 to $29.8 billion.
- The overall Indian electronics market grew by 8.6% YoY to reach $75 billion in 2015, driven by rising local demand
- Of the country’s total demand for electronics, between 50-60% of the products and 70-80% of the components are imported
- India is the world’s second largest mobile phone market and boasts 7.6% of the global smartphone market.
- India is also the world’s second-largest smartphone market after China. It shipped over 40 million smartphones in the July-September period of 2017. Yet, only 300 million – one fourth of Indians – use smartphones.
- India is also counted amongst the largest fast-moving consumer goods (FMCG) and durable markets in the world, worth US$ 38 billion and US$ 10.7 billion, respectively.
- The size of home appliances and consumer durables market was US$ 15.5 billion in 2017
- The consumer durables market in India is expected to reach US$ 20.6 billion by 2020 with India becoming the fifth largest consumer durables market in the world by 2025.
- India has a huge untapped home appliances market; currently only 29% houses own a refrigerator, 11% own a washing machine and 6% own a computer or a laptop.
- Kitchen Appliances recorded growth of over 13% CAGR from 2011-16 and projected to reach over US$ 7 bn by 2022 with categories like Hobs, Blenders, Microwaves, Chimneys, Electric Kettles, Cookers, etc., recording double digit value growth.
- India has the world’s 3rd largest television industry, which is expected to grow by 12.97% to US$ 11.78 billion in 2018 from US$ 9.23 billion in 2016
- The market size for refrigerators was around US$ 3.02 billion in 2017 and is expected to reach US$ 5.34 billion by 2022 while the market size for air conditioning was around US$ 2.76 billion in 2017
- India’s robust economic growth and rising household incomes are expected to increase consumer spending to US$ 4 trillion by 2025
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