Middle-class spending more on quality lifestyles and equipment, says ResearchAndMarkets report.
The Indian Consumer Electronics and Appliances Market is expected to grow at an impressive 12.78% CAGR from 2023 to US$160.03 billion 2027.
It was at US$78.95 billion in 2021, the ResearchAndMarkets report “India Consumer Electronics and Appliances Market” said on 12 July 2021.
“Consumers are becoming more aware of the benefits of using consumer electronics and appliances and are investing in the purchase of premium appliances,” said the report.
“The growing residential sector and favorable government policies are the primary drivers for the Indian Consumer Electronics and Appliances Market.”
Also, the high internet penetration and proliferation of smart devices and integration of smart technologies like the internet of things and artificial intelligence are expected to create new growth avenues for the Indian Consumer Electronics and Appliances Market in the forecast period of 2023-27.
The income level of middle-class families is rising at a rapid rate, and they are able to spend more on quality lifestyles and equipment to live a comfortable life.
Companies are working on the development of high-performing and easy-to-use devices to meet the growing consumer requirements, said the report.
The market comprise of:
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. fiinews.com
