Consumer lifestyle changes, better access to finance, higher disposable incomes drive demand
The Indian Consumer Electronics Market is expected to reach Rs.12,898.89 billion by 2027, expanding at a compound annual growth rate (CAGR) of ~15.77% during the 2022 – 2027 period.
The market was valued at Rs.5,363.70 billion in 2021, according to the “Consumer Electronics Market in India” report from ResearchAndMarkets.com.
Consumer lifestyle changes, better access to finance, higher disposable incomes, and increased demand from households all contribute to the growth of the Indian consumer electronics market, said the report on 26 May 2023.
The consumer electronics market in India has attracted several significant investments in the form of FDI inflows and merger & acquisition strategies used by major players in the international market.
Major market players in the Indian electronic consumer sector include Samsung, Sony, Whirlpool, Daikin, Toshiba, Xiaomi, Havells, Blue Star, and Hitachi, among others.
The industry includes the segments like – Smartphones, PC, Laptop, Tablets, Televisions, Air Conditioners, Refrigerators, and Washing Machine. The smartphone segment held the largest share of 52.38% in 2021, within the consumer electronics market with, which is estimated to reach ~52.53% by 2027.
The television market share is comparatively decreasing as Indian users are switching to smartphones, tablets, or laptops instead of TV. This segment accounted for 19.27% market share in 2021 and is estimated to decrease to ~19.19% by 2027. Washing Machine sales have increased over the last few years as consumers are more concerned about hygiene.
Most consumers in the country have seen a decline in their purchasing power because of the pandemic. The second wave resulted in a staggering 10 million job losses, which decreased the income of 97% of lower- and middle-class Indian households. As a result, the price has become a crucial consideration for buyers, particularly in the consumer electronics industry.
Because of this, the demand for mid-range smartphones, laptops, and other technology has significantly expanded. Buy-now-pay-later and no-cost EMIs play a significant role in purchasing choices. With these payment options, customers can purchase goods as they are needed and pay in installments over time.
As a result, the expansion of India’s retail industry may be largely dependent on the accessibility of flexible payment methods. Fiinews.com
