Indian Consumer Electronics Industry, Share, Trends, Analysis and Forecast 2021-2027

 

Consumer appliance is one of the fastest-growing industries in India. It is expected to become the fifth largest in the world by 2025. The consumer appliance has various categories including air solution, entertainment, laundry and cleanliness, connectivity, water solutions, kitchen appliances, grooming accessories, wearables, and other consumer appliances.

The Consumer Appliance Market is Bifurcated into Two Key Segments

The factors contributing to the growth of the Indian consumer appliance market is growing real disposable income, increasing urbanization, growing middle-class population, and changing lifestyles. In October 2020, Samsung’s consumer electronics business in India increased by 30%, due to increased demand from smaller cities. Furthermore, projects such as Digital India, Make in India, and Smart Cities are expected to increase the demand for consumer electronics in India.

A Full Report of Indian Consumer Electronics Industry is Available at: https://marketinsight.in/industry-reports/indian-conumer-electronics-industry-analysis

According to India Brand Equity Foundation (IBEF), the growing TV market aids the consumer appliance market, as in the year 2020, TV penetration in India stood at 69% driven by the DTH market. In June 2020, there were 70.6 billion active DTH subscribers in the country. In October 2020, TV manufacturers such as Samsung, LG and Sony were granted licenses by the government to import finished TV sets to India. Companies such as Lenovo and Asus also plan to increase the use of environment-friendly components by using bio-fuel and organic light-emitting diode (OLED) in laptops and reduce e-waste by promoting product recycling and reusing. Additionally, India has made it mandatory for manufacturing companies to control emissions from climate-damaging refrigerants.

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Foreign Direct Investment (FDI) in Consumer Electronics Industry 

During April 2020, FDI inflow into electronics stood at $2.79 billion. The feasible FDI policy is benefiting Indian manufacturers and increasing employment as 50% of the jobs in the retail outlet are reserved for rural youth.

Government Schemes and Initiatives-

 

·        According to the Union Budget 2020-2021, the Ministry of Electronics and Information Technology (MeitY) has been allocated $920 million. The revenue expenditure allocation is $870 million and capital expenditure allocation is $50 million.

·        In April 2020, the Indian Government launched the Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS) to strengthen the electronics manufacturing ecosystem in the country.

·        In November 2020, Union Cabinet launched the Production-Linked Incentive (PLI) scheme in 10 key sectors including electronics and white goods to boost India’s manufacturing capabilities, exports and promote the ‘Atmanirbhar Bharat’ initiative. Furthermore, it will improve India’s role in the global mobile market as the scheme is approved for 16 electronics firms including 10 manufacturers of mobile headsets.

·        In January 2019, TEGNA Electronics partnered with Chinese handset maker Oppo and other companies to set up a Greenfield Electronics Manufacturing Cluster in Uttar Pradesh to manufacture electronics and support accessories.

Consumer Appliance Manufacturers in India

Key manufacturers of consumer appliances in India include Philips India, Whirlpool, Surya, Eureka Forbes, and SunTV. Whirlpool holds a market size of 20% in India in 2019. The Pune plant of Whirlpool has a production capacity of 0.9 million units per annum. 

Key Players in Consumer Appliance Sector:

The white goods industry in India is highly concentrated. Demand for durables such as refrigerators as well as consumer electronic goods are increasing in the rural markets. Television plays a pivotal role in the consumer appliance sector as it is a great source of entertainment.  Increasing innovation with decreasing prices is contributing to the growth of flat panel display TVs across all income groups in the country.

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Recent Trends and Strategies:

·        In April 2020, Samsung started manufacturing mobile phone components in its Noida facility, which is its largest mobile phone manufacturing plant across the globe.

·        In May 2020, Philips invested $35.5 – $42.6 million to boost its manufacturing and R&D facilities in India.

·        In August 2020, Kodak TV India announced to invest over $70.9 million in the next three years to set up a fully automated TV manufacturing plant in Hapur, Uttar Pradesh

·        In September 2020, Voltas, Tata group’s consumer durable arm launched a series of AI-enabled products including air conditions, which can sense the heat and adjust its speed accordingly.

·        In September 2020, Havells India and Hisense launched a series of refrigerators under its consumer durable sector.

·        In October 2020, Amazon India launched a new specialized fulfillment center with a storage capacity of 1.2 million cubic feet in Bengaluru, to store and manage customer orders of large consumer appliances in its portfolio.

·        In November 2020, Flipkart partnered with Panasonic to offer washing machines, air conditions, and refrigerators in India.

·        In November 2020, Dixon Technologies started manufacturing mobiles under the PLI scheme.

 

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