India Consumer Electronics Market to Expand at 6.5% CAGR During the Forecast Period 2022-2030

Posted on 2023-02-07 by researchinsights in Electronics // 0 Comments

San Francisco, California , USA, Feb 07, 2023 — /EPR Network/ —

India Consumer Electronics Industry Overview

The India consumer electronics market size was valued at USD 71.17 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.5% from 2022 to 2030.

India provides a worldwide opportunity for short to medium-term growth in consumer electronics spending. Minimal penetration rates, as against other upcoming markets, portray a better prospect to sell to first-time buying households, along with replacement devices to the middle class.

Due to the COVID-19 pandemic, the demand for consumer electronics has been significantly impacted. Manufacturing plant shutdown and supply chain disruptions resulted in substantial component shortages. Increased counterfeiting, shipping delays, customer behavior, and environmental concerns had a significant impact on the market growth. Due to the pandemic, manufacturers of consumer electronics have witnessed component shipment delays of at least five weeks from suppliers.

Gather more insights about the market drivers, restrains and growth of the India Consumer Electronics Market

Growth in the Indian market for consumer electronics can be attributed to an increase in demand from households, changing lifestyles of individuals, easier access to credit, and rising disposable incomes. Intentional reduction by the Government in the import bill, coupled with government and corporate spending, is anticipated to complement the positive demand in this market. The India consumer electronics sector has attracted several strong investments in the form of merger & acquisition policies practiced by key participants of the global market and other FDI inflows.

As per the Make in India initiative, Electronic Development Fund Policy has been approved, with the intention of rationalizing a transposed duty structure. Additionally, the Modified Special Incentive Package Scheme (M-SIPS) has been introduced to provide a CAPEX subsidy of nearly 15 – 20%. Consumer electronics manufacturers are set to elevate investments in production, distribution, and R&D in the next few years. With the rising presence of organized retail, the market has witnessed the emergence of modern, durable retail chains, which include e-retailers such as E Zone, Reliance Digital, and Tata Croma.

High production in the Indian electronics market can be attributed to paced-up demand for advanced computers, mobile phones, TVs, and defense-related electronics. The situation in this market mandates manufacturers to keep themselves updated with the latest technology since it is eye-catching to typical consumers, and technological features play an apex role while selling to higher-income classes. The consumer electronics sector has acquired the largest share in the total production of electronic goods in India.

Under the Union Budget for the financial year 2017, the government exempted certain components, parts, and subparts for the production of set-top boxes for TV and internet and broadband modems. The introduction of artificial intelligence (AI) is set to project a bright future for consumers and industrial electronics in India.

India is likely to emerge as a potential future manufacturing hub for the region, provided the government shows adequate support and focus towards this sector. Specific factors anticipated to push the manufacturing in India are inclusive of a reduction in borrowing costs, export incentives, reduction of customs duties on raw materials and components, and improvement in the ease of doing business.

Browse through Grand View Research’s Electronic & Electrical Industry Research Reports.

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India Consumer Electronics Market Segmentation

Grand View Research has segmented India consumer electronics market on the basis of product:

India Consumer Electronics Product Outlook (Revenue, USD Million, 2017 – 2030)
- Smartphones
- Televisions
- Refrigerators
- Washing Machines
- Digital Cameras
- Air Conditioners
- Others

Key Companies profiled:

Some prominent players in the global India Consumer Electronics market include

Samsung Electronics Co., Ltd.
LG Electronics, Inc.
Godrej Appliances
Sony Corporation
Mitsubishi Electric Corporation
Vijay Sales
Panasonic Corporation
Haier Consumer Electronics Group
Bajaj Electricals Ltd.
Hitachi Ltd.
Toshiba Corporation
Whirlpool Corporation

Order a free sample PDF of the India Consumer Electronics Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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