INDIAN CONSUMER ELECTRONICS MARKET
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.
WHY INDIA?
In the coming decade, India is set to become a major player among the world’s top three economic superpowers. Driven by strong economic growth and increasing household incomes, the country’s consumer spending has surged to an impressive amount surpassing $3.6 trillion.
- India poised to be a top-three economic superpower in the next decade.
- Ranks fifth globally in the consumer durables market.
- Economic growth and rising household incomes drive a $3.6 trillion consumer expenditure.
- Rapid digital technology adoption sets India apart.
- IMF recognizes India’s $2 trillion GDP for its world-leading growth rate.
INDIA MARKET
- Anticipated 41% CAGR demand increase by 2024 to $400B (2017–2024); $60B domestic output in 2018–19; $340B import deficit.
- 70–80% components, 50–60% goods imported to meet demand.
- India, second-largest mobile phone market at 7.6% globally.
- Domestic electronics manufacturing up 27% CAGR, may reach $104B, leaving $300B import gap.
- 50–60% goods, 70–80% components imported for national electronics demand.
- India, 2nd largest global mobile phone market with 7.6% smartphone share.
- India ranks high for durable goods ($10.7B) and fast-moving consumer goods ($38B).
- India’s consumer durables market to reach $20.6B by 2020, becoming 5th largest globally by 2025.
- Presently, only 29% of Indian homes have a refrigerator, 11% own a washing machine, and 6% possess a desktop or laptop computer.
