The consumer electronics market in India is on a steady growth trajectory, with projections indicating a 5.87% increase, resulting in a market volume of US$92.5 billion by 2028. India's electronics industry is poised to become a significant player in the global digital economy, with an anticipated value of $1 trillion by FY26. Currently valued at $140 billion, domestic production contributes to 62% of the market.
Mobile Tablets & Accessories
The growth of the mobile accessories market in India can be attributed to the widespread adoption of smart devices like smartphones and tablets. According to Coherent Market Insights, the market size for mobile phone accessories in India reached US$2,238.4 million in 2022, with a notable compound annual growth rate (CAGR) of 9.72% anticipated from 2023 to 2030. This growth is expected to be driven primarily by the increased utilization of folding cartons, which are projected to capture the largest market share by the end of 2031. The key mobile accessories preferred by consumers include power banks, USB cables, mobile cases and covers, chargers, and earphones.
Home & Kitchen Appliances
The home and kitchen appliances market in India has experienced substantial growth, driven by the country's increasing population and urbanization. According to Statista, the household appliances market in India is poised to reach US$4.32 billion in 2023, with a significant compound annual growth rate (CAGR) of 15.81% expected from 2023 to 2027. Moreover, the market volume is projected to reach US$75.34 billion by 2028, exhibiting a CAGR of 6.53% from 2023 to 2028. In parallel, the India kitchen appliances market achieved a size of US$5.1 billion in 2022 and is on track to reach US$8.8 billion by 2028, experiencing a robust CAGR of 7.9% during the forecast period from 2023 to 2028. Notably, the offline distribution channel is anticipated to witness substantial growth in the Indian home appliances market.
Electronic Gadgets & Lifestyle Products
The electronic gadgets and lifestyle products market in India have witnessed remarkable growth, driven by the increasing population, urbanization, and evolving individual lifestyles. According to Business Wire, the Indian consumer electronics market is poised to reach a value of $124.94 billion by 2030. Simultaneously, the lifestyle market in India is expected to experience a substantial growth rate of 9.23% from 2022 to 2027. Additionally, the B2B e-commerce market in India is projected to achieve a substantial size of $100 billion in the coming decade, with an impressive 40% CAGR. The market for electronic products in India is also on an upward trajectory, with the production output reaching nearly five trillion Indian rupees in the financial year 2021.
Car & Home Systems
The Indian home entertainment market is forecasted to experience a steady growth rate of 2.84% from 2022 to 2027, resulting in a market volume of US$572.50 million in 2027. Additionally, the B2B e-commerce market in India is poised to reach a substantial size of $100 billion in the next decade, with a remarkable 40% compound annual growth rate (CAGR). Furthermore, the in-car entertainment market is anticipated to see substantial growth, reaching multi million USD figures by 2030 compared to 2022, with an unexpected CAGR during the period from 2022 to 2030. Remarkably, the Indian media and entertainment sector demonstrated robust resilience by surging 20% to INR 2.1 trillion in 2022, surpassing its pre-pandemic levels from 2019 by 10%.
Smart Homes & Building Automation
The smart home market in India is poised for substantial growth, with a projected increase of 8.13% from 2022 to 2027, resulting in a market volume of US$6.85 billion in 2027. The India home automation market covers two main end-user segments: residential and commercial. The growing adoption of smart home technology can be attributed to increased affordability of smart devices, rising disposable incomes, and a burgeoning population of tech-savvy individuals among Indian homeowners. Additionally, the adoption of smart home technology in commercial spaces, including offices, hotels, retail stores, and healthcare facilities, is driven by the rising demand for automation, energy efficiency, and enhanced functionality.
Security Systems
The burgeoning security systems market in India is fueled by an increasing demand for safety and security across all sectors. According to Statista, the security segment in India is on track to grow by 8.06% from 2022 to 2027, resulting in a market volume of US$1.05 billion by 2027. In addition, the India electronic security market is estimated at USD 2.07 billion in 2023 and is projected to reach USD 5.96 billion by 2028. The security systems market in India encompasses several key segments, including cyber security, electronic security, fire safety/detection/prevention, road safety, private and industrial security, and personal protective apparel and equipment. Notably, the surveillance systems market in India is currently valued at $2.5 billion and is anticipated to maintain a robust annual growth rate of 25-30%.
Office Automation & IT Products
The office automation software market is poised to achieve significant growth, surpassing multi million USD figures by 2030, in contrast to its 2023 valuation, with an unexpected compound annual growth rate (CAGR) during the period from 2023 to 2030. Concurrently, the software market in India is expected to experience substantial expansion, with a projected growth rate of 11.31% from 2023 to 2028, culminating in a market volume of US$14.42 billion in 2028. Furthermore, the machinery and equipment market in India is forecasted to grow at a solid rate of 8.86% from 2023 to 2028, resulting in a market volume of US$24.87 billion in 2028.
Gaming Systems
The gaming industry in India is experiencing substantial growth, driven by the surging demand for gaming across all demographics, with a particular emphasis on the youth. According to Statista, the game console market in India is expected to register a modest growth rate of 0.17% from 2023 to 2028, resulting in a market volume of US$184.0 million in 2028. India's gaming industry is poised to become one of the top global market destinations, thanks in part to its substantial youth population. This growth is further propelled by the expansion of IT infrastructure, fueled by the widespread use of smartphones and high-speed internet. Remarkably, India is home to one in ten of the world's gamers, underlining its rapid evolution in the gaming landscape. It's worth noting that India stands as a mobile-first gaming market, with a significant 94% of users engaging in gaming activities on mobile devices.
Electronics Vehicles (EV) & Smart Mobility
According to GlobeNewswire, the India electric vehicle industry is on a remarkable growth trajectory, with its market size projected to surge from USD 3.21 billion in 2022 to an impressive USD 113.99 billion by 2029. Forecasts suggest that the Indian EV market will soar to $150 billion by 2030, exhibiting a robust CAGR of 90 percent over the next decade. Furthermore, the Indian electric vehicles (EV) market was valued at USD 8,674.45 million in 2022 and is expected to reach a substantial value of USD 23,514.54 million by 2031. This growth underscores the significant expansion of the electric mobility sector over the past five years, positioning India on course to emerge as one of the world's leading EV markets by 2030.
