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Appliance and consumer electronics (ACE) industry is expected to grow at 9% CAGR during 2017-22 to reach Rs. 3.15 trillion (US$ 48.37 billion) in 2022 from Rs. 2.05 trillion (US$ 31.48 billion) in 2017.
Shipments of "Made-in-India" smartphones increased 7% YoY in Q1 2022 to reach over 48 million units, while over 190 million smartphones made in India were shipped worldwide in 2021.
India’s smartphone market revenue crossed US$ 38 billion in 2021 with 27% YoY growth, with the leader being Xiaomi with 24% shipment share.
Appliances and consumer electronics industry is expected to double to Rs. 1.48 lakh crore (US$ 21.18 billion) by 2025.
According to a report by Care Ratings, consumer electronics and appliances manufacturers are set to increase their production by 5-8% in FY22, after witnessing a contraction in demand in FY21.
The Indian consumer durables market is broadly segregated into urban and rural markets and is attracting marketers from across the world. The sector comprises of a huge middle class, relatively large affluent class and a small economically disadvantaged class. Global corporations view India as one of the key markets from where future growth is likely to emerge. The growth in India’s consumer market would be primarily driven by a favorable population composition and increasing disposable income.
Indian appliances and consumer electronics industry stood at US$ 9.84 billion in 2021, and is expected to more than double to reach Rs. 1.48 lakh crore (US$ 21.18 billion) by 2025.
Electronics hardware production in the country stood at US$ 63.39 billion in 2021.
In FY20, TV penetration in India stood at 69%, driven by the DTH market.
The total active DTH subscriber base stood at 68.52 million in December 2021.
As of 2021, the refrigerator, washing machines and air conditioner market in India were estimated at around US$ 3.82 billion, US$ 8.43 billion and US$ 3.84 billion, respectively.
The market size of air conditioners is expected to grow to 165 lakh units by 2025 from 65 lakh units in 2019, while refrigerator’s market size is expected to grow to 275 lakh units by 2025 from 145 lakh units in 2019.
According to India Cellular & Electronics Association (ICEA), India has the potential to achieve a value of US$ 100 billion in manufacturing of laptops and tablets by 2025.
India’s smartphone shipments witnessed YoY growth of 11% in 2021, with 169 million units shipped.
India’s smartphone market revenue crossed US$ 38 billion in 2021 with 27% YoY growth, with the leader being Xiaomi with 24% shipment share.
The headset market revenue in India is projected to reach US$ 77 million by 2027 at a CAGR of 4.7%, driven by rising adoption of wireless headsets among consumers.
The dishwasher market in India is expected to surpass US$ 90 million by 2025-26, driven by rising demand from metro cities such as Mumbai, Hyderabad, Delhi and Bangalore.
The flat panel television (LED, LCD, HD, and UHD) market in India was valued at US 9.05 billion in FY18 and is expected to reach US$ 16.24 billion by FY24, growing at a CAGR of 9.25%.
In 2021, TV shipments grew 24% YoY, with the smart TV market also registering 65% YoY growth.
According to RedSeer, India's consumer digital economy is projected to reach US$ 800 billion by 2030, from US$ 85-90 billion in CY20, driven by increase in online shopping.
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References / Read More: www.ibef.org/industry/indian-consumer-market; (F) Forecast, E–estimated, CY – Calendar Year, FY – Financial Year, F-forecast. Known Primary Source: Electronic Industries Association of India, PwC - Championing change in the Indian appliance and consumer electronics industry, Cisco, India cellular and Electronics Association (ICEA), News Sources
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