LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the consumer electronics and home appliances market in India to grow at a CAGR of close to 10% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the consumer electronics and home appliances market in India for 2017-2021. The report also lists consumer electronics and home appliances as the two major product segments, of which consumer electronics accounted for close to 74% of the market share in 2016.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the consumer electronics and home appliances market in India:
- Growth in government initiatives for electronic products
- Rising changes in the design of home architecture
- Increasing demand for premium appliances
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Growth in government initiatives for electronic products
The government of India has allowed 100% Foreign Direct Investment (FDI) in the consumer electronics and home appliances manufacturing sector through the automatic route and 51% of FDI in multi-brand retail. This has become a key attraction for foreign investors. Moreover, the National Policy on Electronics (NPE) that was drafted in 2011 to boost the Electronic System Design & Manufacturing (ESDM) industry plays a vital role in the growth and upscaling of the consumer electronics and home appliances market in India. Moreover, with the help of the Make in India drive, India is on the path of becoming a hi-tech manufacturing hub of electronic products.
In addition, the Indian government has initiated plans to electrify 100% of the country by the end of 2019, thus, increasing the demand for consumer electronics and home appliances during the forecast period.
Rising changes in the design of home architecture
Over the last eight to ten years, consumer preferences toward home architecture have undergone a considerable shift. These days consumers demand more built-in consumer electronics and home appliances to save floor space. For example, kitchen designs have experienced a continuous transformation to get a more modern look. This is an important factor driving the growth of the home appliances market like built-in microwave ovens, refrigerators, cooker hoods, dishwashers, cooking products, and others. They are heavily investing in kitchen designs that are sophisticated yet easy to maintain.
“These changing preferences among consumers are encouraging the key competitors to add new streamlined appliances to their portfolio. For example, Haier, under the brand name GE Appliances, manufactures under-the-sink dishwashers to fulfill the demands of customers who have limited space in their kitchens. Similarly, many such competitors design built-in products based on requirements of the end-users,” says Narendra Nandaigari, a lead analyst at Technavio for retail goods and services research.
Increasing demand for premium appliances
The growing significance of consumer electronics and home appliances has led consumers to look out for unique and premium consumer electronics and home appliances. At present, the global economic growth and increase in average dual household incomes have led them to opt for consumer electronics and home appliances of luxury brands. This is because these premium appliances, which are equipped with smart features, match the societal status of upper-class households. This is particularly true for products like refrigerators, TVs, audio systems, and ACs.
“Economic development and increasing income levels have invited the demand for brands that offer luxury products. They are in high demand mainly because of the increased number of high-net-worth-individuals in India. Until recently, the demand for luxury consumer electronics and home appliances were limited to only developed economies like North America and Europe. However, with the changing economic environment, the demand for these products is highest in developing economies such as India,” says Narendra.
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