India Consumer Electronics Market Size: 6.15% CAGR, North India Leads Growth | Maximize Market Research

Analysing India Consumer Electronics Market Size and the Growth of the Industry

India Consumer Electronics Market Size is estimated to reach USD 125.99 billion by 2030 and is anticipated to register a CAGR of 6.15% over the forecast period of 2024-2030.

Some of the major factors contributing to the growth of this market are the rising disposable incomes, technological advancements, and supportive government initiatives.

Market Dynamics

Urbanization and Increasing Disposable Incomes

With the emergence of India's middle class along with rapid urbanization, disposable incomes have witnessed considerable growth in the country. Such economic transition allows the consumers to spend more on the electronic items from smartphones to home appliances, thus driving the market.

We are stepping into the age of consumer electronics as an innovative wave is teeming in the market with manufacturers rolling out products using up to the minute technology. Incorporating artificial intelligence, Internet of Things (IoT) integration and energy efficiency are rapidly becoming common features, making these gadgets more appealing to tech-savvy consumers.

Government Initiatives

Manufacturing of local products have been boosted via initiatives such as 'Make in India' and the Production-Linked Incentive (PLI) scheme. These reforms are crucial to cut down on foreign imports, foster local manufacturing of consumer electronics and have an influx of foreign investments leading to a more sustainable ecosystem domestically.

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Key Market Segments

Smartphones

Smartphones make up a large share of the consumer electronics market in India. Smartphones have become more affordable with competitive data plans, contributing to this migration. Following this trend, 5G innovation is further enhancing penetration into the markets.

Televisions

The TV industry is in a transition, the consumer demand for better televisions. The India Smart TV Market worth USD 11.53 billion in 2023 will grow at a CAGR of 16.57% during 2024-2030 period, till nearly USD 33.72 billion by 2030.

This increase can be ascribed to the fact that high-speed Internet has become more widely accessible and streaming services are on the rise.

Home Appliances

Some of you may already be aware of this, but I have been getting more and more messages asking me for advice on electronics like refrigerators and washing machines or air conditioners. For consumers, there is a growing demand for energy-efficient and smart appliances that not only provide convenience but also fit with 21st-century lifestyles.

Distribution Channels

Online Retail

The e-commerce market in India is a quickly growing sector which allows consumers to easily buy various consumer electronics. The valuation of the online consumer electronics market is expected to climb to near USD 30.6 billion by 2025, almost 100 percent growth from the year 2020.

Statista

This growth is driven by competitive pricing, a variety of product offerings, and home delivery services.

Offline Retail

Conventional brick-and-mortar stores remain an integral part of any business, especially since consumers from semi-urban and rural areas still prefer to shop in person. In-store experience is becoming more personal with retailers extending several options including flexible financing and personalized services to ensure customers walk in and look at what they have on offer.

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Challenges

Supply Chain Disruptions

The global pandemic has revealed weakness in supply chains that have caused component shortages as well as production delays. Now manufacturers are working to create supply chains that can withstand similar shocks in the future.

Intense Competition

There is high competition in the market from several domestic as well as international players. This competition spurs innovation, but puts pressure on pricing and profit margins.

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Future Outlook

India Consumer Electronics Market is in the middle of an era of unprecedented growth. Technological advancements, government support and rising consumer expenditure are some of the factors that are anticipated to drive this momentum further.

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