The India consumer electronics market size is expected to reach USD 124.94 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.8% from 2023 to 2030. Rising disposable income, rapid urbanization, and the introduction of novel products in the market are expected to further contribute to the market growth.

The demand for flat refrigerators, washing machines, and TVs is rising with a decline in penetration of products vis-à-vis global levels, urbanization, and increasing disposable income of consumers. There has been an increase in imports from regions such as China and South-East Asia, considered to be low-cost regions, owing to certain free-trade agreements and the availability of low-cost products, in relation to costs about local manufacturing. To effectively suffice the rising local demand and export demand to the neighboring regions and the Middle East and Africa, global market participants are planning to expand their local manufacturing in India, thus making it an export hub.

However, presently the Indian manufacturers are facing challenges such as an inverted duty structure due to free trade agreements, which makes Indian manufacturing uncompetitive for white goods, including ACs, refrigerators, and washing machines. The non-applicability of Modified Special Packages Scheme (MSIPS) in several consumer durables; hiked excess duties, under-developed and insufficient local supplier base; and high-cost of manufacturing and capital costs owing to frequently changing energy efficiency requirements also contribute to this scenario.

The drivers contributing to the growth of this market relate to increasing levels of income and urbanization, improved affordability of products, product innovation, the availability of newer variants of products, easy consumer financing, and a rise in the share of organized retail. Increasing local value addition levels and growing investment will observe a manifold jump as an increasing number of OEMs are foreseeing the localization of their products in India.

India Consumer Electronics Market Segmentation

Grand View Research has segmented India consumer electronics market on the basis of product:

India Product Outlook (Revenue, USD Million; 2017 - 2030)

• Smartphones
• TV
• Refrigerators
• Washing Machines
• Digital Cameras
• Air Conditioner
• Others

Key Companies Market Share Insights

The market includes both international and domestic participants. Key market players focus on strategies such as innovation and new product launches to enhance their portfolio offering in the market.

• In January 2023, Samsung introduced its latest 2023 Side-by-Side Refrigerator Range, exclusively manufactured in India, and tailored with features designed specifically for the Indian market.
• In June 2022, Samsung unveiled its 2022 lineup of refrigerators, featuring the popular Curd Maestro and Digi Touch Cool ranges, both thoughtfully designed with an "India-centric design."
• In October 2021, Panasonic Corporation, a leading diversified technology business in India, announced the addition of 43 new refrigerator models and 24 new washing machine models to its home appliance lineup ahead of the festive season.
• In January 2021, In India, Toshiba's Home Appliance Business opened its first unique store. The Toshiba Lifestyle Centre, which opened in Bangalore, is expected to provide first-hand experience with Toshiba's home appliance portfolio, which includes refrigerators, washing machines, dishwashers, water purifiers, and air purifiers.
• In December 2021, the first-ever Bespoke French Door refrigerator, Bespoke kitchen package, Bespoke JetTM vacuum cleaner, and Bespoke Washer and Dryer were displayed at Samsung's CES 2022 booth.

Key Players of India Consumer Electronics Market

Some prominent players in the India consumer electronics market include:

• Samsung Electronics Co., Ltd.
• LG Electronics, Inc.
• Godrej Appliances
• Sony Corporation
• Mitsubishi Electric Corporation
• Vijay Sales
• Panasonic Corporation
• Haier Consumer Electronics Group
• Bajaj Electricals Ltd.
• Hitachi Ltd.
• Toshiba Corporation
• Whirlpool Corporation

Order a free sample PDF of the India Consumer Electronics Market Intelligence Study, published by Grand View Research.