The India consumer electronics market is expected to
reach USD 118.4 billion in 2025, according to a new report by Grand View
Research, Inc. Rising disposable income, rapid urbanization as well as the
introduction of novel products in the market is 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
availability of low-cost products, in relation with 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, 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, availability of newer variants
of products, easy consumer financing, and 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.
Full
Research Report On India Consumer Electronics Market By Grand View
Research:
www.grandviewresearch.com/industry-analysis/india-consumer-electronics-market
www.grandviewresearch.com/industry-analysis/india-consumer-electronics-market
Further
key findings from the study suggest:
- India possesses the availability of talented
workforce and superior design capabilities, at nearly 140% lower wages
than China, which will help in strengthening the country’s position as a
potential domestic-cum-export-oriented production base globally.
- The enormous electronics domestic demand is
likely to emerge as a key trigger necessitating the establishment of a
local ecosystem.
- Programs and policies, such as, Make-in-India,
Digital India, Jan Dhan Yojana, Swacch Bharat Abhiyan, Domestic Efficient
Lightning Programme, Smart Cities, Modified Special Incentives Package
Scheme, etc. are likely to positively impact the electronics manufacturing
growth in India.
- Reliance on imports for critical electronic
components and inadequate testing facilities in the country are some
anticipated weaknesses for the market in the forecast period.
Browse
More Reports Of This Category By Grand View Research:
www.grandviewresearch.com/industry/consumer-goods
www.grandviewresearch.com/industry/consumer-goods
Grand View Research has segmented the India consumer electronics market
on the basis of product:
India
Consumer Electronics Product Outlook (USD Billion, 2014 - 2025)
- Mobile
Phones
- Televisions
- Refrigerators
- Set-top
Boxes
- Digital
Cameras
- Air
Conditioners
- Washing
Machines
- Others
Access
Press Release Of This Research Report By Grand View Research:
www.grandviewresearch.com/press-release/india-consumer-electronics-market-analysis
www.grandviewresearch.com/press-release/india-consumer-electronics-market-analysis
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
For More
Information: www.grandviewresearch.com
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