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The India consumer electronics and home appliances market is estimated to grow at a CAGR of 1.31% between 2022 and 2027. The market size is forecast to increase by USD 2.3 billion. The growth of the market depends on several factors, including growth in government initiatives for electronic products, rising changes in the design of home architecture, and increasing demand for premium appliances.
This report extensively covers market segmentation by product (consumer electronics and home appliances), and distribution channel (offline and online). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The growth in government initiatives for electronic products is notably driving the market growth, although the data security issues associated with smart consumer electronics and home appliances may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growth in government initiatives for electronic products is a key driver for the Consumer Electronics And Home Appliances Market in India. The Indian government has approved 51% of FDI in multi-brand retail and 100% FDI in the sector that manufactures consumer electronics and home appliances via the automatic route. Foreign investors now prioritize this as a draw. The National Policy on Electronics (NPE), which was created in 2011 to support the Electronic System Design and Manufacturing (ESDM) sector, is also crucial to the expansion and upscaling of the consumer electronics and home appliance markets in India. India is also moving toward becoming a high-tech center for the production of electronic goods with the aid of the Make in India initiative. Additionally, by electrifying 99.9% of Indian households, the Indian government achieved a significant step toward achieving the Sustainable Development Goal. This is probably going to increase demand for consumer electronics and home appliances, which will propel the growth of the consumer electronics and home appliances market in India during the forecast period.
Adoption of smart and advanced features in home appliances is one of the key trend for the Consumer Electronics And Home Appliances Market in India. The burgeoning idea of "smart homes" has accelerated the development of "smart home" appliances, which can be remotely viewed when linked to users' smartphones. Driven by IoT, which combines digital and wireless technology, many smart appliances have undergone changes. In India, there is a growing market for smart homes because the majority of domestic and culinary tasks are now managed, observed, and carried out digitally via the Internet.
The adoption of smart home appliances is increasing as a result of consumers' growing dependence on smartphones and their increased penetration, as smartphones act as the remote controls for these appliances. Consider Samsung Electronics Co., in March 2021. Ltd. launched a 4-Door Flex Refrigerator, with three models in the most recent range: Stainless Steel, Bespoke, and Family Hub. The new models are an example of Samsung's efforts to satisfy consumer demands in light of the new standards.
The main competitors are placing a strong emphasis on advancing technologies to design smart home appliances in order to keep up with the expanding demand for convenient products. The commercialization of appliances, more effective and strategic promotion campaigns, increased cooperation with platforms and Internet service providers, and omnichannel retailing are some of the strategies used by the main rivals. The adoption of smart home appliances is anticipated to continue rising in India as a result of rising electricity prices and consumers' growing desire for energy efficiency, which will in turn fuel the expansion of the market under consideration over the course of the forecast period.
Data security issues associated with smart consumer electronics and home appliances is one of the major challenges for the Consumer Electronics And Home Appliances Market in India. Concerns over security and privacy are growing as the importance of smart appliances and consumer electronics increases. Users frequently are unaware of the lack of a user interface and the automatic communication between connected devices on the Internet of Things. As a result, this opens the door for utility companies or other energy management service providers to gather data that discloses sensitive personal information while pretending to manage energy usage. It seems convenient to be able to remotely control and modify smart appliances and consumer electronics to suit one's needs. They can, however, be easily compromised.
A data security incident involving smart consumer electronics and home appliances occurred in India in September 2021. According to reports, a bug in the Mi Home app, which is used to control Xiaomi smart home appliances, allowed hackers to remotely control smart devices and potentially access personal user data. The flaw was discovered by cybersecurity firm Check Point Research, which then informed Xiaomi of it. Then, a later app update contained a fix. These incidents compel designers of intelligent consumer electronics and home appliances to implement the necessary security measures. The growth of the market under consideration is anticipated to be hampered by this data security issue over the course of the forecast.
The market report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
India Consumer Electronics and Home Appliances Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AB Electrolux: The company offers electronic home appliance refrigerators inbuilt with an inverter cooling system to preserve moisture and vitamins, thus designed to keep food fresh.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the consumer electronics segment will be significant during the forecast period. Consumer electronics include TVs, smartphones, tablets, computers, audio devices, and others. Increasing Internet penetration also plays a major role in the growth of consumer electronics, including smartphones and tablets. With increasing access to online retail channels, consumers have a wide variety of choices to select from.
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The consumer electronics segment was valued at USD 23.36 billion in 2017 and continued to grow until 2021. TVs, smartphones, tablets, computers, audio devices, and other items form a part of the consumer electronics segment. Internet penetration is a significant factor in the growth of consumer electronics, such as smartphones and tablets. Consumers now have a wide range of options driven by the expansion of online retail channels. The widespread adoption of IoT technology is also anticipated to fuel sales of various consumer electronics in India. The major market participants are making significant R&D investments and expanding their product lines with improved versions of their current product portfolio. During the anticipated period, these variables are anticipated to accelerate market growth.
The consumer electronics and home appliances market in India report forecasts market growth by revenue at country level and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the consumer electronics and home appliances market in India as a part of the global household appliances market within the global household durables industry. The parent global household appliances market covers revenue generated by manufacturers of electric household appliances and related products. Household appliances include power and hand tools, including garden improvement tools. The global household appliance market is categorized into two segments, namely major household appliances and small household appliances. The global household appliances market excludes televisions and other audio and video products as they are classified under consumer electronics, and personal computers are classified under the technology hardware, storage, and peripherals category. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
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India-Consumer Electronics And Home Appliances Market Scope |
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Report Coverage |
Details |
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Page number |
133 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 1.31% |
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Market growth 2023-2027 |
USD 2.3 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
1.05 |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Arcelik A.S., Bajaj Electricals Ltd., General Electric Co., Haier Smart Home Co. Ltd., Hitachi Ltd., Irobot Corp., Koninklijke Philips NV, LG Electronics Inc., Midea Group Co. Ltd., Miele and Cie. KG, Panasonic Holdings Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Sony Group Corp., Toshiba Corp., Transform Holdco LLC, Usha International Ltd., Whirlpool Corp., AB Electrolux, and ENERGIA APPLIANCES PVT. LTD. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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