INDIAN CONSUMER DURABLES INDUSTRY AT A GLANCE IN 2022 - 2023
The Indian Consumer Durable Industry is mainly driven by a favourable population composition, rise in middle class population, easy access to credit, easy online sales and an increase in disposable income. By 2025, India’s Consumer Electronics and Appliances Industry is predicted to be the fifth-largest in the world.
The dishwasher market in India is expected to surpass US$ 90 million by 2025-26, driven by rising demand from metro cities in India.
In FY23, electronics exports grew by 13.8%, the highest in the last 6 years. With robust growth, India aims to achieve electronics manufacturing worth US$ 300 billion in electronics exports of US$ 120 billion by FY26.
Did you know that…India is the 2nd largest mobile manufacturer in the world.
Industry ForecastThe Indian Appliances and Consumer Electronics (ACE) market is predicted to nearly double in the next 3 years, reaching approximately US$ 17.93 billion (Rs. 1.48 lakh crore) by 2025.
As of this current financial year, the refrigerator, washing machines and air conditioner market in India were estimated at around US$ 3.82 billion, US$ 8.43 billion and US$ 3.84 billion, respectively. The market size of air conditioners is expected to grow to 165 lakh units by 2025, while refrigerators’ market size is expected to grow to 275 lakh units by 2025.
Exports and ImportsIndia’s Exports for Refrigerators, Air Conditioners, LEDs and Washing Machines amounted to US$ 571 million (Rs. 4,732.54 crore) this year. India’s Imports for Refrigerators, Air Conditioners, LEDs and Washing Machines amounted to US$ 1.74 billion (Rs. 14,421.40 crore) in the same period. In the financial year (FY) 2022–23, India's exports of mobile phones doubled from US$ 5.45 billion (Rs. 45,000 crore) in 2021-22 to US$ 11.12 billion (Rs. 90,000 crore).
Industry investmentsTill the end of this financial year, electronic goods attracted FDI inflows of US$ 3.75 billion in India. FDI in the Appliances and Consumer Electronics (ACE) industry has nearly doubled to US$ 481 million in 2022, up from US$ 198 million in 2021.
Future ProspectsThe Indian appliance and consumer electronics (ACE) market is expected to increase at 9% CAGR to reach Rs. 3.15 trillion (US$ 48.37 billion) in the coming financial year.