India Appliances Market is Forecast to Touch USD 7.35 Billion by 2026, Growing at a CAGR of 4.4% During 2020 to 2026

Published | 29 November 2020

According to BlueWeave Consulting, the Indian appliances market has reached USD 6.13 billion in 2019 and is further projected to reach USD 7.35 billion by 2026, growing at a CAGR of 4.4% during 2020-2026 (forecast period). Growth in the population living in urban areas resulting in increased levels of disposable income that have made these appliances affordable; these factors are expected to drive the Indian appliances market growth. The main growth drivers for the Indian appliances market are increased affordability, focus on energy-efficient products, increasing digital penetration, and the rise in aspiration. Additionally, the burgeoning middle-class population in urban areas and aspirational demand from rural India, coupled with government reforms in the form of GST, are making the appliances industry look positively toward the next phase of exponential growth. 

Increasing product demand in urban areas are boosting the growth of the Indian appliances market

The urban area has a major share of total revenue in the home appliance market in India. There has been an increase in spending capacities of urban Indians who have been opting for products and services that act as a style statement or status symbol. The mounting need to reverberate with the products has accelerated the demand for personalized appliances that complement the overall theme of the house and suit the utilitarian requirements of the household. Basic household appliances, like washing machines, refrigerators, and mixer grinders, that are found in every Indian household have also been witnessing a high demand for the latest and advanced features. Interestingly, the demand for built-in appliances has been gaining thrust due to the perfect amalgamation of cutting-edge design technology and high functionality.

Import in India Is More Economical

Many consumer appliances were increasingly imported towards the end of the year 2019. Product import to India proved to offer better quality products and turned out to be more economical than manufacturing these products within the country. Therefore, smaller regional manufacturers who are mostly involved in the trading of China based manufactured products are expected to provide stiff competition to their larger national counterparts in the coming years. Apart from this, the Indian appliances market competitiveness is based on product effectiveness, diversity, sustainability, and elegant design, and smart functionality.

Refrigerators occupy the largest share of the Indian appliances market

The refrigerators segment has the highest share in 2019 of the Indian appliances market, as refrigerators are considered a safe, easy, and convenient way to preserve food and food products. Rising disposable income, availability of smart and energy-efficient refrigerator units, and widening base of nuclear families are leading to an upsurge in demand for refrigerators for household applications. Single door refrigerators are the most widely used door type as they are cost-efficient, easy-to-use, and may or may not contain an inbuilt freezer. The French door refrigerators, on the other hand, are rapidly gaining popularity owing to ease of usability and smart features introduced in these refrigerators. Thus, all these benefits are boosting segmental growth. 

India appliances Market: Country insights

India has the highest demand for both refrigerators and washing machines, owing to government policies that favor energy-saving appliances, a growing property market, and unfavorable weather conditions. The growth in India's consumer market is driven primarily by rising disposable income in Indian households and easy access to credit, which induces growing purchasing power. Increasing electrification of rural areas, along with the rising influence of social mass media and the popularity of online sales, is also likely to increase the demand. Two-thirds of the total revenue is generated from the urban inhabitants, and the rest is made from the rural inhabitants. Thus, the increasing demand from urban areas surging the India appliances market growth.

The leading players” in the India appliances market include Electrolux AB, Haier Electronics Group Co. Ltd, LG Electronics, Samsung India Electronics Pvt. Ltd, Whirlpool Corporation, Godrej Group, Blue Star Ltd, Voltas Ltd, Arelik, IFB Home Appliances, Fagor America, Hitachi, Hoover Candy Group, IRobot, Koninklijke Philips, Videocon Industries Limited, Midea Group, Panasonic & Others. The prominent Indian appliances market players are focusing on mergers and acquisitions to expand their global footprint. However, with the technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.

Don’t miss the business opportunity of India Appliances market. Consult our analyst, gain crucial insights, and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Indian appliances market size & forecast. The report promises to provide recent technology trends in the India appliances market and industry insights that help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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