India Consumer Durables Market Insights

India Consumer Durables
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Table of Contents
1. Introduction
2. Executive Summary
3. Market Dynamics
4. Consumer Durables Market Overview
5. Consumer Electronics – Key Products
6. Recent Trends and Strategies
7. Strategies Adopted
8. Growth Drivers
9. Opportunities
10. Key Retail Related FDI Policies that will Impact Consumer Durables

List of Figures & Tables
Figure-01: Indian Appliance and Consumer Electronics Industry (US$ Billion)
Figure-02: Electronics Hardware Production in India (US$ Billion)
Figure-03: Television Market in India (US$ Billion)
Figure-04: Indian Appliance and Consumer Electronics Industry (US$ Billion)
Figure-05: Production of Major White Goods (Lakh Units)
Figure-06: White Goods Market in India in 2021 (US$ Billion)
Figure-07: YoY Growth in Consumer Durables Production as per IIP (in Percent)
Figure-08: GDP Per Capita at Current Prices (US$)
Figure-09: India Smart TV Shipments (2021-22) in Percent
Figure-10: Market share of DTH operators (as of May 2023)
Figure-11: Exchange Rates (Fiscal Year)

Section 1
Introduction

1. Introduction
India championing the way forward to become a global consumer durables manufacturing hub
The consumer durables industry consists of air conditioners, refrigerators, washing machines dryers, dishwashers, LED
Lights, personal care, kitchen appliances etc. The industry has reached $13.6 Bn in FY21. Out of this, the largest market
share comprises of Air Conditioners, Refrigerators and LED products.
➢ The White Goods market is estimated to cross $21 Bn by 2025 expanding at a CAGR of 11%. Domestic manufacturing
contributes nearly $4.6 Bn on an average to this industry.
➢ Key Government Incentives in the sector include: PLI for White Goods for ACs and LEDs to boost domestic
manufacturing, The Street Lighting National Programme (SLNP) which aims to install/retrofit around 30 Mn LED street
lights by 2024, and the UJALA (Unnati Jyoti by Affordable LEDs and Appliance for All) Scheme through which than 366
Mn LEDs have been distributed to households from year 2015 to 2022 at 40% of the market price
➢ Air Conditioner Market in India to increase to $9.8 Bn by FY26 from $3.8 Bn in FY21 at a CAGR of 20.8%

1. Introduction
➢ Refrigerator Market in India to increase to $6.7 Bn by FY26 from $3.8 Bn in FY21 at a CAGR of 9.5%
➢ LED Lights Market in India to increase to $8.1 Bn by FY26 from ~ $3.6 Bn in FY21 at a CAGR of 18.64%
➢ Personal Care Appliances (Dryers, Trimmers and Straighteners) Market in India to increase to ~$1.4 Bn by FY26 from
$435 Mn in FY21 at a CAGR of 21%
➢ Dishwasher Market in India to increase to $93.5 Mn by FY26 from $45.6 Mn in FY21 at a CAGR of 10.8%

Section 2
Executive Summary

% Increase in
Appliance and % increase in Electronics Television
sales of consumer
consumer exports of hardware industry
electronics and
electronics electronic goods production in production in
appliances in
market in 2022 in April-July 2023 2022 FY21
FY23
US$ 9.09 Billion 37.60%* 46.8% US$ 87 Billion US$ 4.6 Billion

➢ By 2025, India's Consumer Electronics and Appliances Industry is predicted to be the fifth-largest in the world. India's
consumer electronics and home appliances market is set to grow by US$ 2.3 Billion between 2022 and 2027, registering
a CAGR of 1.31%.
➢ Demand for electronics hardware in India is expected to reach US$ 400 Billion by FY24.
➢ The government anticipates that the Indian electronics manufacturing sector will reach US$ 300 Billion by 2024–25.
➢ By FY22, television industry in India was estimated to reach Rs. 1,227.34 Billion (US$ 17.56 Billion). According to FICCI,
India’s TV production stood at US$ 4.6 Billion in FY21, and is expected to reach US$ 10.22 Billion by FY26, at a CAGR
of 20%.

Indian Appliance and Consumer Electronics Industry (US$ Billion)
20
17.9
18
16
14
12
9.8
10
8
6
4
2
0
2021 2025F
Source: India Brand Equity Foundation

Electronics Hardware Production in India (US$ Billion)
100
89.4 87.0
90
80
72.4
70
60
50
40
31.1
30
20
10
0
FY15 FY19 FY20 FY22

Television Market in India (US$ Billion)
20
18 17.6
16
14 13.7
12 11.3
10.2
10
8
6
4
2
0
CY2017 CY2019 CY2021E CY2022F

Section 3
Market Dynamics

3. Market Dynamics
1. Growing Demand
➢ India’s smart TV market grew by 74% YoY in the second quarter of 2022. Xiaomi stood as the leader with a 13% market
share, followed by Samsung at 12%.
➢ The headset market revenue in India is projected to reach US$ 77 million by 2027 at a CAGR of 4.7%, driven by rising
adoption of wireless headsets among consumers.
➢ The dishwasher market in India is expected to surpass US$ 90 million by 2025-26, driven by rising demand from metro
cities such as Mumbai, Hyderabad, Delhi and Bangalore.
2. Opportunities
➢ Tech players such as Play (a tech brand) are focusing on tapping the Indian consumer electronics market, developing an
electronic components manufacturing base in India, and encouraging export.

3. Market Dynamics
➢ Consumer electronics brands are focusing on the Indian smart wearables market. India’s wearable market registered
another record quarter, shipping 37.2 million units in the third quarter (July-September) of 2022, a growth of 56.4% YoY.
➢ In FY23 (April-November), 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.
3. Policy Support
➢ 100% FDI allowed in electronics hardwaremanufacturing.
➢ In March 2022, the government approved 14 companies under the production-linked incentive (PLI) scheme for IT
hardware. Over the next four years, these companies are expected to fuel total production of Rs. 1,60,000 crore (US$
19.23 Billion).
➢ The Ministry of Consumer Affairs has asked top consumer durables companies (such as LG, Samsung, Havells, etc.) to
share data in order to create a common repository of information on their service centres and repair policy in an effort to
protect customers' rights to repair and maintain home appliances.

3. Market Dynamics
➢ In March 2023, Samsung invested in setting up smart manufacturing capabilities at its mobile phone plant in Noida.
4. Increasing investment
➢ As of November 17, 2021, the S&P BSE Consumer Durables Index rose by 4.76% on a monthly basis and 48.97% on a
yearly basis.
➢ FDI in the Appliances and Consumer Electronics (ACE) industry has nearly doubled to US$ 481 million by June 2022, up
from US$ 198 million in 2021.
➢ Between April 2000-September 2023, electronic goods attracted FDI inflows of US$ 4.42 Billion.

Section 4
Consumer Durables Market Overview

The Consumer Durables Market is Split into Two Key Segments
Consumer Durables
Consumer Electronics Consumer Appliances
(Brown Goods) (White Goods)
Televisions Air Conditioners

CD And DVD Players Washing Machines
Laptops
Electric Fans
Electronic Accessories
Microwave Ovens
Audio And Video Systems
Refrigerators
Personal Computers
Digital Cameras Sewing Machines
Camcorders Cleaning Equipment

Growth in Consumer Durables
➢ By 2025, India's Consumer Electronics and Appliances Industry is predicted to be the fifth-largest in the world.
➢ The 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. FDI in the Appliances and Consumer Electronics
(ACE) industry has nearly doubled to US$ 481 million by June 2022, up from US$ 198 million in 2021.
➢ The White Goods market is estimated to cross US$ 21 Billion by 2025 expanding at a CAGR of 11%. Domestic
manufacturing contributes nearly US$ 4.6 Billion on average to this industry.
➢ According to a report from Counterpoint's Make in India service, shipments of "Made-in-India" smartphones increased
16% YoY in the second quarter of 2022 to reach over 44 million units, while over 190 million smartphones made in India
were shipped worldwide in 2021.
➢ In September 2022, monthly mobile phone exports from India crossed the US$ 1 Billion mark for the first time ever.

➢ In the financial year 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). India is the 2nd largest mobile manufacturer in the world.
➢ The smartphone market in India declined 9% YoY to reach shipments over 152 million units in 2022.
➢ As of 2021, the refrigerator, washing machines and air conditioner market in India were estimated around US$ 3.82
Billion, US$ 8.43 Billion and US$ 3.84 Billion, respectively.
➢ India’s Exports for Refrigerators, Air Conditioners, LEDs and Washing Machines amounted to US$ 571 million (Rs.
4,732.54 crore) in FY21.
➢ India’s Imports for Refrigerators, Air Conditioners, LEDs and Washing Machines amounted to US$ 1.74 Billion (Rs.
14,421.40 crore) in FY21.
➢ Import contributed to 20% of domestic market for washing machines and refrigerators and around 30% for air
conditioners in FY20.
➢ In September 2022, the Quick Estimates of Index of Industrial Production (IIP) for consumer durables stood at 125.1.
➢ In 2022-23 (April-November), the export of white goods are as follows:
▪ refrigerators, freezers and other refrigerating accounted for US$ 140.97 million (Rs. 116,223.32 lakh)
▪ washing machines accounted for US$ 43.33 million (Rs. 35,819.59 lakh)
▪ air conditioners accounted for US$ 177.60 million (Rs. 146,432.20 lakh)
▪ electric lamps & Lighting fittings including tubes accounted for US$ 194.97 million (Rs. 160,750.62 lakh)

Indian Appliance and Consumer Electronics Industry (US$ Billion)
50
45
40
21.5
35
30
25 13.82
20
15
26.87
10
17.66
5
0
2017 2022F
Smartphones Other Appliances

Production of Major White Goods (Lakh Units)
300
275
250
200
165
150 145
126
100
65 70
50
0
FY19 FY25E
Refrigerators Air Conditioners Washing & Laundry Machines

White Goods Market in India in 2021 (US$ Billion)
9
8.4
8
4 3.8 3.8
0
Refrigerators Air Conditioners Washing Machines

YoY Growth in Consumer Durables Production as per IIP (in Percent)
15
12.5
10
5 5.5
3.4 2.9
0.8 0.5
0
-5
-8.4
-10
FY17 FY18 FY19 FY20 FY21 FY22 FY23

Section 5
Consumer Electronics – Key Products

1. Colour TVs
➢ Television industry in India stood at Rs. 787 Billion (US$ 11.26 Billion) in 2019 and grew to reach Rs. 955 Billion (US$
13.66 Billion) by the end of 2021. The country's entertainment and media industry is expected to see a growth of 9.7%
annually in revenues to reach US$ 73.6 Billion by 2027.
2. Flat Panel Display
➢ LED/LCD/Plasma television sets present a huge opportunity in India with a penetration of only 14% households in 2019.
➢ The flat panel television (LED, LCD, HD, and UHD) market in India was valued at US$ 9.05 Billion in FY18 and is
expected to reach US$ 16.24 Billion by FY2
3. Direct-to-Home
➢ The DTH industry was expected to witness growth up to 6% from FY20 to Rs. 22,000 crore (US$ 2.9 Billion) in FY21.
The recent tariff hike by India’s direct-to-home (DTH) operators is likely to help them log a 6-8% growth in revenue to Rs.
19,500 crore (US$ 2.34 Billion) in fiscal 2024.
4. Refrigerators
➢ Refrigerator Market in India to increase to US$ 6.7 Billion by FY26 from US$ 3.8 Billion in FY21 at a CAGR of 9.5%.
➢ In February 2021, Blue Star launched a range of commercial refrigerators, with offerings comprising temperature-
controlled designs for refrigeration and storage of vaccines. In March 2020, the Bureau of Energy Efficiency (BEE)
launched a star labelling program for all white goods.
5. Air Conditioners
➢ Installed stock of room ACs in India increased from two million units in 2006 to 30 million units in 2017 and is expected to
be between 55-124 million by 2030.
➢ In April 2022, 17.5 lakh AC units were sold, an all-time high for the month.
➢ Air Conditioner Market in India to increase to US$ 9.8 Billion by FY26 from US$ 3.8 Billion in FY21 at a CAGR of 20.8%.

6. Washing Appliances
➢ Production of washing appliances in India is expected to reach 12.6 million units in FY25 from 5.63 million units in FY20.
➢ In April 2021, Samsung launched an artificial intelligence-enabled bilingual washing machine with user interfaces in Hindi
and English.
➢ Fully automatic machines account for over 60% of the washing machine market, while semi-automatic machines account
for 40%.
7. Electric Fans
➢ Production of fans increased 4.4% YoY to reach 23.42 million units in FY20.
➢ The Indian fan industry is optimistic that with BEE Star labelling criteria requirements and a production-linked Incentives
(PLI) scheme, the country will become a manufacturing powerhouse.

Section 6
Recent Trends and Strategies

Notable Trends in the Consumer Durables Sector
1. Shared Economy
➢ Rentals of home appliances are growing in urban areas due to free add-on services like relocation and periodic
maintenance, which are not available in the ownership model.
➢ Start-ups like Rentomojo, Furlenco and Rentickle have come up in this space and offer rentals on furniture, appliances
and other products.
2. Rising Consumer Digital Economy
➢ The Indian mobile phone market is predicted to generate Rs. 2.4 trillion (US$ 29.38 Billion) in revenue by FY26.
➢ According to RedSeer, India's consumer digital economy is projected to reach US$ 800 Billion by 2030, from US$ 85-90
Billion in FY20, driven by increase in online shopping.

3. Increased Affordability of Products
➢ There were 6.5 crore active consumer durable loans at Decemberend 2022, registering an annual growth of 48% over
the last year.
➢ With the initiative of “Make in India” campaign, many domestic and Chinese manufactures are investing in India to set up
their manufacturing plants which would produce more affordable products.
4. Shifting Manufacturing Bases
➢ Apple is planning to increase its manufacturing production outside of China, with India and Vietnam both likely to benefit
from this decision. Apple is currently in discussions with some of its suppliers about expanding production in India, and
potentially even producing goods for export. Apple wants to move more than 18% of its iPhone production to India by
2025, up from 7% in 2023.

5. Expansion into New Segments
➢ Electrical appliances maker V-Guard Industries has announced plans to invest in new manufacturing plants. Over the
next 12 months, the company will open four additional factories: two in Hyderabad, one in Vapi, and one in Uttarakhand.
➢ In FY23, Godrej Appliances announced plans to invest Rs. 200 crore (US$ 25.11 million) in the capacity expansion of its
premium range.
➢ In September 2021, US-based consumer electronics brand Westinghouse Electric Corporation forayed into the Indian
market by launching a range of TV sets. The brand collaborated with its Indian licensing partner Super Plastronics Pvt
Ltd (SPPL) and signed an exclusive licensing agreement with it.
➢ In 2022-23, India produced wearables such as earphones and smartwatches worth US$ 970.31 million (Rs. 8,000 crore).

Section 7
Strategies Adopted

STRATEGIC PARTNERSHIPS
➢ Smartphones companies are leveraging strategic partnerships to cater to the consumer durables market in India.
➢ In April 2021, Hisense collaborated with Croma retail stores to showcase their line-up of QLED, UHD and Smart TVs at
185+ Croma stores across India.
➢ In November 2021, Flipkart signed an MoU with the Ministry of Rural Development of the Government of India (MoRD)
for their ambitious Deendayal Antyodaya Yojana – National Rural Livelihood Mission (DAY-NRLM) programme, to
empower local businesses and self-help groups (SHGs) by bringing them into the e-commerce fold.
OVERHAULING OF DISTRIBUTION FRAMEWORK
➢ More brands are having a uniform pricing strategy in order to expand retail sales.
➢ Focus on tier II and tier III towns have increased to have a wider distribution network.
➢ Companies like Bajaj Electricals and Crompton Consumer are working on real time demand feedback to reduce turn
around time (TAT).
OCCASION BASED MARKETING
➢ India is the land of occasions and festivals; therefore, customers are offered great deals.
➢ For instance, the prices of products during Diwali, New Year, etc. go down and customers are offered great deals. Such
strategies are adopted to increase revenue and enhance goodwill among buyers.
SALES STRATEGIES
➢ E-commerce companies reported sales worth US$ 9.2 Billion across platforms in October and November (2021), driven
by increased shopping during the festive season. With festive season sales, Flipkart Group emerged as the leader with a
62% market share.
FOCUS ON ENERGY EFFICIENCY
➢ Companies also plan to increase the use of environment-friendly components and reduce E-waste by promoting product
recycling.
➢ India has made it mandatory for manufacturing companies to control emissions from climatedamaging refrigerants.
➢ In January 2020, the Bureau of Energy Efficiency (BEE) made it mandatory for all room air conditioners to have a default
temperature of 24 degrees Celsius.
AD VOLUME GROWTH
➢ As per TAM's latest AdEx report, television advertising for the durables sector grew 2.5 times during January-May 2022,
as compared to the same period in 2021. The sector grew 23% YoY in January-May 2022.
➢ The Indian consumer electronics and home appliances market is estimated to grow at a CAGR of 1.31% between 2022
and 2027.
➢ For the same period, the top ten advertisers accounted for >50% share of sector’s ad space, with TTK Prestige India at
the top of the advertiser’s list with 17% share in the sector’s ad space.

Section 8
Growth Drivers

8. Growth Drivers
Income Growth will Drive Demand for Consumer Durables
➢ Demand for consumer durables in India has been growing on the back of rising incomes. This trend is set to continue
even as other factors like rising rural incomes, increasing urbanisation, a growing middle class and changing lifestyles aid
demand growth in the sector.
➢ Significant increase in discretionary income and easy financing schemes have led to shortened product replacement
cycles and evolving lifestyles where consumer durables like ACs and LCD TVs are perceived as utility items rather than
luxury possessions.
➢ Growth in demand from rural and semi-urban markets is likely to outpace demand from urban markets.
➢ In October 2020, Samsung’s consumer electronics business in India increased by >30% due to increased demand from
smaller cities, which are racing ahead of metros.

8. Growth Drivers
➢ Growth in online retailing is a key factor to reach out as a newer channel for buyers, with increase in demand.
➢ Per capita GDP of India expected to reach US$ 3,274 in 2023 from US$ 2,539 in 2020.
➢ Non-metro markets, namely Vishakhapatnam, Bhopal, Vadodara, Chandigarh, etc., have grown rapidly on consumption,
becoming the main target markets and posing a huge potential to turn into new business centres as compared to metro
cities.

8. Growth Drivers
GDP Per Capita at Current Prices (US$)
3,500
3,274
3,007
3,000
2,762
2,539
2,500 2,334
2,135
1,983
2,000
1,500
1,000
500
0
2017 2018 2019 2020 2021 2022 2023

Section 9
Opportunities

9. Opportunities
Growing Television Market
➢ In FY22, TV penetration in India stood at 70%, driven by the DTH market.
➢ DTH players are expected to get the largest share in phase IV of the digitisation market.
➢ Digitisation may lead to a complete switchover from analogue cable to Digital Addressable Systems in a phased manner.
➢ According to a report by Counterpoint Research, India’s smart TV market grew by 74% YoY in the second quarter of
2022. Xiaomi stood as the leader with a 13% market share, followed by Samsung at 12%
➢ The market also grew 28% in YOY in 2022 and the growth was primarily driven by strong shipments during the festive
season in the third quarter, multiple new launches, discounts and promotions, and the demand for bigger screen-size
TVs in the lower price tier.
➢ According to a report by International Data Corporation (IDC), 4.5 million televisions were shipped to India in the first half
of 2023. During the same time, Xiaomi continues to lead the TV market with a 14% share focusing more on its TV lineup,
mainly the 5A and Redmi series.
9. Opportunities
➢ The advertisement income recorded by FM Radio operators for the quarter ending December 31, 2022, in respect of 388
private FM Radio stations was US$ 51.8 million (Rs. 427.18 crore).
➢ 408 Community Radio stations are operational as of December 31, 2022.
➢ In September 2021, Airtel Digital TV, the DTH arm of Bharti Airtel, introduced Made-in-India high-definition set-top boxes
for customers. The boxes are being manufactured in Noida, Uttar Pradesh, by Skyworth Electronics.

9. Opportunities
India Smart TV Shipments (2021-22) in Percent
100
90
80
70 57.4
60
50
40
30
20 10.5 10.2 43.2
8.5
10 17.5 15.4 8.2
11.7
0 5.8
Mi Samsung LG One Plus Others
2021 2022

9. Opportunities
Market share of DTH operators (as of May 2023)
18.59%
32.70%
22.36%
26.35%
Tata Play Ltd. Bharti Telemedia Ltd. Dish TV India Sun Direct TV

Section 10
Key Retail Related FDI Policies that will Impact
Consumer Durables

1.
➢ 51% FDI in multi brand retail status: Approved
➢ Minimum investment cap is US$ 100 million.
➢ 30% procurement of manufactured or processed products must be from SMEs.
➢ Minimum 50% of the first minimum tranche of US$ 100 million must be invested in back-end infrastructure (logistics, cold
storage, soil testing labs, seed farming and agro-processing units).
➢ Removes the middlemen and provides a better price to farmers.
➢ 50% of the jobs in the retail outlet could be reserved for rural youth and a certain amount of farm produce could be
required to be procured from poor farmers.
➢ To ensure the Public Distribution System (PDS) and Food Security System (FSS), Government reserves the right to
procure a certain amount of food grains.
➢ Consumers will receive higher quality products at lower prices and better service.

2.
➢ 100% FDI in single brand retail status: Policy passed
➢ Products to be sold under the same brand internationally.
➢ In 2015, according to revised FDI regulations single brand retail companies if desire to sell on ecommerce platform would
be allowed only if they have licence for setting up physical outlets.
➢ Sale of multi brand goods is not allowed, even if produced by the same manufacturer.
➢ For FDI above 51%, 30% sourcing must be from SMEs.
➢ Any additional product categories to be sold under single brand retail must first receive additional Government approval.
➢ “Make in India” initiative to further strengthen the investments coming to India.

Section 11
Exchange Rates

11. Exchange Rates (Fiscal Year)
Exchange Rates (Fiscal Year)
Year Rs. Equivalent of one US$

2004-05 44.95
2005-06 44.28
2006-07 45.29
2007-08 40.24
2008-09 45.91
2009-10 47.42
2010-11 45.58
2011-12 47.95
2012-13 54.45
2013-14 60.50
2014-15 61.15
2015-16 65.46
2016-17 67.09
2017-18 64.45
2018-19 69.89
2019-20 70.49
2020-21 73.20
2021-22 74.42
2022-23 78.60

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India Consumer Durables Market Insights

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Market Analysis Project Delivery

➢ We continuously strive to pool in industry experts, across the

Expert Identification: Using

Reach out & Interviews:

Database A through synthesis of existing publication across the web

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4. Consumer Durables Market Overview

5. Consumer Electronics – Key Products

6. Recent Trends and Strategies

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Figure-01: Indian Appliance and Consumer Electronics Industry (US$ Billion)

Figure-02: Electronics Hardware Production in India (US$ Billion)

Figure-03: Television Market in India (US$ Billion)

Figure-04: Indian Appliance and Consumer Electronics Industry (US$ Billion)

Figure-05: Production of Major White Goods (Lakh Units)

Figure-06: White Goods Market in India in 2021 (US$ Billion)

Figure-08: GDP Per Capita at Current Prices (US$)

Figure-09: India Smart TV Shipments (2021-22) in Percent

Figure-10: Market share of DTH operators (as of May 2023)

Figure-11: Exchange Rates (Fiscal Year)

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Indian Appliance and Consumer Electronics Industry (US$ Billion)

Source: India Brand Equity Foundation

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Electronics Hardware Production in India (US$ Billion)

Source: India Brand Equity Foundation

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Television Market in India (US$ Billion)

Source: India Brand Equity Foundation

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➢ 100% FDI allowed in electronics hardwaremanufacturing.

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The Consumer Durables Market is Split into Two Key Segments

Televisions Air Conditioners

Digital Cameras Sewing Machines

Camcorders Cleaning Equipment

Growth in Consumer Durables

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➢ In 2022-23 (April-November), the export of white goods are as follows:

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Indian Appliance and Consumer Electronics Industry (US$ Billion)

Source: India Brand Equity Foundation