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.
Rise in disposable personal income (DPI)
The rise in replacement sales in the country is expected to drive India’s appliance market demand. This may be attributed to a rise in per capita income coupled with rapid urbanization. Home appliance encompasses cooking, home comfort, refrigeration, and laundry appliances. The home comfort segment is expected to witness high growth over the next few years owing to rising customers’ preference for comfort and minimum manual efforts. Economic development in India is anticipated to boost the market demand. Growing population, rapid infrastructure development, and strong economic development are also expected to favorably impact market growth over the forecast period. Industry participants emphasize product development, innovation, and new product introduction to sustain competition.
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Technological advancements have led to the development of smart appliances
Technological advancements have led to the development of smart appliances, and are expected to drive market growth over the forecast period. The smart home appliances offer advanced features and are more energy-efficient. The rise in consumer disposable income, high living standards, and the need for comfort instigate consumers to upgrade their existing appliances to smarter versions, which is further expected to impel the market demand. Consumers widely purchase home appliances as they provide convenience, reduce manual efforts, and save time. Product innovation, new product development, product differentiation, and integration of numerous value-added features are further expected to catapult Indian appliances market demand over the next few years.
In the 4th Quarter of 2020, under the Universal Immunization Programme of the Union Health Ministry, Godrej Appliances announced that it would commission 11,856 units of vaccine refrigerators and freezers, worth USD 12.9 million, over the coming 6 months.
In the 4th Quarter of 2020, iFFalcon, a television brand of TCL, announced that it would be introducing a front-loading washing machine which contains an LED display.
Key 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. India appliances market is significantly fragmented owing to the presence of several established large and small players. Vendors in this home and kitchen appliances market compete intensely especially in terms of price, quality, brand, and variety. To attain a competitive advantage over the other players, the vendors are focusing on adopting several competitive strategies and product innovation.
Scope of the Report
|Years Considered||Historical data – 2016-2019
Base Year – 2019
Forecast – 2020 – 2026
|Facts Covered||Revenue in USD Billion|
|Product/Service Segmentation||By type & sales channel|
|Key Players||Key players for India Appliances market includes: 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.|
Scope of the Report
- Major Appliances
l Washing Machine
l Electric Cooker
l Electric Oven
- Small Appliances
l Vacuum Cleaner
l Microwave Oven
l Hair Dryer
- By Sales Channel
- Supermarkets & Hypermarkets
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