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India Consumer Electronics Market

Advertiser: Geeta Narwade Location: Pune Posted: Sep 27, 2019 5:10:05 AM Hits: 126

India Consumer Electronics Market


Ref: UK184044
India Consumer Electronics Market is expected to reach US$ XX Mn in terms of revenue with a high CAGR of XX% in the forecasting period 2018-2026. Increasing penetration of smartphones across the country is expected to drive the consumer electronics market growth over the forecast period. It can be attributed to the availability of advanced features such as fingerprint scanners, high-resolution display, and powerful camera systems followed by the cheaper mobile data services across the country such as Jio, Airtel and Vodafone provide the free calling with the very low tariff for internet access in mobile phones. With the gradually declining prices of smartphones, the number of users across the country is increasing at a rapid rate. The growing number of users coupled with a stagnant replacement cycle of as low as two years is further contributing to the Consumer Electronics Market growth. The demand for televisions with larger screen sizes integrated with new technologies such as 4K and OLED is on the rise across the country. The number of vendors offering such advanced technologies is increasing with players such as LG Electronics, Sony Corporation, and Samsung Electronics in the marketplace resulting in rising in competition. In addition, the growing popularity of OLED and 4K televisions followed by the declining prices of these devices are providing impetus to the consumer electronics market growth. With the falling prices of such devices coupled with the growing replacement rate of traditional televisions with newer ones, adoption is expected to increase over the forecast timeline. The imaging equipment industry is currently witnessing a huge decline in sales since the past few years followed by the manufacturing rate dropping year-on-year. With the increase in smartphone photographers, the number of individuals using digital cameras for photography applications is shrinking at drastic rates. The phone cameras are getting better and providing a decent quality of photos and are anticipated to improvise further over the years. Growing preference of users toward smartphones as compared to making an investment on a DSLR camera, further restraining the digital photo equipment in the consumer electronics market. Furthermore, considering the shrinking camera industry, players such as Canon and Nikon are making a transition towards the professional application. The consumer electronics market for India can be segmented into product and application. In terms of product, the electronics consumer market for India can be classified into audio & video equipment, household appliances, and digital photo equipment. The audio & video equipment segment is predicted to witness significant growth over the forecast time period. It can be attributed to the rise in penetration of smart technologies integrated into every-day audio and video electronic equipment such as TVs and speakers. These are equipped with remote monitoring and sensing capabilities and can be integrated with artificial intelligence to increase user convenience. Furthermore, the advancement of new technologies such as 4K, 8K, and higher resolution systems is further contributing to the consumer electronics market growth. Major household appliances segment in the consumer electronics market is growing owing to the rising disposable income of individuals across the country. Improving living standards and proliferating number of households followed by the rising requirements for the replacement of older electric household appliances is fuelling the growth of major household appliances. The growing demand for energy efficiency contributes to the growth of advanced refrigerators.
In terms, of application, consumer electronics market can be classified into personal, and Professional. The personal application segment holds the largest market share in 2017. This is largely due to the rising prominence of advanced and wireless technologies in the earphones & headphones industry. Rapid urbanization and the industrialization in the country is leading to a rise in the disposable incomes of the working and middle-class population. Due to this, a rise in the number of consumers can now spend a larger portion of their income on such products. However, the personal application segment is facing huge challenges in digital photo equipment industry owing to the advancements in smartphones and tablets market integrated with advanced cameras that offer high-quality pictures and videos. Players in the industry have started targeting professional customers, which will increase the prices of the cameras and camcorders over the future.
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