Indian consumer durables market is broadly segregated into urban and rural markets and is attracting marketers from across the world. The sector comprises of a huge middle class, relatively large affluent class and a small economically disadvantaged class. Global corporations view India as one of the key markets from where future growth is likely to emerge. The growth in India’s consumer market would be primarily driven by a favorable population composition and increasing disposable income.
Per capita GDP of India is expected to reach US$ 3,273.85 in 2023 from US$ 1,983 in 2012. The maximum consumer spending is likely to occur in food, housing, consumer durables, and transport and communication sectors.
According to Department for Promotion of Industry and Internal Trade, during April 2000 – March 2020, FDI inflow into the electronics sector stood at US$ 2.79 billion.
Following are some recent investments and developments in the Indian consumer market sector.
Indian appliance and consumer electronics (ACE) market is expected to increase at 9 per cent CAGR to reach Rs 3.15 trillion (US$ 48.37 billion) in 2022. Demand growth is likely to accelerate with rising disposable income and easy access to credit. Increasing electrification of rural areas and wide usability of online sales would also aid growth in demand.
Note: Conversion rate used in April 2020, Rs 1 = US$ 0.013123
References: Media reports, press releases, Press Information Bureau (PIB), Union Budget 2019-20, Boston Consulting Group, International Data Corporation.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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