Advantage India
Growing
Demand
* The Indian room air conditioner market is projected to reach Rs. 50,000 crore (US$ 5.6 billion) by FY29.
* Due to a flourishing economy and changing demographics, India's smartphone market is projected to grow to US$ 90 billion by 2032.
* 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.
Opportunities
* India’s wearable market registered another record quarter, shipping 134 million units in CY 2023, a growth of 34 YoY.
*During (April-June) 2024, electronics exports reach US$ 8.44 billion. With robust growth, India aims to achieve electronics manufacturing worth US$ 300 billion in electronics exports of US$ 120 billion by FY26.
* With robust growth, India aims to achieve electronics manufacturing worth US$ 300 billion in electronics exports of US$ 120 billion by FY26.
Policy
Support
* 100% FDI allowed in the electronics hardware-manufacturing.
* The PLI scheme for White Goods (ACs and LED lights) spanning FY 2021-22 to FY 2028-29 approves 64 applicants with a committed investment of US$ 814 million (Rs. 6,766 crore).
* In March 2023, Samsung invested in setting up smart manufacturing capabilities at its mobile phone plant in Noida.
Increasing
Investments
* In FY23, Godrej Appliances announced plans to invest US$ 25.11 million in the capacity expansion of its premium range.
* Between April 2000- March 2024, electronic goods attracted FDI inflows of US$ 4.83 billion.
* Haier appliances plans to invest ~ Rs. 800 crore (US$ 96.28 million) in current financial year, with further initiatives in pipeline.
Voltas Ltd
Voltas Ltd is part of the Tata Group and the largest air conditioning company in India. Along with cooling products, it is a leader in engineering solutions and projects. The company started in 1954 and has come a long way to become a market leader in the country over several other multinational players. It has one of the largest distribution networks in India with more than 24,000 touch points in FY22. In consumer durables, the company manufactures room air conditioners and air coolers. It was a leader in the room ACs segment with a 23.4% market share in FY22, whereas, in air coolers, it held the second position, with 12% market share.
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Crompton Greaves Consumer Electricals Ltd
Crompton Greaves Consumer Electricals Ltd is a leading player in India’s consumer electricals sector with a wide portfolio, which includes fans, lighting, pumps, and household appliances. The company dates it origin back to 1947 when Mr. L K Thapar, an eminent Indian industrialist, took over Crompton Parkinson Works Ltd and Greaves Cotton & Crompton Parkinson Ltd. The company was now part of the Thapar Group. In 1966, these two companies were merged to form CG Power and Industrial Solutions Limited. In 2015, the consumer durables business was demerged to form a separate entity, Crompton Greaves Consumer Electricals Ltd. In FY22, the electric consumer durables segment of CGCEL earned revenue of Rs. 5,453.10 crore (US$ 685.68 million).
Read MoreBlue Star Ltd
Blue Star Ltd. is India's leading air conditioning and commercial refrigeration and completed its 75th year in September 2018. The company has a network of 32 offices, five modern manufacturing facilities and 2,900 channel partners. It provides products like air conditioners, water purifiers, air purifiers & refrigeration products and systems, along with 765 service associates reaching out to customers in over 800 towns. The company also offers expertise in allied contracting activities such as electrical, plumbing, fire-fighting and industrial projects, in order to offer turnkey solutions, apart from execution of specialised industrial projects. The company has a manufacturing footprint of about 100,000 square meters, with the mainstay of product development and R&D being energy-efficiency, coupled with eco-friendly and sustainable products.
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