Indian consumer electronics break boundaries; export surge to the US and Europe
Indian consumer electronics manufacturers are expanding their export horizons to developed markets such as the US and Europe, previously limited to neighbouring, Middle Eastern and African countries. Companies like Havells, Dixon, Voltas, and Blue Star are establishing bases for exports in these lucrative markets. Havells India, for instance, has formed a subsidiary in the US to distribute air conditioners, while Dixon Technologies plans to scale up exports of Motorola smartphones to the US. Tata-owned Voltas has secured export orders for refrigerators and dishwashers for the European market.
This shift towards exporting to developed markets reflects a broader trend of reducing reliance on imports and increasing value addition in Indian manufacturing. Blue Star Ltd, for example, is focusing on designing and manufacturing products for other brands in international markets like the US and Europe. The company aims to achieve US$ 500 million in global sales within three years, signaling ambitious growth aspirations. While the contribution of exports to overall sales has been relatively stagnant in recent years for most companies, these strategic initiatives signal a determined effort to expand market reach and drive revenue growth in the competitive global electronics landscape.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.