Premiumisation, investments to propel appliances, consumer electronics industry in 2024
- IBEF
- December 27, 2023
Anticipated growth of approximately 10% is foreseen in the country's appliances and consumer electronics industry in 2024, propelled by the industry's focus on offering premium products, catering to the escalating demand for smart appliances, and augmenting investments following a year marked by substantial business momentum. The shift towards a "better total cost ownership" is driving consumer demand for smart appliances, inverter ACs, high-capacity top-load washing machines, double-door frost-free refrigerators exceeding 300 litres, and large screen 4K LEDs, with 51 inches screens experiencing the swiftest sales growth, as highlighted by industry leaders.
A strategic emphasis on premiumisation, where consumers willingly invest more for an enhanced experience, convenience, connectivity, and energy efficiency, emerges as the industry's key proposition. This strategic direction aims to consolidate growth after the industry's double-digit value-based expansion during the festival season and favourable business trends in the wedding season.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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