India Consumer Electronics Market Gains Momentum Through Digital India Push

 The India consumer electronics market was valued at USD 73.73 billion in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 6.8% from 2023 to 2030. India presents a significant global opportunity for short- to medium-term growth in consumer electronics expenditure. Low penetration rates compared to other emerging markets highlight strong potential for first-time buyers, as well as middle-class consumers seeking device replacements.

The COVID-19 pandemic notably disrupted consumer electronics demand. Factory shutdowns and supply chain issues led to substantial shortages of components. Additionally, counterfeiting, shipping delays, evolving customer behaviors, and growing environmental concerns contributed to a slowdown in market growth. Many manufacturers experienced shipment delays of at least five weeks for essential components.

Market growth in India is being driven by rising household demand, lifestyle changes, greater access to consumer credit, and increasing disposable incomes. Government efforts to reduce import bills—alongside both public and private sector investments—are expected to reinforce this positive trend. The Indian consumer electronics sector has also seen considerable foreign investment, with global market leaders engaging in mergers, acquisitions, and other FDI initiatives.

In alignment with the Make in India initiative, the Electronic Development Fund Policy was sanctioned to streamline the duty structure. The Modified Special Incentive Package Scheme (M-SIPS) was also introduced, offering a CAPEX subsidy of approximately 15–20%. Over the coming years, manufacturers are expected to ramp up investment in production, distribution, and research and development. The growing footprint of organized retail has also led to the rise of modern retail outlets, including e-retailers such as E Zone, Reliance Digital, and Tata Croma.

Surging production in the Indian electronics sector is largely driven by the increasing demand for high-tech products such as computers, smartphones, televisions, and defense-related electronics. In a market where innovation is highly valued by consumers—particularly among higher-income segments—staying abreast of the latest technology is critical for manufacturers. Consumer electronics have emerged as the largest contributor to India's overall electronics production.

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In the Union Budget for FY 2017, the government exempted various components and sub-parts used in manufacturing set-top boxes and broadband modems. The integration of artificial intelligence (AI) into products is also poised to enhance prospects in both consumer and industrial electronics markets.

India has the potential to become a major manufacturing hub for the region, contingent on sustained government support and targeted initiatives. Factors expected to bolster domestic manufacturing include lower borrowing costs, export incentives, reduced customs duties on raw materials and components, and ongoing improvements in ease of doing business.

Key players in the India consumer electronics market include:

  • Samsung Electronics Co., Ltd.

  • LG Electronics, Inc.

  • Godrej Appliances

  • Sony Corporation

  • Mitsubishi Electric Corporation

  • Vijay Sales

  • Panasonic Corporation

  • Haier Consumer Electronics Group

  • Bajaj Electricals Ltd.

  • Hitachi Ltd.

  • Toshiba Corporation

  • Whirlpool Corporation

Gather more insights about the market drivers, restrains and growth of the India Consumer Electronics Market

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