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Make In India Success: Domestic Manufacturing Of Consumer Electronics To Grow At 17.8 Per Cent Annually Till 2024-25
Workers at an assembly line of Highly Electrical Appliances India Pvt Ltd at a company air-conditioner compressor plant at Matoda, some near Ahmedabad. (SAM PANTHAKY/AFP/Getty Images)
A new study released by Frost & Sullivan and the Consumer Electronics and Appliances Manufacturers Association (CEAMA) projects that the Indian consumer electronics market will see a compounded annual growth rate of 11.7 per cent in the next five years, reports Business Today.
The cherry on top of the cake is that domestic manufacturing in this segment will grow even faster at 17.8 per cent.
"With the rise in the purchase of ACE products and favourable government initiatives like 'Make in India' and the National Policy on Electronics, India can transform itself into a global consumer electronics manufacturing hub. The domestic value addition for the ACE products stands at 34 per cent in 2018/19 and is likely to grow to 54 per cent by 2024/25," says the report.
The five primary categories in the segment which the report has looked at are audio, refrigerators, televisions, air conditioners and washing machines, with the overall market estimated to grow to Rs 1,48,600 crore by 2024-25, up from Rs 76,400 crore at present.
The bright future prospects of the consumer electronics market are attributed to the young median age of the Indian population, with an expansion of the number of people working age group in the coming years. Another reason is the current low levels of penetration for some appliances like air conditioners, leaving a lot of room for further growth.
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