Consumer Electronics and Home Appliances Market in India to Grow by $2.12B from 2020 to 2025

Article By : Technavio

The consumer electronics and home appliances market in India is expected to grow by $2.12 billion from 2020 to 2025, according to Technavio.

The consumer electronics and home appliances market in India is expected to grow by $2.12 billion from 2020 to 2025, according to Technavio. The growth momentum of the market will accelerate at a CAGR of 1.3% during the forecast period. The year-over-year growth rate of the market in 2021 was 1.09%.

The increasing demand for premium appliances will fuel the growth of the consumer electronics and home appliances market in India during the forecast period. The growing importance of consumer electronics and home appliances is resulting in the demand for unique and premium consumer electronics.

Premium appliances are equipped with smart features that match the societal status of upper-class households. The increasing number of high-net-worth individuals (HNWIs) is driving the demand for luxury consumer electronics and home appliances in developing economies and fueling the market growth.

Compliance costs will challenge the growth of the consumer electronics and household appliances market in India. The consumer electronics and home appliances market has been experiencing an increase in cost burden due to the evolving nature of compliances prescribed by the government in recent years.

This cost burden is ultimately passed on to consumers, thus making products unaffordable and having a detrimental impact on their demand. These factors will challenge the growth of the market during the forecast period.

 

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