Consumer Durable
India's consumer durables industry is poised for growth in 2024 and beyond, fuelled by factors such as rising disposable income, technological advancements, and an expanding middle class. The market is valued at $34.7 billion in 2024 and is projected to reach $45.6 billion by 2028, with a compound annual growth rate (CAGR) of 7.1%. By 2030, India is expected to become the fourth-largest consumer durables market globally.
The consumer electronics sector is also set for robust growth, with a market value of $79.7 billion in 2024, anticipated to rise to $108.8 billion by 2028, growing at a CAGR of 8.1%. India has set a target to achieve $120 billion in electronics exports by FY26.
Consumers are increasingly interested in connected, energy-efficient, and convenient products. The rising aspirations and disposable income, coupled with more promotional offers, are driving this trend. Key categories such as televisions, air conditioners, and refrigerators show significant growth potential, especially air conditioners, which remain underpenetrated in India at just 8% compared to the global average of 42%.
In FY24’s last quarter, the Indian government allocated approximately Rs. 79 crore (US$ 9.51 million) in incentives under the Production Linked Incentive (PLI) scheme for white goods. This scheme, running from FY 2021-22 to FY 2028-29, has approved 64 applicants, with a total committed investment of Rs. 6,766 crore (US$ 814 million). Efforts are also underway to establish a centralized data repository on service centers and repair policies to protect customer rights.
Consumer Durable Figures
50,00,000
Total Employment
500,000 Crore
Projected Growth by 2030
64.57 Lakh Crore
Exports
Consumer Durables Sector revenue in India from FY 2019 to 2023
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