India Home Appliances Market to Grow at a CAGR of 5.70% During 2024-2032, Aided by Improving Living Standards and Rising Disposable Incomes

The growth of the India home appliances market is driven by improving standards of living and rising disposable income of the poopulation. The evolving Indian economy and lifestyle shifts, including more working individuals, nuclear families, and job migration, are driving the demand for convenient, time-saving household items. Energy efficiency, digital adoption, and rising aspirations are key growth drivers. India's policies, particularly in commercial and regulatory realms, have undergone significant transformation to support this evolving market landscape. 

Fig: Share of Home Automation Market in Leading Indian Cities, 2018

The domestic market for connected devices, with a focus on smart homes and lifestyles, is poised for significant growth beyond tier 1 cities to include tier 2 and tier 3 cities. Government initiatives promoting digitalisation, increased internet penetration, and rising awareness among the 30-55 age group will drive adoption. Smart home automation and security services are key growth areas, supported by advancements in 5G and LoRaWAN technologies. Home automation, particularly in lighting, security, audio/video, and HVAC, is more prevalent in western India.

Anticipated legislative changes in the appliances sector, along with the forthcoming national policy for electronics (NPE), could impact the market dynamics. Rising aspirations in urban and rural India, coupled with government initiatives like GST, are fueling exponential growth. Increased household incomes, electrification in rural areas, rise of social media and online shopping, and access to credit are boosting consumer spending, further driving the market growth.

The smart home appliances market is thriving due to increase in smart homes, especially in tier 1 and tier 2 cities, along with advancements in home automation and the trend towards home cooking. The surge in home remodelling projects is further boosting the adoption of smart appliances. Improved functionality and ease of use, driven by wireless communication and IT innovations, are attracting users. Additionally, IoT integration is fostering appliance interconnectivity, favouring the market expansion.

Urbanisation, premiumisation, and innovation are key drivers of India's domestic appliances market. Consumers seek appliances that meet their needs while enhancing their lives. The pandemic lockdown accelerated the trend of individuals cooking and cleaning at home, a trend that persists post-lockdown, sustaining demand for home appliances.

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Market Breakup by Product, Distribution Channel, Price Range, and Region:

• The market is segmented based on product into refrigerators, air conditioners, and washing machines, among others.

• Based on distribution channel, the market is divided into supermarkets and hypermarkets, online and specialty retail channels, and exclusive/multi-brand outlets, among others.

• On the basis of price range, the market is categorised into economy, mid-range, and premium.

• By region, the market is segmented into East India, West India, South India, and North India.

Key Findings of the Report:

• Rising living standards and disposable incomes in India have spurred demand for convenient home appliances that streamline everyday chores, reflecting a growing consumer base seeking time-saving solutions. This trend is propelling growth in the Indian home appliances market.

• The increasing urbanisation and improved rural connectivity in India are expected to boost the demand for home appliances nationwide. As urbanisation expands and connectivity improves, home appliances are becoming more accessible and widely embraced across both rural and urban regions of the country.

• Increasing promotions and rising brand awareness are driving the demand for everyday-use appliances in India. As a diverse range of products becomes available at different price points, more consumers are investing in suitable home appliances to enhance their daily lives. 

Key Offerings of the Report:

• The EMR report gives an overview of the India home appliances market for the periods (2018-2023) and (2024-2032). 

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the product, distribution channel, price range, and region of the India home appliances market.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the Indian home appliances market are Samsung India Electronics Pvt Ltd, LG Electronics, Whirlpool of India Limited, Voltas Limited, Bosch Limited, Godrej & Boyce Manufacturing Company Limited, Haier Inc., IFB Appliances, and Havells India Limited, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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