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Highlights:
The increasing per capita income, burgeoning middle class and increasing standard of living in the country is catering to a rise in demand for consumer electronics services industry. Promotion and advertisement activities carried out by leading industry participants such as Samsung has positively augmented the market growth, and this trend is expected to continue over the forecast period.
Cable digitalization is also expected to cater to a rise in demand for televisions in India. Platforms for special interests, local channels in regional languages, as well as capacity to support a wide range of channels due to digitalization of cable network has spurred a rise in demand for televisions. Also, the introduction of novel TV sets by key industry participants such as Sony and Samsung are expected to contribute to an overall rise in demand for televisions over the forecast period.
These inherent advantages coupled with the rising sales of consumer electronics products in the country has benefitted the set-top box demand in the country.
India witnessed a rapid shift from analog signals to a set-top box in the recent past owing to the superior benefits of the set-top box as well as government policies. The government of India issued regulations aimed at digitalisation of the entire cable TV network in the country. Such trends are expected to favour market growth over the forecast period.
The Indian refrigeration industry is characterised by increasing supply, novel product launches and regulatory support from the government. Rapid urbanisation coupled with increasing disposable income in the country has contributed to a rise in demand for refrigerators. Due to the versatile and advanced refrigerators available in the market, the Indian consumers are replacing their existing and old refrigerators with new ones. This rapid change towards set-top box is expected to continue over the forecast period.
Set-top boxes offer inherent benefits such as better clarity of picture, ability to display a large number of channels, digital video recording as well as video on demand. Companies adopt competitive pricing techniques to gain market share. The set top box is used to translate the signal received from satellites and to further convert it to television content. In addition to this scenario, refrigerator selling retailers are adopting competitive strategies such as teaming up with financial institutes to provide easy financing options to sell their products. The increasing penetration of refrigerators in rural areas is a key industry scenario.
The growing domestic demand and the rising labor costs in alternative markets can lead to an increase in the number of jobs in consumer electronics services sector by almost two times. by 2022. This is attributed to limited domestic component ecosystem, high cost of finance and power, and inefficient This is attributed to limited domestic component ecosystem, high cost of finance and power, and inefficient infrastructure.
The report recommends creating large scale demand by easing the tax structure and encouraging financing firms to provide easy consumer finance. The growing domestic demand and the rising labor costs in alternative markets can lead to an increase in the number of jobs in this sector by almost two times.
The domestic home appliance and consumer electronics market is expected to grow by 10 per cent on a compounded annual growth rate till 2022, according to latest PwC report, with the country having the potential to be one of fastest growing markets in the world in terms of consumption, manufacturing and job creation.
The report said factors like emerging middle class, rising disposable incomes and progressive government reforms such as digital India and make in India will drive growth.
However, a key challenge in consumer electronics services sector is the low domestic cumulative value addition in the production cycle, which is less than 40% for most new age products and 7% for smartphones -- far lower than the global average. It suggests domestic manufacturing cost should be competitive by lowering cost of capital, creating a phased manufacturing plan for these products like mobile phones in which incentives will be linked to domestic value addition in India and ensuring low sourcing costs through development of a good supplier ecosystem.
PwC says if these are adopted, the Indian appliances and consumer electronics industry can aim to increase value addition by two to three times by 2022.
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Products in consumer electronics sector that drives growth
The Indian consumer electronics market is expected to increase at a 9 per cent CAGR to reach Rs 3.15 trillion (US$ 48.37 billion) in 2022. Indian appliance and consumer electronics market reached Rs 2.05 trillion (US$ 31.48 billion) in 2017. The Government of India's policies and regulatory frameworks such as relaxation of license rules and approval of 51 per cent foreign direct investment (FDI) in multi-brand and 100 per cent in single-brand retail are some of the major growth drivers for the consumer market. The S&P BSE Consumer Durables Index has grown at 20 per cent CAGR in 2010-17.
White goods industry in India is highly concentrated. Urban markets account for the major share (65 per cent) of total revenues in the consumer durables sector in India.
There is a lot of scope for growth from rural markets with consumption expected to grow in these areas as penetration of brands increases. Consumer electronics exports from India reached US$ 362.12 million in FY18 and US$ 175.03 million in April-August 2018**. In washing machines and refrigerators, top five players have more than 75 per cent market share, while in air conditioners and fans it is around 55-60 per cent. Also demand for durables like refrigerators as well as consumer electronic goods are likely to witness growing demand in the coming years in the rural markets as the government plans to invest significantly in rural electrification. Overall consumer durable exports reached US$ 0.78 billion in 2017. On the other hand, kitchen appliances segment is fragmented with top five players having 30-35 per cent market share.
Under Budget 2018-19, the government retained its focus on rural economy by continuing the pro-poor and pro-farmer schemes.
Growing awareness, easier access, and changing lifestyles have been the key growth drivers for the consumer market.
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According to the data released by the Department of Industrial Policy and Promotion (DIPP), the electronics sector attracted foreign direct investment (FDI) worth US$ 1.97 billion between April 2000 and June 2018. The S&P BSE Consumer Durables Index has grown at 20 per cent CAGR between 2010-17.
Following are some recent investments and developments in the Indian consumer market sector.
Indian appliance and consumer electronics (ACE) market is expected to increase at a 9 per cent CAGR to reach Rs 3.15 trillion (US$ 48.37 billion) in 2022. Demand growth is likely to accelerate with rising disposable incomes and easy access to credit. Increasing electrification of rural areas and wide usability of online sales would also aid growth in demand.
Exchange Rate Used: INR 1 = US$ 0.0149 as of Q1 FY19
References: Media reports, press releases, Press Information Bureau (PIB), Union Budget 2017-18, Boston Consulting Group, International Data Corporation.
Indian consumer electronics Services - home
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