Electronics industry in India dates back to the early 1960s. Till 1984, this industry was primarily owned by the government; in the 1980s, due to varied economic changes, liberalization, and globalization of the economy, this industry registered a massive growth rate. It was valued at $ 61.8 bn in 2015 with 82 % contribution to the overall market in the same year. The Indian Electronics Industry can be segmented as follows:
Mobile Devices (27%)
Consumer Electronics (18%)
Industrial Electronics (15%)
IT/Office Automation (10%)
Automotive Electronics (8%)
Telecom (8%)
Strategic (Aerospace and Defence) (7%)
Medical Devices (4%)
Others (3%)
India is growing at a rapid pace and is undergoing a major change in its economic environment. Along with this, the consumer electronics sector has witnessed tremendous growth as well owing to factors such as growing awareness among consumers, increased demands from households, rising disposable incomes, easier access to credit, and changing lifestyles of individuals.
Electronic products are fabricated to provide comfort and convenience to consumers. Since last many years, electronics goods have become an important part of our daily lives and we cannot imagine living a single day without them. The electronic products that are extensively used in the households are called Consumer electronics or more commonly home electronics. Consumer electronics refer to any electronic devices that are designed to be used by end-users or consumers for daily and non-commercial/professional purposes.
Consumer electronics include an extensive range of devices that provide one or more functionalities in a home or for a particular individual like LED TVs, video games, refrigerators, DVD players, smartphones, tablets, laptop, washing machines, and similar products. Nowadays, due to advancement in the technology, the consumer electronics available these days are smart, durable, reliable, and power-efficient in comparison to their older version. Many consumer electronics are green, eco-friendly and doesn't contribute further to global warming.
The Indian electronics industry has grown and developed tremendously and it is estimated to reach up to $ 400 billion by the year 2025. Also, by the same year, the Consumer Electronics and Appliances Industry of India is expected to become the fifth-largest globally.
Due to the introduction of new applications and cost-effective data packs, the sale of smartphones is increasing consistently which led India to become one of the fastest-growing markets of smartphone in the Asia Pacific and it is said that the Indian gaming industry will reach up to $ 801 millions by 2022 which shows the potential of video games in this market.
Main growth drivers behind this are:
Growing middle-class population
The rise in disposable income
Reduction in the price of electronics
Easy access to electrification
Favorable government policies
The Government of India is working diligently to encourage the growth of this ever growing industry by de-licensing the electronics industry and allowing 100 percent foreign direct investment (FDI) in this sector.
By looking at the scenarios discussed above, we can confirm that the future of Indian electronic industry is very bright. Right now is the best time for entities that are trying to gain a foothold in this sector. For a flourishing business and success ahead, become a Consumer Electronics Franchise today! With minimal investment, you can start your own business with ease. You can select and join reliable manufacturers dealing with home appliances franchise, smartphones, and allied consumer goods franchise business by clicking here and start your journey in a fuss-free way!
