India Home Appliances Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 5.50 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
India Home Appliances Market Analysis
Indian Home Appliances Market has generated USD 75 Billion in the current year and is poised to achieve a CAGR of 5.5% for the forecast period.
The home appliance industry is one of the fastest expanding in the Indian market. Home appliances in India have been expanding steadily, driven by both large and small appliances. In 2022, most household appliance categories had growth in both retail volume and current value. The industry has a sizable untapped market for appliances such as air conditioners (AC), washing machines, and refrigerators.
The growing economy and changing lifestyles of Indian consumers have resulted in an increase in the number of working individuals, nuclear families, single-person homes, and job migration. As a result, these emerging homes have a growing need for accessibility and are looking for items that provide convenience while significantly reducing the time and effort spent on daily activities. The emphasis on energy-efficient products, rising digital penetration, and rising aspirations are the key growth factors for this market. India's policies have undergone a tremendous transformation, particularly those that deal with the commercial and regulatory environments.
The industry may experience significant legislative changes as a result of the appliances sector and the impending national policy for electronics (NPE). The growing urban middle class and aspirational demand from rural India, together with government changes such as GST, are causing the appliances industry to look forward to the next phase of exponential expansion. This increase in India's consumer market demand is mostly driven by rising disposable incomes in Indian households and easy credit availability, which results in increased spending power. Increased electrification of rural regions, as well as the growing influence of social media and the popularity of online purchases, are all anticipated to drive up demand.
Due to COVID-19, lockdowns and social distancing, measures affected retailers with physical stores more than online retailers, ultimately accelerating the shift from brick-and-mortar to online retailing. It effected the major suppliers for the raw materials (used to manufacture devices) as well as the finished products. The industry faced a reduction in production, disruption in supply, and price fluctuations. While this has vastly encourage local manufacturers to step up and address the growing demand, the scarcity of raw material was still a challenge to this industry.
India Home Appliances Market Trends
The Refrigerators Segment Accounts for a Significant Market Share
Refrigerators are regarded as a safe, simple, and practical method of preserving food and food goods. Rising disposable income, the availability of smart and energy-efficient refrigerator units, and the expansion of nuclear families are all driving rising demand for refrigerators for domestic usage. Single-door refrigerators are the most common door type since they are inexpensive, simple to use, and may or may not have an inbuilt freezer.
A remarkable achievement for the Indian refrigerator market, which had a total market value of USD 4,602.6 Million in 2022, were the 13,804 thousand units of refrigerators sold in India. In the India Refrigerator Market, sales of refrigerators with capacities between 200 and 499 litres account for more than 63% of total sales revenue. Indian customers have adopted new technology more frequently as a result of their progress, including connected and intelligent refrigerators. As a result, producers are increasing the number of products they sell, including refrigerators with smart features like Wi-Fi connectivity, voice control, and temperature sensors. These features enhance user experience and persuade customers to switch to more contemporary devices. With manufacturers focusing on introducing new technologies, improving their product offerings, and increasing their presence in tier-2 cities, the market is expected to continue to grow at a steady pace in the forecasted period.
Increase in Smart Home Appliances is Driving the Market
The market for smart home appliances is registering healthy growth, driven by the increasing number of smart homes globally and specifically in India, the advancements in home automation, and the rising inclination of people to cook at home. Further, the increasing number of home remodeling or home improvement projects, is spurring the use of smart appliances in households. Smart home appliances are also becoming easy to use with the addition of various functionalities, which are attracting user attention. Also, various developments in wireless communication and IT infrastructure that facilitate easy integration of such appliances and innovations and advancements by leading companies are boding well for the market. The rise of IoT is also facilitating the growth of the market. With the use of IoT, various appliances will be able to interconnect with one another.
Further, growing urbanization, better lifestyles, increasing disposable income levels, and the need for convenience are driving interest in smart home appliances. Smart washing machines lead the market, supported by the growing Internet and smartphone penetration. The convenience and luxury associated with such appliances are driving their demand. Product innovation, new product development, product differentiation, and integration of numerous value-added features are further expected to catapult Indian appliances market demand over the forecasted period.
India Home Appliances Industry Overview
The Indian home appliance market is competitive and moderately consolidated, as top players have a high market share in the industry of big and small appliances. Some of the major players are Electrolux AB, Haier Electronics Group Co Ltd, LG Electronics, Robert Bosch GmbH, Whirlpool Corporation, and Samsung, among others. Consumers have been becoming more technical understanding, and the manufacturers should be able ready to offer the best technological advancements to the users, thereby, increasing the investment into R&D. According to a source, over 35% of the Indian population lived in an urban area, which is expected to rise in the coming years. This creates an enormous opportunity for the smart home market players.
India Home Appliances Market Leaders
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Electrolux AB
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Haier Electronics Group Co Ltd
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LG Electronics
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Robert Bosch GmbH
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Whirlpool Corporation
*Disclaimer: Major Players sorted in no particular order
India Home Appliances Market News
- In May 2023, Samsung, launched its 2023 range of semi-automatic washing machines that come with new features such as Soft Closing Toughened Glass Lid and Dual Magic Filter. These added features make this latest range an ideal purchase for a seamless laundry experience.
- In March 2023, Haier, announced the launch of its new line-up of anti-scaling top load washing machines. Powered by Haier's anti-scaling technology, bionic magic filter, and 3D rolling wash, the new range complements modern lifestyle needs making the laundry experience efficient, simple, and effortless along with taking care for fabric.
- In Januaruy 2023, Samsung, announced the launch of its top-of-the-line, premium Side-by-Side Refrigerator range. This new range is 100% manufactured in India and comes with several India-specific features based on consumer insights that will make the lives of consumers convenient and better.
Home Appliances Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Increasing Disposable Income and Urbanization
- 4.2.2 E-commerce and Digital Transformation
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4.3 Market Restraints
- 4.3.1 Increased household appliance costs are impeding market expansion.
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4.4 Market Opportunities
- 4.4.1 Technological Advancements:
- 4.4.2 Shift towards Energy Efficiency
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4.5 Industry Attractiveness: Porter's Five Forces Analysis
- 4.5.1 Threat of New Entrants
- 4.5.2 Bargaining Power of Buyers
- 4.5.3 Bargaining Power of Suppliers
- 4.5.4 Threat of Substitutes
- 4.5.5 Intensity of Competitive Rivalry
- 4.6 Industry Value Chain Analysis
- 4.7 Technological Innovations driving the sales in the market
- 4.8 Government Regulations and Initiatives (Make in India, National Policy on Electronics, etc.)
- 4.9 Impact of COVID-19 on the Market
- 4.10 Insights on Setting up of Manufacturing Plants for Home Appliances in India
- 4.11 Insights on the Consumer Expenditure on Home Appliances and White Goods
5. MARKET SEGMENTATION
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5.1 By Product
- 5.1.1 By Major Appliances
- 5.1.1.1 Refrigerators
- 5.1.1.2 Freezers
- 5.1.1.3 Dishwashing Machines
- 5.1.1.4 Washing Machines
- 5.1.1.5 Cookers and Ovens
- 5.1.2 By Small Appliances
- 5.1.2.1 Vacuum Cleaners
- 5.1.2.2 Small Kitchen Appliances (Food Procesors, Air Fryers, Mixer Grinders)
- 5.1.2.3 Hair Clippers
- 5.1.2.4 Irons
- 5.1.2.5 Toasters
- 5.1.2.6 Grills and Roasters
- 5.1.2.7 Hair Dryers
- 5.1.2.8 Water Purifiers
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5.2 By Distribution Channel
- 5.2.1 Multi-Branded Stores
- 5.2.2 Exclusive Stores
- 5.2.3 Online
- 5.2.4 Other Distribution Channels
6. COMPETITIVE LANDSCAPE
- 6.1 Market Concentration Overview
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6.2 Company Profiles
- 6.2.1 Electrolux AB
- 6.2.2 Haier Electronics Group Co. Ltd
- 6.2.3 LG Electronics
- 6.2.4 Samsung India Electronics Pvt. Ltd
- 6.2.5 Whirlpool Corporation
- 6.2.6 Godrej Group
- 6.2.7 Blue Star Ltd
- 6.2.8 Voltas Ltd
- 6.2.9 IFB Home Appliances
- 6.2.10 Hitachi
- 6.2.11 Hoover Candy Group
- 6.2.12 IRobot
- 6.2.13 Koninklijke Philips
- 6.2.14 Videocon Industries Limited
- 6.2.15 Midea Group
- 6.2.16 Panasonic*
- *List Not Exhaustive
7. FUTURE MARKET TRENDS
8. DISCLAIMER AND ABOUT US
** Subject To AvailablityIndia Home Appliances Industry Segmentation
A home appliance, also referred to as a domestic appliance, an electric appliance, or a household appliance, is a machine that assists in household functions such as cooking, cleaning, and food preservation. A complete background analysis of the home appliances market, which includes an assessment of the national accounts, economy, and the emerging market trends by segments, significant changes in the market dynamics, and the market overview, is covered in the report. The Indian Home Appliances Market is segmented by Major Appliances (Refrigerators, Freezers, Dishwashing Machines, Washing Machines, Cookers, and Ovens), Small Appliances (Vacuum Cleaners, Small Kitchen Appliances, Hair Clippers, Irons, Toasters, Grills and Roasters, and Hair Dryers), and Distribution Channel (Multi-Branded Stores, Exclusive Stores, Online, and Other Distribution Channels). The market sizes and forecasts are provided in terms of value (USD billion) for all the above segments.
| By Product | By Major Appliances | Refrigerators |
| Freezers | ||
| Dishwashing Machines | ||
| Washing Machines | ||
| Cookers and Ovens | ||
| By Product | By Small Appliances | Vacuum Cleaners |
| Small Kitchen Appliances (Food Procesors, Air Fryers, Mixer Grinders) | ||
| Hair Clippers | ||
| Irons | ||
| Toasters | ||
| Grills and Roasters | ||
| Hair Dryers | ||
| Water Purifiers | ||
| By Distribution Channel | Multi-Branded Stores | |
| Exclusive Stores | ||
| Online | ||
| Other Distribution Channels |
Home Appliances Market Research FAQs
What is the current India Home Appliances Market size?
The India Home Appliances Market is projected to register a CAGR of greater than 5.5% during the forecast period (2024-2029)
Who are the key players in India Home Appliances Market?
Electrolux AB, Haier Electronics Group Co Ltd, LG Electronics, Robert Bosch GmbH and Whirlpool Corporation are the major companies operating in the India Home Appliances Market.
What years does this India Home Appliances Market cover?
The report covers the India Home Appliances Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the India Home Appliances Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What recent developments have occurred in the Indian Home Appliances Market?
"The recent developments occurred in the Indian Home Appliances Market are a) Samsung, launched a range of semi-automatic washing machines that come with new features such as Soft Closing Toughened Glass Lids and Dual Magic Filter b) Haier, announced the launch of its new line-up of anti-scaling top-load washing machines c) Samsung, announced the launch of its top-of-the-line, premium Side-by-Side Refrigerator Range
Home Appliances in India Industry Report
The India home appliances market is on a significant upswing, fueled by a rising standard of living, increased disposable income, and a growing demand for convenient household solutions. This surge spans across key segments like refrigerators, air conditioners, and washing machines, with refrigerators capturing a large market share due to the tropical climate's impact on food preservation needs. Distribution channels vary, including supermarkets, hypermarkets, online platforms, and exclusive or multi-brand outlets, with supermarkets and hypermarkets leading. The competitive landscape is marked by major players innovating in technology, energy efficiency, and smart features, aiming to meet evolving consumer preferences. The best home appliances company in India stands out for its innovation and customer focus. Further growth is propelled by urbanization, digital penetration, and a trend towards smart home appliances, promising a bright future for the market. For detailed insights, Mordor Intelligence™ Industry Reports offer a comprehensive analysis, including market share, size, revenue growth rate, forecast outlook, and a historical overview, available as a free report PDF download.
