India Home Appliances Market Size (2024 - 2029)

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 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.