Market Size of India Major Home Appliances Industry
Study Period | 2020 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2020 - 2022 |
CAGR | 5.00 % |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
India Major Home Appliances Market Analysis
India is undergoing a major change in its economic environment and is growing fast. The Indian major home appliance market is driven by an increase in the use of online sales, electrification of rural areas, rising disposable incomes, and easy access to the credit. The Make in India Program and the upcoming national policy for electronics (NPE) will further bring about major policy changes in the large appliance industry. There is a rise in the ease of doing business in the market, which can escalate the production and consumption in the market further.
There is a huge amount of FDI in the large home appliance sector. Various companies, such as Germany's Bosch, Siemens, Turkey's Arcelik, and domestic brands, such as Godrej and BPL, are planning to invest in manufacturing and use backward integration methods.
Shanghai Hitachi, a joint venture between Hitachi Japan and Shanghai, is also expanding compressor units in Gujarat. Factors, such as high manufacturing costs, high-interest rates of loans from the bank, and Goods and Services Tax on major home appliances purchases might restrain the growth of the market. While a rise in customs duty to reduce carbon emission from appliances is likely drive the large home appliance production in country.
India Major Home Appliances Industry Segmentation
The report offers a comprehensive picture of the major home appliances market in India, emerging trends in the segments and regional market, and significant changes in market dynamics and market overview. It also provides data related to home appliances production and consumption, imports and exports, data related to the competitive system, and company profiles of the major players in India.
By Product | |
Refrigerators and Freezers | |
Washing Machines | |
Air Conditioners | |
Microwave Ovens | |
Cooking Appliances (ranges/hobs) | |
Dishwashers | |
Others |
By Distribution Channel | |
Offline | |
Online |
India Major Home Appliances Market Size Summary
The Indian major home appliances market is experiencing significant growth, driven by factors such as increased online sales, rural electrification, rising disposable incomes, and easier access to credit. Initiatives like the Make in India Program and the upcoming national policy for electronics are expected to bring substantial policy changes, further boosting the industry. The market is also seeing a rise in foreign direct investment, with companies like Bosch, Siemens, and Arcelik planning to invest in manufacturing. Domestic brands such as Godrej and BPL are also expanding their operations. However, challenges such as high manufacturing costs, high-interest rates, and the impact of Goods and Services Tax on appliance purchases could hinder growth. Conversely, increased customs duties aimed at reducing carbon emissions may encourage domestic production.
The production of white goods, including refrigerators, washing machines, and air conditioners, has seen a steady increase, although penetration rates remain low compared to neighboring countries. The market is moderately concentrated, with the top five players dominating the white goods segment, while the kitchen appliances market remains fragmented. Companies like Haier Group are striving to enhance their market positions. Despite the challenges, the Indian major home appliance market presents a complex yet promising landscape, with opportunities for growth and expansion in various segments.
India Major Home Appliances Market Size - Table of Contents
-
1. MARKET DYNAMICS and INSIGHTS
-
1.1 Market Overview
-
1.2 Market Drivers
-
1.3 Market Restraints
-
1.4 Value Chain Analysis
-
1.5 PESTLE Analysis
-
1.6 Porter's Five Forces Analysis
-
1.7 Insights into the Impact of COVID-19 on the Market
-
1.8 Insights into Multi-functional Major Home Appliances in the Indian Market
-
1.9 Insights into Government Regulations in the Market
-
1.10 Insights into Technological Disruptions in the Market
-
1.11 Insights into Make in India and other Policies
-
-
2. MARKET SEGMENTATION
-
2.1 By Product
-
2.1.1 Refrigerators and Freezers
-
2.1.2 Washing Machines
-
2.1.3 Air Conditioners
-
2.1.4 Microwave Ovens
-
2.1.5 Cooking Appliances (ranges/hobs)
-
2.1.6 Dishwashers
-
2.1.7 Others
-
-
2.2 By Distribution Channel
-
2.2.1 Offline
-
2.2.2 Online
-
-
India Major Home Appliances Market Size FAQs
What is the current India Major Home Appliances Market size?
The India Major Home Appliances Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in India Major Home Appliances Market?
Godrej, IFB Home Appliances, Blue Star Limited, Hawkins Cookers Limited and LG India are the major companies operating in the India Major Home Appliances Market.