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India’s Consumer Electronics and Home Appliances Market to Grow by USD 1.93 Billion (2024-2028), Driven by Government Initiatives, AI Powered Insights by Technavio

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NEW YORK, Oct. 21, 2024 /PRNewswire/ — Report on how AI is driving market transformation- The consumer electronics and home appliances market size in India is estimated to grow by USD 1.93 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 1.1% during the forecast period. Growth in government initiatives for electronic products is driving market growth, with a trend towards adoption of smart and advanced features in home appliances. However, compliance costs in consumer electronics and home appliances poses a challenge. Key market players include AB Electrolux, Arcelik A.S., Bajaj Electricals Ltd., ENERGIA APPLIANCES PVT. LTD., General Electric Co., Haier Smart Home Co. Ltd., Hitachi Ltd., Irobot Corp., Koninklijke Philips N.V., LG Electronics Inc., Midea Group Co. Ltd., Miele and Cie. KG, Panasonic Holdings Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Sony Group Corp., Toshiba Corp., Transform Holdco LLC, Usha International Ltd., and Whirlpool Corp..

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report

Consumer Electronics And Home Appliances Market Scope In India

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 1.1%

Market growth 2024-2028

USD 1932.3 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

1.07

Regional analysis

India

Performing market contribution

APAC at 100%

Key countries

India and APAC

Key companies profiled

AB Electrolux, Arcelik A.S., Bajaj Electricals Ltd., ENERGIA APPLIANCES PVT. LTD., General Electric Co., Haier Smart Home Co. Ltd., Hitachi Ltd., Irobot Corp., Koninklijke Philips N.V., LG Electronics Inc., Midea Group Co. Ltd., Miele and Cie. KG, Panasonic Holdings Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Sony Group Corp., Toshiba Corp., Transform Holdco LLC, Usha International Ltd., and Whirlpool Corp.

Market Driver

The Indian consumer electronics and home appliances market is witnessing significant growth due to the increasing preference for convenience and the emergence of smart home technology. Smart appliances, such as washing machines, refrigerators, and air conditioners, are becoming increasingly popular as they can be monitored and controlled remotely via smartphones. The Internet of Things (IoT) is a key driver of this trend, enabling interoperability between devices through wireless technologies like ZigBee and Wi-Fi. Smart washing machines, for instance, offer advanced features like Nest Learning Thermostat, enhanced self-diagnostics, and smart grid-ready capabilities, allowing consumers to optimize energy usage and save on electricity costs. Key competitors are responding to this trend by commercializing smart appliances, promoting them effectively, collaborating with platforms and internet providers, and adopting an omnichannel retailing strategy. The growing demand for energy conservation and rising electricity costs are further fueling the adoption of smart home appliances in India. As a result, the market for consumer electronics and home appliances in India is expected to continue growing during the forecast period. Companies are focusing on designing and producing more efficient and intelligent appliances to meet the evolving needs and preferences of consumers.

The Indian Consumer Electronics and Home Appliances market is witnessing significant trends. Imports have increased due to raw material price fluctuations. E-commerce platforms like Flipkart and Amazon dominate sales, driving growth in the sector. The IT industry’s demand for skilled IT labor fuels the smartphone segment. Specialty stores and B2C enterprises compete with e-commerce, offering unique selling propositions. Household appliances are in high demand due to increasing consumer spending. Industry associations conduct surveys to understand performance factors and consumer preferences. Exponential trend smoothing indicates an exponential growth trend. Current exchange rates impact imports, while ad hoc policies affect representativeness. Electricals, IoT technology, and emerging technologies like Artificial Intelligence, Augmented Reality, and Virtual Reality are key trends. The youth population, internet penetration, per-capita income, and high-income households drive demand. Rural areas present opportunities, but electronics component shortages and semiconductor supply issues persist.

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Market Challenges

The consumer electronics and home appliances market in India is experiencing an escalating cost burden due to the evolving regulatory landscape. The mandatory implementation of various compliance requirements, such as BEE Star rating compliance, BIS testing and certification, and environmental norms, adds to the production costs. The BEE Star rating compliance, which aims to promote energy-efficient appliances, has been a significant challenge due to the frequent changes in standards. The downgrading of existing highly rated appliances and the delay in BIS testing and certification, along with the increasing fees, contribute to the rising production costs. Furthermore, the lack of clarity in the implementation of environmental compliance and the uncertainty around policy changes increase the overall compliance costs. These factors ultimately impact consumer demand by making products less affordable. Despite the challenges, it is essential for the industry to adhere to these regulations to ensure product quality and consumer safety. However, the rapid and frequent changes in compliance requirements can hinder market growth during the forecast period.The Indian consumer electronics and home appliances market face several challenges. Import duties on electronics and fluctuating raw material prices impact profitability. E-commerce giants Flipkart and Amazon disrupt traditional sales channels, especially for B2C enterprises. The IT industry’s demand for skilled IT labor affects the manufacturing sector. The smartphone segment dominates consumer spending, but specialty stores struggle to compete. Industry associations conduct surveys to understand performance factors, including number of households, consumer spending, and current exchange rates. Exponential trend smoothing helps analyze market trends on an ad hoc basis. Electricals, IoT technology, and emerging technologies like Artificial Intelligence, Virtual Reality, and Augmented Reality drive growth. Rural areas and semiconductor shortages pose challenges. Mi Home app, electronics components, and microcontrollers are essential for IoT integration. The youth population, internet penetration, per-capita income, and high-income households influence purchasing power parity.

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Segment Overview

This consumer electronics and home appliances market in India report extensively covers market segmentation by

Product1.1 Consumer electronics1.2 Home appliancesDistribution Channel2.1 Offline2.2 OnlineGeography3.1 APAC

1.1 Consumer electronics- The Indian consumer electronics and home appliances market witnessed significant growth in recent years. Brands introduced various innovative products catering to diverse consumer needs. Sales increased due to rising disposable income and urbanization. E-commerce platforms and retail stores contributed to the market’s expansion. Consumers showed preference for energy-efficient and affordable products. Brands focused on after-sales service and customer satisfaction to retain market share.

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Research Analysis

The Consumer Electronics and Home Appliances market in India is witnessing an exponential growth, driven by several factors. The large youth population and increasing internet penetration are key catalysts, with over 700 million internet users expected by 2025. India’s per-capita income is also on the rise, boosting the purchasing power of consumers. High-income households are increasingly investing in advanced technologies, such as Artificial Intelligence (AI), Internet of Things (IoT), Augmented Reality (AR), and emerging technologies. The number of households in India is projected to reach 324 million by 2026, creating significant opportunities for market growth. Industry associations, such as the Consumer Electronics and Appliances Manufacturers Association of India (CEAMA), are actively promoting the sector. According to a recent survey, performance factors like energy efficiency, durability, and affordability are important considerations for consumers. Brands like Haier Smart Home and LG Electronics are leading the charge in this dynamic market. Consumer spending on consumer electronics and home appliances is expected to grow at a CAGR of 12% from 2021 to 2026, according to Exponential Trend Smoothing analysis.

Market Research Overview

The Consumer Electronics and Home Appliances market in India is experiencing significant growth, driven by the large youth population, increasing internet penetration, and rising per-capita income. High-income households, with purchasing power parity, are showing a strong interest in emerging technologies such as Artificial Intelligence, Internet of Things, Augmented Reality, and Virtual Reality. The market is also witnessing a growth in demand for microcontrollers and semiconductors. The electronics component shortage is a challenge for the industry, leading to imports and raw material price hikes. E-commerce platforms like Flipkart and Amazon are playing a crucial role in the market’s growth, with B2C enterprises and speciality stores also contributing. The IT industry, with its skilled IT labour, is a key player in the development and distribution of consumer electronics. The smartphone segment is leading the way in consumer spending, with exponential trends in sales. Industry associations are conducting surveys to understand performance factors and consumer preferences. The number of households and consumer spending are expected to continue the market’s growth trajectory. Current exchange rates and ad hoc basis analysis should be considered when evaluating market representativeness. Electricals and IoT technology are key areas of focus, with the Mi Home app being a popular choice for smart home solutions.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ProductConsumer ElectronicsHome AppliancesDistribution ChannelOfflineOnlineGeographyAPAC

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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APA POLL: FUTURE OF NATION, ECONOMY AND PRESIDENTIAL ELECTION TOP U.S. STRESSORS

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Most U.S. adults concerned about political violence, end of democracy

WASHINGTON, Oct. 22, 2024 /PRNewswire/ — More than 7 in 10 adults said the future of the nation (77%) is a significant source of stress in their lives, with the economy (73%) and the 2024 U.S. presidential election (69%) following closely behind, according to the latest Stress in America™ survey released today by the American Psychological Association.

People have faced a political climate that is highly charged, which has led to the erosion of civil discourse.

At the same time, the poll found many common stressors among people with different political party affiliations. The survey was conducted by The Harris Poll on behalf of APA among more than 3,000 U.S. adults age 18+ between Aug. 1 and 23, 2024.

Compared with the previous two U.S. presidential elections, stress related to the election was similar to 2020 (69% vs. 68%) but significantly higher than in 2016 (52%). What sets the 2024 poll apart from previous APA election surveys is the collective stress about the potential fallout from the election results: More than 7 in 10 adults (72%) said they are worried the election results could lead to violence, and more than half of adults (56%) said they believed the 2024 presidential election could be the end of democracy in the U.S. Meanwhile, around a third of adults (32%) said the political climate has caused strain among themselves and their family members, with (30%) who said they limit their time with family because they don’t share the same values.

“For nearly a decade, people have faced a political climate that is highly charged, which has led to the erosion of civil discourse and strained our relationships with our friends and our families. But isolating ourselves from our communities is a recipe for adding more stress to our lives,” said APA CEO Arthur C. Evans Jr., PhD. “We must remember that the most extreme voices are often the loudest, and that the majority of adults share similar values and concerns.”

Stress in America™ 2024: A Nation in Political Turmoil reveals a country where trust has been shaken in the government and in each other. Most adults (54%) reported they have very little to no trust in the U.S. government, and 41% of adults reported the state of the nation has made them consider moving to a different country. Half of adults (50%) said tension around social and political topics makes them less likely to want to connect with other people and around 3 in 10 (28%) said they have nothing in common with people who have different political opinions than they do. More than 2 in 5 adults (46%) wouldn’t date someone who didn’t share the same political opinions (47% of women said this, and 45% of men).

Yet the survey showed commonalities regardless of political party affiliation, with the future of the nation being the stressor that was most commonly rated as significant by Republicans (80%), Democrats (79%) and independents (73%). Further, Republicans, Democrats and independents agreed that the country’s system of checks and balances isn’t working (76% of Republicans, 71% of Democrats and 74% of independents). They also reported being stressed that politicians aren’t talking about the things that are most important to them (62%, 58% and 60%, respectively), and that the political climate has caused strain between them and their family members (32%, 35% and 32%, respectively).

Mis- and disinformation have dialed up the volume on stress, as many adults (73%) reported it is stressful to know how real fake information can look or seem. A strong majority (82%) of U.S. adults were worried that people may be basing their values and opinions on false or inaccurate information.

Despite the pervasive stress about the nation’s future and the fear of violence, this year’s survey showcased how participants are using the political climate as a springboard for activism and driving positive change.  More than three-quarters of adults (77%) said they intend to vote in the presidential election, and half of adults (51%) said they feel more compelled to volunteer or support causes they value — significantly higher than the 45% who said so in 2019 during the lead up to the 2020 presidential election. Diverse communities in particular are being moved to act; 73% of Black adults and 67% of Latino/a/e adults reported feeling that their vote matters.

In addition, 3 in 5 adults reported feeling hopeful about the change this election will bring (61%), and that this election will lead to a more inclusive society (59%). More than 2 in 5 adults (42%) said they haven’t felt this excited about an election in years. Significantly, although Black and Latino/a/e groups and those who identify as LGBTQ reported personal safety as a major stressor (47%, 47% and 50%, respectively), they have remained optimistic; 64% of Black and Latino/a/e adults reported feeling hopeful that the election could mean a more inclusive future.

“Stress surrounding the upcoming election seems overwhelming. But despite concerns about a nation divided across cultural identities and political parties, it’s encouraging that hope could be the catalyst, where people can come together and have a stake in deciding their future,” said Evans. “We see people’s desire for positive change as an opportunity to channel our collective stress into meaningful conversations and actions that promote healing and understanding.”

For more information on the survey findings and helpful resources on how to handle stress, go to www.stressinamerica.org.

METHODOLOGY
The 2024 Stress in America™ survey was conducted online within the United States by The Harris Poll on behalf of the American Psychological Association between Aug. 1–23, 2024, among 3,305 adults ages 18+ who reside in the U.S. that serves as a nationally representative sample. In addition to the national sample, oversamples were collected to allow for subgroup analysis within race/ethnicity groups. Sample sizes across the national and oversamples are as follows: 801 Black, 855 Hispanic and 804 Asian. Interviews were conducted in English and Spanish. Throughout the report, mentions of political parties are defined by those who self-identify as registered voters of the Democratic, Republican, or independent party. A full methodology is available.

The American Psychological Association, in Washington, D.C., is the largest scientific and professional organization representing psychology in the United States. APA’s membership includes over 157,000 researchers, educators, clinicians, consultants and students. Through its divisions in 54 subfields of psychology and affiliations with 60 state, territorial and Canadian provincial associations, APA works to advance the creation, communication and application of psychological knowledge to benefit society and improve people’s lives.

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SOURCE American Psychological Association

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Kerry Logistics Network Wins Cross-border Corporate – Leadership Award at the Standard Chartered Corporate Achievement Awards for Second Year Running

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HONG KONG, Oct. 22, 2024 /PRNewswire/ — Kerry Logistics Network Limited (‘Kerry Logistics Network’, ‘KLN’; Stock Code 0636.HK) has received the Cross-border Corporate – Leadership Award at the Standard Chartered Corporate Achievement Awards (the ‘Awards’) for the second year in a row for its outstanding business performance.

KLN was recognised for its far-reaching global network that spans 60 countries and territories, its resilience and responsiveness in adapting to the changing global logistics environment, as well as its forward-looking strategies that aim to propel the industry into the future. In 2024, when regular sea shipments were subject to prolonged disruptions, KLN made use of its comprehensive Eurasian land freight capabilities and global connectivity to provide innovative freight solutions connecting Asia and Europe. It also boosted its international freight forwarding capabilities worldwide by acquiring a majority stake in Business By Air SAS, a leading French international freight forwarding company serving diverse industrial clients.

Vic Cheung, Executive Director and Chief Executive Officer of Kerry Logistics Network, said, “We are delighted to receive the accolade for the second consecutive year, which is a testament to KLN’s global presence and the role it plays in cross-border trade. During a time when the global logistics market is highly volatile, KLN has been able to ride the waves by leveraging its resilience and agility, providing flexible and cost-effective solutions to its customers. Moving forward, we will continue to expand our geographical coverage to capture more opportunities arising from the shifts in the supply chain, while remaining committed to service excellence, putting our customers first.”

Organised annually by Standard Chartered and co-organised by the Hong Kong Economic Journal, the Awards recognise companies for their achievements in cross-border business, sustainable development, innovative business, and digital transformation.

About Kerry Logistics Network Limited (Stock Code 0636.HK)

Kerry Logistics Network is an Asia-based, global 3PL with a highly diversified business portfolio and extensive coverage in Asia. It offers a broad range of supply chain solutions from integrated logistics, international freight forwarding (air, ocean, road, rail and multimodal) and e-commerce to industrial project logistics and infrastructure investment.

With a global presence across 60 countries and territories, Kerry Logistics Network has established a solid foothold in half of the world’s emerging markets. Its diverse infrastructure, extensive coverage in international gateways and local expertise span across the Mainland of China, India, Southeast Asia, the CIS, Middle East, LATAM and other locations.

Kerry Logistics Network generated a revenue of over HK$47.4 billion in 2023. It is listed on the Hong Kong Stock Exchange and is a constituent of the Hang Seng Corporate Sustainability Benchmark Index.

About Standard Chartered Corporate Achievement Awards

Organised by Standard Chartered with Hong Kong Economic Journal as the co-organiser, the “Standard Chartered Corporate Achievement Awards” aims to recognise corporates with outstanding performance over the past year, in particular in the areas of cross-border business, sustainable development, innovative business and digital transformation, contributing to the economic development. At the same time, the Awards hope to strengthen communication among business elites, promote market growth, and enhance Hong Kong’s competitiveness in an all-round way.

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SOURCE Kerry Logistics Network Limited

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Marintec Innovation Conference 2024 – Charging the Future: Focus on Alternative Energy Sources

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HONG KONG, Oct. 22, 2024 /PRNewswire/ — The maritime industry is on the point of undergoing a radical transformation, and the Marintec Innovation Conference is at the forefront of this evolution, charting a course towards a sustainable, zero-carbon future. While previous conferences have focused on the technological aspects of shipbuilding to meet decarbonisation targets, 2024 will be the year of “Alternative Energy and Fuels Contribute to Low Carbon Maritime”, promising to be a beacon of innovation and collaboration, lighting the way for the industry’s green transition.

Set against the vibrant backdrop of Shanghai, the conference will take place at the Shanghai Renaissance Zhongshan Park Hotel on 12 – 13 December 2024. This event is not just another conference; it’s a convergence of the brightest minds and leading organisations dedicated to pioneering alternative energy sources and low-carbon solutions.

Glimpse into the Future. Envision a world where ships sail the seas powered by renewable energy sources that leave no carbon footprint. This vision is now within reach, thanks to the pioneering discussions and innovations that will be showcased at Marintec Innovation 2024. The conference will feature pivotal sessions such as:

Review and Outlook: Dive into the latest advancements in renewable energy sources and their seamless integration into maritime operations.

Sailing Efficiency – Shipowner’s Perspective: Hear firsthand from leading shipowners about practical strategies to enhance operational efficiency.

Industry Chain Support: Discover the collaborative efforts across the maritime value chain that are driving these innovations forward.

Voices of Innovation. The lineup of speakers reads like a Who’s Who of the maritime world. The conference will feature insights from industry giants like ABB, ABS, the China Association of the National Shipbuilding Industry, CSSC Shanghai Marine Energy Saving Technology, CSSC Silent Electric System (Wuxi) Technology, DNV, Headway Technology, the International Chamber of Shipping (ICS), the International Windship Association (IWSA), Jotun, Kongsberg Digital, Trelleborg Marine Systems, Ulstein, Wikborg Rein Advokatfirma, and many more. Their collective expertise will provide attendees with a unique opportunity to learn from the leading figures in the field.

Collaborative Effort. We are honored to have the support of esteemed organisations such as the China Association of the National Shipbuilding Industry, the China State Shipbuilding Corporation, the Chinese Society of Naval Architects & Marine Engineers, the Norwegian Business Association, and Charity Partner, MercyShips. We would also like to express our gratitude to the Ministry of Foreign Affairs of Denmark, the Danish Export Association, the Norwegian Maritime Exporters, and the UK’s Department of Business and Trade for their valuable support. These collaborations demonstrate a shared commitment to a sustainable maritime future.

Innovation on Display. In addition to the compelling sessions and expert speakers, the event will feature sponsors like Bestway, Shanghai Moury Marine Equipment, Shanghai SIBO Automation, Shanghai Tonghe Marine Equipment, Zhenjiang Tongzhou Propeller, and many others showcasing their cutting-edge innovations. This is set to be one of the most momentous maritime gatherings of the year.

Networking Opportunities. Beyond the sessions, Marintec Innovation 2024 offers networking activities designed to foster collaboration and build lasting connections. Networking Refreshments and Luncheons will provide attendees with the opportunity to engage with industry leaders and peers, while the Closing Dinner will offer a relaxed setting for more in-depth discussion and networking.

Call to Action. The time to act is now. Industry stakeholders must unite and commit to investing in and adopting alternative energy technologies. By working together, we can navigate the challenges and lead the maritime industry into a sustainable, zero-carbon future. This conference is not just an event; it’s a movement towards a greener, cleaner world for future generations.

Join Us. Registration is now open, we encourage industry professionals, researchers, and enthusiasts to register early to secure their spot at this landmark event. For more information and to register, please visit www.marintecchina.com.

Marintec Innovation Conference Background:

Following its inaugural edition in 2017 during Marintec China, the Marintec Innovation Conference will be held in December of even-numbered years at the Shanghai Renaissance Zhongshan Park Hotel. Organised by Informa Markets and SSNAME, Marintec Innovation continues to provide a unique platform for fostering interactions on diverse findings and advancements in the maritime industry through collaboration and knowledge sharing.

Marintec Innovation’s Themes
2017: Cruise Shipbuilding at Marintec China
2018: International Marine Intelligent Energy Efficiency Technology
2020: The Fourth Industrial Revolution at Sea
2022: Defining the Path to Decarbonisation
2024: Alternative Energy and Fuels Contribute To Low-carbon Maritime

Organisers of Marintec China:

Marintec China is organised and managed by Informa Markets and Shanghai Society of Naval Architects & Marine Engineers (SSNAME).

Informa Markets

Informa Markets creates platforms for industries and specialist markets to trade, innovate and grow. Our portfolio is comprised of more than 550 international B2B events and brands in markets including Healthcare & Pharmaceuticals, Infrastructure, Construction & Real Estate, Fashion & Apparel, Hospitality, Food & Beverage, and Health & Nutrition, among others. We provide customers and partners around the globe with opportunities to engage, experience and do business through face-to-face exhibitions, specialist digital content and actionable data solutions. As the world’s leading exhibitions organiser, we bring a diverse range of specialist markets to life, unlocking opportunities and helping them to thrive 365 days of the year. For more information, please visit www.informamarkets.com

Shanghai Society of Naval Architects and Marine Engineers (SSNAME)

Shanghai Society of Naval Architecture and Marine Engineers (SSNAME), founded in early 1951, is the first scientific and technological society in the field of shipbuilding and marine engineering of the People’s Republic of China. SSNAME currently has 5,000 individual members and more than 60 group members. It has 5 working Committees, 11 Specialized Committees and 3 Representative offices. As an important non-governmental scientific and technological society with high reputation and influence in the international field of shipbuilding and marine engineering, SSNAME has been committed to promoting the progress of shipbuilding and marine engineering technology and international exchanges and cooperation. SSNAME has established closely cooperative relations with 14 well-known overseas maritime engineering societies, such as SNAME, RINA, STG, JSNAOE, SNAK and so on. It is the initiator and first chairman of the Pan-Asian Association of Maritime Engineering Societies (PAAMES) and is also a member of the International Standing Committee of the World Maritime Technology Conference (WMTC). The “Xin Yixin Ship and Marine Engineering Science and Technology Innovation Award” founded by SSNAME has become an important award for scientific and technological talents. SSNAME organizes many academic exchanges, popular science and scientific and technological publication every year. For more information, please visit www.ssname.com.cn.

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