Driven by high demand for air-conditioners and refrigerators, with gains in small appliances and washing machines, India’s major domestic appliances market reportedly grew 18% in the first half of the year.
The domestic major electronic appliances market in India experienced an 18% increase in value during the first half of 2024, driven by high demand for essential household items, according to a report published by Gfk. This growth was primarily led by key categories like air conditioners, which saw a 30% rise, and refrigerators, which grew by 7%.
The GfK report, now part of NIQ Company, highlighted that this growth rate is three times higher than the previous year’s increase.
The small domestic appliances sector also saw a significant 29% rise in value, reflecting growing consumer interest in home convenience products.
The report stated that consumers are increasingly drawn to feature-rich and premium appliances, contributing to the segment’s overall value growth. Washing machines with 9 kg or more capacities experienced a notable 30% growth due to demand for enhanced performance and innovative features.
Furthermore, the air-conditioner segment is benefiting similarly, with a 59% increase in demand for energy-efficient and high-performance models in the split inverter and 5-star categories. Additionally, cooling appliances like refrigerators saw an 11% rise in the side-by-side, French door, and 3/4 door segments.
Despite these gains, the report noted that the relatively low penetration of these products presents critical opportunities for further industry expansion.
In contrast, the smartphone and mobile phone segment saw a 6% drop in volume but a 10 % increase in overall value. Specifically, the smartphone segment experienced a 12 % rise in value.
Gfk inferred that India is emerging as the fastest-growing market for consumer technology and durables, supported by a vital Purchasing Managers’ Index (PMI) and declining inflation rates. The report predicts that by 2030, India’s middle class will outspend the upper class, reflecting broader trends in global middle-class growth, particularly in Asia.
