Summary:

The consumer electronics sector has seen a marked acceleration in premiumization during the first half of 2024, with significant growth in sales of high-end smartphones, appliances, and televisions. According to GfK India, the offline market value rose by 11% year-over-year, while volume grew by only 1%, highlighting a shift toward higher-value items. Mobile phone sales volume dropped 6%, but value increased by 10%. The smartphone segment saw a 12% rise in value, small domestic appliances grew by 29%, and major appliances were up by 18%, driven by higher demand for cooling products amid a heatwave.

India is currently the fastest-growing major market for technological consumer products, valued at Rs. 2 lakh crore (US$ 23.83 billion). In the first half of 2024, over 125 million units were sold, representing an 11% rise in offline sales. Luxury items such as 256 GB+ smartphones (up 140%), high-capacity washing machines, gaming laptops (up 30%), luxury refrigerators, and split inverter air conditioners are experiencing considerable growth. Online sales increased by 18%, but refrigerator sales remained flat, and television sales did not see any growth.

Source: IBEF 

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