Summary:

According to EY Parthenon and CII, India's consumer durables industry, which currently accounts for 0.6% of GDP, is expected to grow at a compound annual growth rate (CAGR) of 11%, reaching US$ 35.73 billion (Rs. 3 lakh crore) by 2029. The sector aims to become the fourth-largest market by 2027 and the global leader by 2030, generating 500,000 new jobs. Angshuman Bhattacharya of EY Parthenon emphasized that rising domestic demand, indigenization, and sustainability are driving this growth, supported by initiatives such as Atmanirbhar Bharat and Make in India.

EY Parthenon identified an increasing customer preference for premium and value-added products in the durables industry. With rising discretionary spending, air conditioners are increasingly viewed as necessities. By 2023, television penetration had reached 60% of households. Technological advancements are driving demand for smart appliances, shortening replacement cycles. While India currently ranks 14th in online sales, the sector is expected to grow as more brands and delivery options become available. Collaboration between government and industry is critical for boosting domestic demand.

Source: IBEF 

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