GVR Report cover India Consumer Electronics Market Size, Share & Trends Report

India Consumer Electronics Market Size, Share & Trends Analysis Report By Product (Mobile Phones, Televisions, Refrigerators, Digital Cameras, Air Conditioners, Washing Machines), And Segment Forecasts, 2022 - 2030

  • Report ID: GVR-2-68038-143-6
  • Number of Pages: 40
  • Format: Electronic (PDF)

Report Overview

The India consumer electronics market size was valued at USD 71.17 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.5% from 2022 to 2030. India provides a worldwide opportunity for short to medium-term growth in consumer electronics spending. Minimal penetration rates, as against other upcoming markets, portray a better prospect to sell to first-time buying households, along with replacement devices to the middle class.

India Consumer Electronics market revenue, by product 2020 - 2030 (USD Billion)

Due to the COVID-19 pandemic, the demand for consumer electronics has been significantly impacted. Manufacturing plant shutdown and supply chain disruptions resulted in substantial component shortages. Increased counterfeiting, shipping delays, customer behavior, and environmental concerns had a significant impact on the market growth. Due to the pandemic, manufacturers of consumer electronics have witnessed component shipment delays of at least five weeks from suppliers.

Growth in the Indian market for consumer electronics can be attributed to an increase in demand from households, changing lifestyles of individuals, easier access to credit, and rising disposable incomes. Intentional reduction by the Government in the import bill, coupled with government and corporate spending, is anticipated to complement the positive demand in this market. The India consumer electronics sector has attracted several strong investments in the form of merger & acquisition policies practiced by key participants of the global market and other FDI inflows. 

As per the Make in India initiative, Electronic Development Fund Policy has been approved, with the intention of rationalizing a transposed duty structure. Additionally, the Modified Special Incentive Package Scheme (M-SIPS) has been introduced to provide a CAPEX subsidy of nearly 15 - 20%. Consumer electronics manufacturers are set to elevate investments in production, distribution, and R&D in the next few years. With the rising presence of organized retail, the market has witnessed the emergence of modern, durable retail chains, which include e-retailers such as E Zone, Reliance Digital, and Tata Croma.

High production in the Indian electronics market can be attributed to paced-up demand for advanced computers, mobile phones, TVs, and defense-related electronics. The situation in this market mandates manufacturers to keep themselves updated with the latest technology since it is eye-catching to typical consumers, and technological features play an apex role while selling to higher-income classes. The consumer electronics sector has acquired the largest share in the total production of electronic goods in India.

Under the Union Budget for the financial year 2017, the government exempted certain components, parts, and subparts for the production of set-top boxes for TV and internet and broadband modems. The introduction of artificial intelligence (AI) is set to project a bright future for consumers and industrial electronics in India.

India is likely to emerge as a potential future manufacturing hub for the region, provided the government shows adequate support and focus towards this sector. Specific factors anticipated to push the manufacturing in India are inclusive of a reduction in borrowing costs, export incentives, reduction of customs duties on raw materials and components, and improvement in the ease of doing business.

Product Insights

The smartphones segment held the largest revenue share of over 30.0% in 2021. Increased disposable income, the development of telecom infrastructure, the appearance of budget-friendly smartphones, and a rising number of product launches are all contributing to the smartphone market's rise in India. In addition, the desire for high-speed data connectivity for integrated IoT (Internet of Things) applications like energy management and smart home devices is expected to drive 5G smartphone adoption.

India consumer electronics market share, by product, 2021 (%)

The refrigerators segment is projected to grow from 2022 to 2030. Rapid urbanization, coupled with the increasing disposable income in the country, has contributed to a rise in demand for refrigerators. Due to the versatile and advanced refrigerators available in the market, Indian consumers are replacing their existing and old refrigerators with new ones. In addition to this scenario, refrigerator selling retailers are adopting competitive strategies such as teaming up with financial institutes to provide easy financing options to sell their products. Such trends are expected to favor the market growth over the forecast period.

The Indian refrigeration industry is characterized by increasing supply, novel product launches, and regulatory support from the government. Companies adopt competitive pricing techniques to gain market share. The increasing penetration of refrigerators in rural areas is a key industry scenario.

Key Companies & Market Share Insights

The market includes both international and domestic participants. Key market players focus on strategies such as innovation and new product launches to enhance their portfolio offering in the market. In December 2021, the first-ever Bespoke French Door refrigerator, Bespoke kitchen package, Bespoke JetTM vacuum cleaner, and Bespoke Washer and Dryer were displayed at Samsung's CES 2022 booth.

In October 2021, Panasonic Corporation, a leading diversified technology business in India, has announced the addition of 43 new refrigerator models and 24 new washing machine models to its home appliance lineup ahead of the festive season. In January 2021, In India, Toshiba's Home Appliance Business has opened its first unique store. The Toshiba Lifestyle Centre, which opened in Bangalore, is expected to provide first-hand experience with Toshiba's home appliance portfolio, which includes refrigerators, washing machines, dishwashers, water purifiers, and air purifiers. Some prominent players in India consumer electronics market include: -

  • Samsung Electronics Co., Ltd.

  • LG Electronics, Inc.

  • Godrej Appliances

  • Sony Corporation

  • Mitsubishi Electric Corporation

  • Vijay Sales

  • Panasonic Corporation

  • Haier Consumer Electronics Group

  • Bajaj Electricals Ltd.

  • Hitachi Ltd.

  • Toshiba Corporation

  • Whirlpool Corporation

India Consumer Electronics Market Report Scope

Report Attribute


Market size value in 2022

USD 73.7 billion

Revenue forecast in 2030

USD 124.94 billion

Growth Rate

CAGR of 6.5% from 2022 to 2030

Base year for estimation


Historical data

2017 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD million/billion and CAGR from 2022 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, trends

Segments covered


Country scope


Key companies profiled

Samsung Electronics Co., Ltd.; LG Electronics, Inc.; Godrej Appliances; Sony Corporation; Mitsubishi Electric Corporation; Vijay Sales; Panasonic Corporation; Haier Consumer Electronics Group; Bajaj Electricals Ltd.; Hitachi Ltd.; Toshiba Corporation.; Whirlpool Corporation

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Segments Covered in the Report

This report forecasts revenue growth at the country level and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the India consumer electronics market report on the basis of product:

  • Product Outlook (Revenue, USD Million, 2017 - 2030)

    • Smartphones

    • Televisions

    • Refrigerators

    • Washing Machine

    • Digital Cameras

    • Air Conditioners

    • Others

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