In India, the consumer electronics market has been witnessing a stupendous growth for the last few years. According to new report, “Booming Consumer Electronics Market in India”
by RNCOS, number of companies is offering customized or India-specific products to lure the domestic consumers. Besides, media influence, affordable pricing and shift in lifestyles have been instrumental in changing the consumer spending patterns. With these, the Indian consumer electronics industry is anticipated to grow at a CAGR of around 18% during 2011–2014.
The consumer electronics goods like refrigerators, televisions, air conditioners, and microwave ovens still have a low penetration rate in India, and thus, there exists a huge growth potential for future. According to the report, the demand for consumer electronics products like LCD TV, camera phones, and split AC will continue to increase in future. Keeping these facts in mind, some companies have set up research & development centers to study the Indian consumers’ needs. Samsung, for example, has formed a five-member product innovation team at Delhi that will work on few segments to design and develop products for the Indian market.
This research by RNCOS provides forecast on the industry, analyzes factors critical to the success of the Indian consumer electronics market, and sheds light on the emerging trends, which are expected to influence the industry’s future. It not only discusses the changes in consumer behavior, but also presents distribution channel analysis. The profiles of key consumer electronics companies operating in India, their promotional and corporate strategies, and SWOT analysis are also part of the comprehensive study. Overall, the report portrays an impartial picture of the Indian consumer electronics industry to clients to help them understand the market.