The Consumer Durables industry consists of durable goods and appliances for domestic use such as televisions, refrigerators, air conditioners and washing machines. Instruments such as cell phones and kitchen appliances like microwave ovens are also included in this category. The sector has been witnessing significant growth in recent years, helped by several drivers such as the emerging retail boom, real estate and housing demand, greater disposable income and an overall increase in the level of affluence of a significant section of the population.
The consumer durables industry can be broadly classified into two segments : Consumer Electronics and Consumer Appliances. Consumer Appliances can be further categorized into Brown Goods and White Goods. The key product lines under each segment are as follows.
The consumer durables industry in India is set for sustained growth over the long term, fuelled by favorable consumer demographics, overall growth in services and industrial sectors and infrastructure development in suburban and rural areas. Several Indian and MNC players are looking to strengthen their presence in India to leverage this opportunity. Success in the long-term will require firms to develop a wide and robust distribution network, differentiate their products in areas of relevance to the consumer and innovate in the areas of promotion, product financing, etc. The product and approach to market need to be customized to suit the unique needs of the Indian market.
The sector is characterized by strong growth trends in all domains – from rise in affordability factor of Indian population, increased penetration and exponential growth of rural markets, policy support in terms of FDI, to large scale investment plans by corporate. The consumer durables sector is set for an upward graph with numerous opportunities for those involved in it.
The consumer durables market in India was estimated to be around US$ 4.5 billion in 2006-07. More than 7 million units of consumer durable appliances have been sold in the year 2006-07 with colour televisions (CTV) forming the bulk of the sales with 30 per cent share of volumes. CTV, refrigerators and Air-conditioners together constitute more than 60 per cent of the sales in terms of the number of units sold.
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