Indian Appliances Market 2022-2028

Indian Appliances Market 2022-2028

Indian Appliances Market Size, Share, & Analysis by Type (Gas Cooktops and Electric Cooktops), by Type (Manual and Auto Ignition), Category (Glass Top Gas Stove and Stainless Steel Cook Top), by Wattage (Up to 1599 W, 1599-1999 W, 2000-2099 W, and 2100 & More), and Distribution Channel (Online and Offline) Forecast Period (2022-2028)

India is one of the fastest-growing consumer electronics markets across the globe, and its prospects going forward will see its global market share rising. Consumer appliance demand has been accelerating in recent years. Growing smartphone users, increasing internet penetration, and growing standards of living resulted in increased sales of consumer appliance products across India. Rising urbanization and increasing disposable income are some key factors driving the growth of the market. In addition, the rising brand awareness among people regarding smart consumer appliances is also expected to further escalate market growth. India’s massive demand for consumer electronics is primarily met by imports. In 2021, consumer electronics imports accounted for 7.2% of India’s total imports. According to India Brand Equity Foundation (IBEF), the appliances and consumer electronics industry stood at INR 787 billion in 2021 and is projected to reach more than INR 1,480 billion by 2028.

1.1. INDIAN COOKTOP INDUSTRY OVERVIEW

Cooktops are cooking stoves and are frequently used and essential tool in most Indian kitchens. The Indian cooktop industry is growing at a CAGR of 7.5% during the forecast period (2022-2028). The industry size in volume was 11,692 thousand units in 2021 and is estimated to reach 22,602 thousand units in 2028. The industry growth is attributed to government initiatives and rising inclination towards energy and cost-efficient cooktops. In May 2021, Pradhan Mantri Ujjwala Yojana was launched by Prime Minister of India Narendra Modi to distribute 50 million LPG connections to women of Below Poverty Line (BPL) families. Further, in august 2021, the government launched an extension scheme for Ujjwala 2.0 which is to distribute stoves and free first refill. The Yojana was launched to safeguard women’s health and the household from the consumption of unhealthy fuels by providing them with clean cooking fuel in the form of LPG. Thus, the growth in LPG connections in the country will boost the sale of LPG stoves significantly.

1.2. INDIAN CHIMNEY INDUSTRY OVERVIEW

Urban India is a major focus marketplace for electric kitchen appliances. Chimneys have become an almost essential appliance in modern Indian kitchens as they help to avoid the fumes of the food from spreading into the kitchen and to other attached rooms. The Indian chimney industry is growing at a CAGR of 15.8% during the forecast period (2022-2028). The industry size in volume was 824 thousand units in 2021 and is estimated to reach 3,427 thousand units in 2028. Key factors driving growth in the Indian chimney industry include rapid urbanization, a growing number of households, a rise in dual-income nuclear families, improving standards of living, rising disposable income, and higher per-capita spending on lifestyle stuff. Additionally, a high young consumer base and increasing working women’s share in the country have also driven significant growth in the market.