India’s Consumer Durables Market Set to Become 4th Largest by 2027 - All You Have To Know

B. Thiagarajan, Chairman of the CII National Committee on Consumer Electronics and Durables and Managing Director of Blue Star Ltd, emphasized the need for a robust quality ecosystem and standardization in the sector.

By Aayushi Dubey Sep 30, 2024, 16:33 IST

India's consumer durables market is on track to become the fourth largest in the world by 2027, with a projected market size of ₹5 lakh crore by FY30. This forecast was revealed by the Confederation of Indian Industry (CII) during the CII Consumer Electronics & Durables Summit 2024.

B. Thiagarajan, Chairman of the CII National Committee on Consumer Electronics and Durables and Managing Director of Blue Star Ltd, emphasized the need for a robust quality ecosystem and standardization in the sector. He noted that while Indian products are gaining global recognition, it is crucial to export Indian standards worldwide to enhance reliability.

Thiagarajan stated, “The next decade will create numerous opportunities across the value chain in the consumer durables sector.” He highlighted India's position as the fastest-growing major market for consumer durables, noting that with the right focus on domestic production and an indigenous component ecosystem, India could become a global manufacturing powerhouse.

Government initiatives, including the Production-Linked Incentive (PLI) scheme, have been instrumental in supporting this growth. These efforts aim to boost competitiveness and make India a self-reliant and technologically advanced player in the global market.

The potential for growth is significant, with over $500 billion in foreign direct investment (FDI) and the creation of more than 850,000 jobs. The air conditioning sector, for example, is projected to become the largest globally by 2040.

To strengthen its global reputation, Thiagarajan urged the industry to invest in research and development (R&D) and innovation, particularly in artificial intelligence (AI). By integrating AI into consumer electronics, companies can unlock new market opportunities and drive innovation.

In conclusion, the consumer durables market in India is poised for remarkable growth. With a focus on quality, standardization, and technological advancement, India aims to establish itself as a key player on the global manufacturing stage.

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