Growing Demand for Sensor Enabled Products and Increasing Product Affordability and Online Sales are driving the India Large Appliances Market: Ken Research
Posted on 01 December 2016 by KenResearch Consumer Products and Retail,
Rise in Demand for Smart Appliances, Growing Preferences for Sensor Enabled Products and Product Affordability due to Easy Finance Availability has pushed the demand for large appliances in India.
The report titled “India Large Appliances Market Outlook to 2020 - Make in Initiatives to Reduce Imports and Growing Demand for Sensor Enabled Products to Drive Demand” provides brief overview on the India Large Appliances Market and helps readers to identify the ongoing trends in the market and anticipated growth in future depending upon changing market dynamics in coming years. The report will help existing distributors, manufacturers in large appliances space to align their market centric strategies according to ongoing and expected trends in the future.
Large appliances are basic household electrical appliances used in everyday life to have better living and working experience. These appliances include air conditioner, refrigerator, washing machine, and television. Rising urban population, increase in disposable income and supportive government policies are expected to drive the market in future. Large appliances are a very dynamic market and continuous innovation is required to make the products more economical and user friendly. Within the home appliance industry, sensors are playing a significant role to influence the way consumers interact with smart appliances such as washing machines, dishwashers and refrigerators. Temperature sensing and control are among the most important and well-established sensor functions in modern home appliances in India. The use of sensors in multiple applications, including smart power grids, smart buildings and smart industrial process control, helps enable a more efficient use of resources and a reduction in greenhouse gas emissions.
Advancement in technology and higher competition has led to price reduction across various consumer durable product segments such as air conditioners, washing machines, refrigerators and TVs. With the initiative of “Make in India” campaign, many domestic and Chinese manufactures are investing in India to set up their manufacturing plants which would produce more affordable products. With the reduction in prices, the companies have also introduced star rated, energy efficient ACs and refrigerators to arrange a new product line for the customers.
The sales for large appliances in India has expanded at a robust pace owing to easier finance availability, which has increased affordability by giving lucrative payment option. This has not only pushed the replacement demand for large appliances but also supported the growth in new demand. The products are even provided at 0% finance especially in festive seasons, to garner higher sales compared to other peers.
Furthermore, an electronics development fund of USD 2 billion has been created to promote innovation, intellectual property innovation and product commercialization.
According to Research Analyst, the local companies in India should follow the global companies in terms of product innovations. The demand for new products in India is fetched from western demand. Hence, new product innovations in such countries can be replicated in Indian market. For instance, Smartcast TV, 4K and 8K OLED TV are some of the best selling TV models in US. Similarly, steam front load washer and 4.8 cubic ft high efficiency top loader washer is among best selling product models in US market.
Key Topics Covered in the Report
India Air Conditioner Sales
India Air Conditioner Market
India Refrigerator Market Size
India Washing Machine Import
Residential AC Market in India
India Washing Machine Industry
Daikin Air Conditioner Market Share
India Online Electronics Market Sales
Household Appliances Market in India
India Refrigerator Market Competition
For more information about the publication, refer to the link below:
Ankur Gupta, Head Marketing & Communications