Consumer Electronics: Booming Opportunities Based on Trends
The Indian consumer electronics market has continuously expanded and seen some significant changes in the past decade. Though the market experienced a setback after the onset of the pandemic – battling manufacturing issues, supply chain disruptions, import and export constraints, shipping delays, raw material shortages, and altered consumer behavior, its recovery was anticipated and visibly noticed over the past year.
In 2022, the consumer electronics market was valued at US$70.6 billion, expected to grow by another US$5 billion in 2023, reaching US$75.7 billion. The below graph (Figure 1) outlined by Statista shows the projected growth until 2027 along with historical data on the market’s performance since 2014.
Despite the unprecedented challenges faced during the Covid-19 pandemic, the market has demonstrated remarkable resilience and continues to perform well. In fact, market growth has been steady throughout the years, and the forecasted compound annual growth rate (CAGR) for the period of 2023 to 2027 is projected to be an impressive 5.61 percent.
Figure 1: Consumer electronics market growth (revenue) in India
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