Production volume of refrigerators India FY 2013-2025
The production volume of refrigerators stood at over 12 million units across India in fiscal year 2020. That year, the market value of refrigerators across the south Asian country was forecast to be over 3.5 billion U.S. dollars. Refrigerators made up a share of 27 percent of the consumer appliance market. The domestic electronics industry was expected to increase at a compound annual growth rate of nine percent by 2022.
The growth of consumer durables
Increased electrification of rural areas created a higher demand for refrigerators and air conditioners across the subcontinent. The penetration rate of consumer goods was substantially lower in India than the global average. With huge potential for expansion in the rural areas and a 100 percent FDI possibility in the electronics manufacturing sector, significant investments from foreign players came through. A National Electronic Policy was also passed early 2019 to boost production.
Steady demand and supply
A growth rate of over five percent was observed in consumer durables production in fiscal year 2019. Recent FDI policies are likely to make better quality products available at lower prices by eliminating the middlemen from the supply chain. The demand for consumer durables is likely to remain unaffected by the coronavirus (COVID-19).
The growth of consumer durables
Increased electrification of rural areas created a higher demand for refrigerators and air conditioners across the subcontinent. The penetration rate of consumer goods was substantially lower in India than the global average. With huge potential for expansion in the rural areas and a 100 percent FDI possibility in the electronics manufacturing sector, significant investments from foreign players came through. A National Electronic Policy was also passed early 2019 to boost production.
Steady demand and supply
A growth rate of over five percent was observed in consumer durables production in fiscal year 2019. Recent FDI policies are likely to make better quality products available at lower prices by eliminating the middlemen from the supply chain. The demand for consumer durables is likely to remain unaffected by the coronavirus (COVID-19).
