Here’s how PM Modi will help white goods market to grow in India from to $30 bn
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Consumer durable giants need to ramp up! The Indian consumer durable market is expected to reach $30 billion from the current level of $5.4 billion. This will happen provided our companies can achieve the level of penetration that is seen in other South East Asian countries.A
According to the report, the consumer durable market in India is under-penetrated and is considerably small when compared to other South East Asian markets due to per capita basis. The report also suggested that this sector is on the brink of a cyclical upturn.
"If India is to reach anywhere close to the South East Asian average, the India market should be at least 50% of the size of the China market as against the current size of just 9%," the report stated.
It must be noted that the market continues to have low penetration—6% level for ACs, 9% and 21% for washing machine and refrigerators respectively.
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On further break-up of the market, the report revealed that if India successfully raises its penetration level to the South Asian average, then the AC market could grow to $11.3 billion. On the other hand, washing machine and refrigerator markets could grow to $5.5 billion and $13.9 billion respectively.
The report has also noted that with the economic scenario of the country improving, the consumer sentiment is expected to improve, which in turn could result in a huge push to the sales of white goods in the country.
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