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With the continuous inflow of disposable income and the advancement of technology, the need for the varied consumer durable goods are increasing. This in turn is leading to a strong competition among the different consumer durable brands available in the nation. The rural and urban market of consumer durables has been growing at a rate of around 15 % on an average.
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The consumer durable industry consists of durable goods and appliances for domestic use such as televisions, refrigerators, air conditioners and washing machines. The consumer durables market is estimated to reach US$ 20.6 billion by 2020. Urban markets account for the major share 4 (65 per cent) of total revenues in the consumer durables sector in India. There is a lot of scope for growth from rural markets with consumption expected to grow in these areas as penetration of brands increases.
Growing awareness, easier access, and changing lifestyles have been the key growth drivers for the consumer market. India is likely to emerge as the world’s largest middle class consumer market with an aggregated consumer spend of nearly US$ 13 trillion by 2030, as per a report by Deloitte titled 'India matters: Winning in growth markets'.
From the consumer durable market analysis it can be concluded that this sector has huge potentialities to grow in near future in India. Further, the present government’s initiative “Make in India’ could act as a greatest opportunity to this sector.