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Consumer Durables CONSUMER DURABLES MAY 2017 (As of 3 May 2017) For updated information, please visit www.ibef.org 1 CONSUMER DURABLES ❖ Executive Summary………………...………..3 ❖ Advantage India…………………………….…4 ❖ Market Overview and Trends……..….……..6 ❖ Porters Five Forces Analysis …………......17 ❖ Strategies Adopted………………….….…..19 ❖ Growth Drivers………………………...….... 21 ❖ Opportunities………………………….….... 28 ❖ Success Stories……………………………. 34 ❖ Useful Information…………………….........40 MAY 2017 For updated information, please visit www.ibef.org 2 CONSUMER DURABLES EXECUTIVE SUMMARY By 2025, India would rise from CAGR: 10.5% the 12th to the 5th largest India is set to become the 5th 20.6 position in the consumer largest consumer durables 12.5 durables market in the world; market in the world. the market is estimated to reach USD12.5 billion in 2016. FY16E USD billion FY20⁽¹⁾ By 2020, the electronics market CAGR: 31.61% in India is expected to increase India is one of the largest 228 to USD28 billion from USD100 growing electronics market in billion in FY17. The production the world. 100 is expected to reach to USD104 billion by 2020. FY17 2020F CAGR: 12.1% 14.7 By 2018, the television industry India has the world’s 3rd largest in India is expected to grow to television industry. 8.3 8.9 USD14.7 billion from USD8.9 billion in 2015. FY14 FY15 FY18E Source: Makeinindia, DeitY, TechSci Research Notes: PPP - purchasing power parity, E – Estimate USD billion Note (1) -Estimated MAY 2017 For updated information, please visit www.ibef.org 3 CONSUMER DURABLES ADVANTAGE INDIA CONSUMER DURABLES ADVANTAGE INDIA FY16E Growing demand demand Opportunities FY20E • Demand growth is likely to accelerate • Rural markets currently contribute 33 per cent to with rising disposable incomes & easy Market total sales; their combined size is set to post a Market access to credit CAGR of 25 per cent over 2010-15 size: size: • Increasing electrification of rural areas & USD12.5 • Huge untapped rural market; currently there is wide usability of online sales would also only 2 per cent penetration for refrigerators & 0.5 USD20.6 billion aid growth in demand per cent for washing machines billion • Rise in working age population also to stimulate demand Advantage India Increasing investments Policy support • Sector has attracted significant • 100 per cent FDI allowed in the electronics investments over the years (even during hardware-manufacturing sector under the the global downturn of 2009-10) automatic route; Approval of 51 per cent in multi-brand would further fuel the growth in • USD1 billion worth investments in this sector production, distribution & R&D in the next • National Electronic Policy (2012) to boost few years investment in the sector • In November 2016, Britannia Industries, • Modified special incentive package scheme one of the India’s biggest brands of the (M-SIPS) has been introduced for growth of country, opened an R&D centre & a consumer durable industry. manufacturing unit in Bidadi, near Bengaluru entailing an investment of USD2.98 billion. Source: DIPP, TechSci Research Notes: FDI - Foreign Direct Investment, FY- Indian Financial Year (April - May), CAGR - Compound Annual Growth Rate, EPCG - Export Promotion Capital Goods Scheme, EHTP - Electronic Hardware Technology Park MAY 2017 For updated information, please visit www.ibef.org 5 CONSUMER DURABLES MARKET OVERVIEW AND TRENDS CONSUMER DURABLES THE CONSUMER DURABLES MARKET IS SPLIT INTO TWO KEY SEGMENTS Consumer durables Consumer Consumer electronics appliances (brown goods) (white goods) Audio and video Televisions Air conditioners Refrigerators systems CD and DVD Personal Washing Sewing players computers machines machines Cleaning Laptops Digital cameras Electric fans equipment Electronic Microwave Other domestic Camcorders accessories ovens appliances Source: Electronic Industries Association of India, TechSci Research MAY 2017 For updated information, please visit www.ibef.org 7 CONSUMER DURABLES EVOLUTION OF THE INDIAN CONSUMER DURABLES SECTOR 2017 Late 2000s Early 2000s Mid and late 1990s Consolidation 1980s and early Consolidation 1990s • Basic custom duty rate • Companies look to consolidate market of 10 per cent is Growth share applicable on good such • Indian companies such as Videocon as microwave ovens, air gaining global identity conditioners, televisions, Liberalisation • Increasing availability & • Increasing penetration of high-end washing machines & affordability of products such as air conditioners (>3 per refrigerators. They can • Liberalisation consumer cent) be now imported as Pre-liberalisation of markets finance provides • Introduction of new aspirational products completely built units • Influx of global impetus to such as High Definition TVs (HDTVs) from SAFTA & ASEAN • Closed market players such growth • Companies targeting high growth in rural countries like Japan & Thailand at • Increased as LG & • Low penetration market, rural India’s FMCG market to go concessional rates of product Samsung of high-end beyond USD100 billion by 2025 BCD ranging from 0-6 availability, • Shift in focus products such • As per Union Budget 2016-17, the per cent. increased media from promotion as air reduction in special additional duty, penetration & to product conditioners (<1 basic customs duty & countervailing duty advertising innovation per cent) has been reduced in the range of 4 to 12.5 per cent depending on the product Source: TechSci Research category MAY 2017 8 For updated information, please visit www.ibef.org CONSUMER DURABLES CONSUMER DURABLES REVENUES HAVE BEEN GROWING AT A HEALTHY PACE Size of the consumer durables market (USD billion) In 2015, revenue from consumer durables sector in India stood at USD9.7 billion, which further increased to USD12.5 billion in FY16. 20.6 Consumer durable market expected to grow at CAGR of 13 per cent from FY05 to FY20. CAGR: 13% 12.5 Around two third of the total revenue is generated from 9.7 7.3 7.3 7.4 urban population & rest is generated from rural 6.3 population. 4.7 5.2 3.5 3.8 4.2 Godrej group, Onida Electronics, Blue Star & Videocon Industries are few of the major domestic players operating in India consumer durable market. Source: Electronic Industries Association of India, CAGR – Compound Annual Growth Rate, Note: (F) Forecast MAY 2017 For updated information, please visit www.ibef.org 9 CONSUMER DURABLES URBAN AREAS ACCOUNT FOR ABOUT TWO-THIRDS OF TOTAL SALES IN THE SECTOR Urban markets accounted for the major share (67 per cent) of Shares in the consumer durables market in India total revenues in the consumer durables sector in India in FY15 (FY15) Demand in urban markets is likely to increase for non-essential products such as LED TVs, laptops, split ACs, beauty & wellness products In rural markets, durables like refrigerators as well as consumer electronic goods are likely to witness growing demand in the 33% coming years as the government plans to invest significantly in rural electrification Urban Rural Rural & semi-urban markets are likely to contribute majorly to consumer sales. The rural consumer durables market is 67% growing at a CAGR of 25 per cent India stands at 4th position in the top 10 global smart phones market. During festival season, Maharashtra witnessed increase in consumer durables loan at a robust rate of 58.28 per cent, due to more purchases of TVs & washing machines. Source: Ministry of Urban Development, Ministry of External Affairs According to EY research report published in March 2017, country’s top 50 biggest cities experienced growth in consumption pattern corresponding to high gross domestic product of the country. MAY 2017 For updated information, please visit www.ibef.org 10 CONSUMER DURABLES CONSUMER ELECTRONICS – KEY PRODUCTS • CTVs are the largest contributors to this segment • Television category is expected to grow at 20 per cent from 2014 to 2020 Colour TVs (CTVs) • India television industry stood at USD8.28 billion in 2015, exhibiting a y-o-y growth of 14.2 per cent in 2015 over USD7.78 billion in 2014 • Introduction of HDTVs is set to drive demand growth from affluent consumers • The price decline due to relatively low import duty on LCD panels, higher penetration levels Liquid Crystal Displays & the introduction of small entry-size models are key growth drivers in the segment (LCDs) • In 2015, total market for Flat Panel Display TV is expected to reach USD6.40 billion while 14.38 million units are expected to be bought in the same year Digital Video Discs • The organised market has a share of 80 per cent in the total market (DVDs) • The Set-Top Box (STB) market is growing rapidly, due to the expansion of DTH & introduction of the Conditional Access System (CAS) in metros Direct-To-Home (DTH) • In 2015, set top box category reached 39.4 million • DTH subscriber base in India reached 88.40 million in FY16 & is expected to reach 200 million by 2018, thereby making India one of the world’s largest DTH market • Penetration to increase from 7 per cent currently to 20 per cent by 2020 Source: CEAMA, Electronic Industries Association of India, TechSci Research Notes: LCD – Liquid Crystal Display, LED – Light Emitting Diode MAY 2017 For updated information, please visit www.ibef.org 11 CONSUMER DURABLES CONSUMER APPLICATIONS – KEY PRODUCTS • This segment makes up 31 per cent of the consumer appliances market Refrigerators • The market share of direct cool & frost free segment is 75 per cent & 25 per cent respectively • The estimated market size for refrigerators in India is estimated to be USD1.45 billion in 2015 • Refrigerator
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