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Consumer Durables CONSUMER DURABLES For updated information, please visit www.ibef.org July 2017 Table of Content Executive Summary……………….….…….3 Advantage India…………………..….……..4 Market Overview …………………….……..6 Recent Trends and Strategies …………..16 Growth Drivers…………………….............19 Opportunities…….……….......……………24 Case Studies…..……………....……..……28 Industry Associations…….……......……...31 Useful Information……….......…………….33 EXECUTIVE SUMMARY Consumer durables market in India (US$ billion) . India is set to become the fifth largest consumer durables market in the world. 25 CAGR 10.5% 20 . By 2025, India would rise from the 12th to the 5th largest position in 15 the consumer durables market in the world; the market is estimated 10 12.5 20.6 to reach US$ 12.5 billion in 2016. 5 0 FY16 2020F Electronics market in India (US$ billion) . India is one of the largest growing electronics market in the world. 250 CAGR 31.61% 200 . By 2020, the electronics market in India is expected to increase to 150 US$ 28 billion from US$ 100 billion in FY17. The production is 100 228 expected to reach to US$ 104 billion by 2020. 50 100 0 FY17 2020F Television market in India (US$ billion) . India has the world’s third largest television industry. India’s television industry, is expected to grow at a CAGR of 14.7 per cent 15 CAGR 12.97% over FY16-21. 10 . By 2018, the television industry in India is expected to grow to US$ 5 10.22 11.78 11.78 billion from US$ 9.23 billion in 2016., registering a growth of 9.23 12.97 per cent. 0 2016 2017 F 2018 F Notes: : PPP - purchasing power parity, F – Forecast; Televisopn market figures refer to Calendar Year. Source: Makeinindia, DeitY, Aranca Research 3 Consumer Durables For updated information, please visit www.ibef.org Consumer Durables ADVANTAGE INDIA ADVANTAGE INDIA . Demand growth is likely to accelerate with rising . Huge untapped rural market; currently there is disposable incomes and easy access to credit only 2 per cent penetration for refrigerators and 0.5 per cent for washing machines . Increasing electrification of rural areas and wide usability of online sales would also aid growth in demand . Rise in working age population also to stimulate demand ADVANTAGE INDIA . Sector has attracted significant investments . 100 per cent FDI allowed in the over the years (even during the global electronics hardware-manufacturing sector downturn of 2009-10) under the automatic route; Approval of 51 per cent in multi-brand would further fuel . US$ 1 billion worth investments in production, the growth in this sector distribution and R&D in the next few years . National Electronic Policy (2012) to boost . In November 2016, Britannia Industries, one of the India’s investment in the sector biggest brands of the country, opened an R&D centre and a manufacturing unit in Bidadi, near Bengaluru entailing . Modified special incentive package an investment of US$ 2.98 billion. scheme (M-SIPS) has been introduced for growth of consumer durable industry 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 Source: DIPP, Aranca Research 5 Consumer Durables For updated information, please visit www.ibef.org Consumer Durables MARKET OVERVIEW THE CONSUMER DURABLES MARKET IS SPLIT INTO TWO KEY SEGMENTS Consumer Durables Consumer Electronics Consumer Appliances (brown goods) (white goods) Audio and Video Televisions Air Conditioners Refrigerators Systems CD and DVD Personal Sewing Washing Machines Players Computers Machines Cleaning Laptops Digital Cameras Electric Fans Equipment Electronic Microwave Other Domestic Camcorders Accessories Ovens Appliances Source: Electronic Industries Association of India, Aranca Research 7 Consumer Durables For updated information, please visit www.ibef.org EVOLUTION OF THE INDIAN CONSUMER DURABLES SECTOR . Basic custom duty rate of 10 per cent is applicable on . Closed market . Increasing availability and affordability of good such as microwave ovens, air conditioners, . Increased product availability, consumer finance provides impetus to televisions, washing machines and refrigerators. They increased media penetration growth can be now imported as completely built units from and advertising . Low penetration of high-end products such SAFTA and ASEAN countries like Japan and Thailand as air conditioners (<1 per cent) at concessional rates of BCD ranging from 0-6 per cent. 1980s and early Late 2000s Mid and late 1990s Early 2000s 1990s Pre Consolidation 2017 Liberalisation Growth Liberalisation Consolidation . Liberalisation of markets . Companies look to consolidate market share . Influx of global players such as LG and . Indian companies such as Videocon gaining global identity Samsung . Increasing penetration of high-end products such as air conditioners (>3 per cent) . Shift in focus from promotion to product . Introduction of new aspirational products such as High Definition TVs (HDTVs) innovation . Companies targeting high growth in rural market, rural India’s FMCG market to go beyond US$ 100 billion by 2025 . As per Union Budget 2016-17, the reduction in special additional duty, basic customs duty and countervailing duty has been reduced in the range of 4 to 12.5 per cent depending on the product category Source: Aranca Research 8 Consumer Durables For updated information, please visit www.ibef.org CONSUMER DURABLES REVENUES HAVE BEEN GROWING AT A HEALTHY PACE . In 2015, revenue from consumer durables sector in India stood at SizeVisakhapatnam of the consumer port durables traffic market(million (US$ tonnes) billion ) US$ 9.7 billion, which further increased to US$ 12.5 billion in FY16. Consumer durable market expected to grow at CAGR of 13 per cent CAGR 13.00% from FY05 to FY20. 25.0 . Around two third of the total revenue is generated from urban population and rest is generated from rural population. 20.0 . Godrej group, Onida Electronics, Blue Star and Videocon Industries 20.6 are few of the major domestic players operating in India consumer durable market 15.0 10.0 12.5 9.7 7.4 7.3 7.3 5.0 6.3 5.2 4.7 4.2 3.8 3.5 0.0 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY14 FY15 FY16 FY20F Note: (F) Forecast Source: Electronic Industries Association of India, CAGR – Compound Annual Growth Rate, 9 Consumer Durables For updated information, please visit www.ibef.org URBAN AREAS ACCOUNT FOR ABOUT TWO-THIRDS OF TOTAL SALES IN THE SECTOR . Urban markets accounted for the major share (67 per cent) of total SharesVisakhapatnam in the consumer port durables traffic (millionmarket intonnes) India (FY15) revenues in the consumer durables sector in India in FY15 . Demand in urban markets is likely to increase for non-essential products such as LED TVs, laptops, split ACs, beauty and wellness products . In rural markets, durables like refrigerators as well as consumer electronic goods are likely to witness growing demand in the coming 33% years as the government plans to invest significantly in rural electrification . Rural and semi-urban markets are likely to contribute majorly to consumer sales. The rural consumer durables market is growing at a CAGR of 25 per cent 67% . 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 and washing machines. India’s top 50 biggest cities experienced growth in consumption pattern corresponding to high gross domestic product of the country. Urban Rural Note: * - According to EY research report published in March 2017. Source: Ministry of Urban Development, Ministry of External Affairs 10 Consumer Durables For updated information, please visit www.ibef.org CONSUMER ELECTRONICS – KEY PRODUCTS . CTVs are the largest contributors to this segment . India’s television industry is expected to grow at a CAGR of 14.7 per cent over FY 16-21. Colour TVs (CTVs) . India television industry stood at US$ 9.23 billion in 2016, exhibiting a y-o-y growth of 11.5 per cent in 2016 over US$ 8.28 billion in 2015 . Introduction of HDTVs is set to drive demand growth from affluent consumers . The production of LCD/LED TVs rose to 12 million valued at US$ 3.3 billion in FY16 from 8.75 million valued Liquid Crystal Displays at US$ 2.54 billion in FY15. (LCDs) . The price decline due to relatively low import duty on LCD panels, higher penetration levels and the introduction of small entry-size models are key growth drivers in the segment Camping sites . The organised market has a share of 80 per cent in the total market . The Set-Top Box (STB) market is growing rapidly, due to the expansion of DTH and introduction of the Conditional Access System (CAS) in metros Direct-To-Home (DTH) . DTH subscriber base in India reached 97.05 million as of December 2016 and 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 Notes: LCD – Liquid Crystal Display, LED – Light Emitting Diode Source: CEAMA, Electronic Industries Association of India, Aranca Research 11 Consumer Durables For updated information, please visit www.ibef.org CONSUMER APPLICATIONS – KEY PRODUCTS . This segment makes up 31 per cent of the consumer appliances market . The market share of direct cool and frost free segment is 75 per cent and 25 per cent respectively Refrigerators . The estimated market size in value for refrigerators in India is estimated to be US$ 1.45 billion in 2015; and 9 million in units in 2016. Refrigerator segment is expected to grow at 10 per cent from 2014 to 2020 . The Indian ACs market size by volume accounted for sales of 10 million units in 2015 .
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