India’s consumer durables market is forecasted to grow to US$ 59.96 billion (Rs. 5 lakh crore) by the fiscal year 2030, positioning the country as the fourth-largest market globally by 2027, according to the Confederation of Indian Industry (CII). Mr. B. Thiagarajan, Chairman of the CII National Committee on Consumer Electronics and Durables, emphasized the need for a strong quality ecosystem and standardization during his address at the CII Consumer Electronics & Durables Summit 2024.
Mr. Thiagarajan, who is also the Chairman and Managing Director of Blue Star Ltd, noted that the next decade presents vast opportunities across the value chain within the consumer durables sector. He highlighted that Indian products are increasingly recognized for their reliability in global markets. “Building a strong quality ecosystem enhances consumer confidence,” he said, stressing the need to promote Indian standards worldwide, in alignment with the vision of Prime Minister Narendra Modi and the Government of India.
Despite the progress made, Mr. Thiagarajan acknowledged the need for further advancements in research and development (R&D) and innovation within the sector. He pointed out the transformative role of artificial intelligence (AI) in consumer electronics, which opens up new market opportunities. He urged the industry to invest in R&D focused on integrating AI into consumer durables to drive innovation.
Additionally, he called for leveraging economies of scale and developing a domestic ecosystem for both finished products and components to strengthen global competitiveness. He concluded by noting that India’s rapid growth in the consumer durables sector is supported by government schemes like the Production-Linked Incentive (PLI), which aims to make India a technologically advanced and self-reliant global player.
