The consumer electronics sector gears up for sustained growth in 2024, riding on the success of 2023
The year 2023 will be remembered for the strong growth and positive sentiments towards the consumer electronics industry, as various brands in the sector reported record-high sales throughout the year, especially during the festive season.
Whether during the festive celebrations of Dhanteras or the hustle of Black Friday sales, electronic gadgets consistently claimed the top spot on consumers’ wishlists.
Building on this positive momentum, the consumer electronic sector expects to sustain its growth trajectory in the year ahead.
Lalit Arora, Co-founder, UBON is foreseeing major growth in the consumer durables sectors and expects innovative and premium products to lead the market trends in 2024.
The Indian consumer electronics and mobile accessory industry is poised for remarkable growth in 2024 driven by the surge in demand for cutting-edge technologies such as AI-powered devices and smart wearables.
“Electronics and wearables are on fire with a whopping 17 per cent growth in 2023, way beyond expectations. The industry is poised to achieve robust double-digit revenue growth in 2024, overcoming prevailing challenges. Projections suggest the sector could even witness an impressive upswing of up to 20 per cent,” Ashok Rajpal, Managing Director – Ambrane India emphasised.
As per the industry leaders, the expansion is fueled by increasing digital adoption, evolving consumer preferences and a growing middle-class population.
In the coming year, the industry is set to pivot towards sustainability, with a dedicated focus on aligning products with eco-friendly practices, Pawan Kumar, CEO of Elista said.
Furthermore, Arora stated that producers are well-positioned to meet shifting customer needs by ensuring that long-lasting products not only meet current standards but also foresee future trends.
According to Kumar, collaborations and partnerships between manufacturers and tech companies will continue to evolve, while a strong supply chain will be a differentiating element among the industry’s players.
The leader highlighted that this shift towards tech comes from increasing awareness and continuous lifestyle upgrades.
Looking ahead Arora predicts that the consumer will be more inclined towards multi-tasking devices equipped with highly modern features. Technologically better yet energy-efficient appliances will also be in demand due to changing dynamics in consumer behavior, he highlighted.
“Consumers continued to opt for products that are easy on the pocket and at the same time that offer the latest features and technologies,” Kumar stated.
Sharan Maini, Director of Operations – Veira Group said that the introduction of cutting-edge technology and innovative products, such as the incorporation of artificial intelligence into a variety of devices and products further supports the industry’s upward trajectory.
“There’s been a noticeable shift in the television industry toward a ‘Smart’ paradigm that affects not only home entertainment but also education and professional interactions,” Maini said.
However, the market landscape has been impacted by the apparent void left by the departure of several Chinese brands from the Indian TV segment, he highlighted.
According to these experts, the outlook is positive for the coming year as the industry navigates these changes, with a focus on sustained innovation, technology breakthroughs and the adoption of solutions that will fuel the sector’s expansion.
