India is the world’s fastest growing major economy and is now the second-largest smartphone market in the world after China.
India is also counted among the largest fast-moving consumer goods (FMCG) and durable markets in the world, worth US$ 38 billion and US$ 10.7 billion, respectively. The consumer durables market in India is expected to reach US$ 20.6 billion by 2020 with India becoming the fifth largest consumer durables market in the world by 2025.
The Indian consumer electronics and domestic home appliance market is expected to grow at 9% CAGR till 2022, from US $ 31.4 billion in 2017 to US $ 48.3 billion by 2022
The demand for electronic products is expected to grow at a CAGR of 41% during 2017-2020 to reach US $ 400 billion by 2020.
Domestic electronics production is growing at a CAGR of 27% and may touch $104 billion leaving an import shortfall of around $ 300 billion.