Ambitious Australian appliance retailers would do well to put ‘expansion into India’ into their five year plans as the country’s kitchen appliances market is forecast to grow at a CAGR of over 29% during 2015 – 2020, in value terms. This is according to TechSci Research report, “India Electric Kitchen Appliances Market Forecast & Opportunities, 2020“.
The market is anticipated to grow due to the increasing number of households, growing working population, expanding retail industry, increasing per capita disposable income and expanding middle class population.
Importantly, with increasing retail penetration in rural areas of the country, the adoption of kitchen appliances is expected to grow during the forecast period.
Rising per capita disposable income of consumers, especially upper and lower middle income group; and increasing sales from organized retailers are the key factors driving the adoption of electric kitchen appliances in India. Western region accounted for the largest market share in 2014, followed by Southern, Northern and Eastern regions of the country. This regional trend is expected to prevail through 2020. In 2014, induction cooktop was the largest segment in the country’s electric kitchen appliances market, followed by electric chimneys, microwaves and electric cookers.
TechSci Research research director Karan Chechi explained, “Retail chains are the key contributors in increasing the awareness levels regarding such products among consumers. Easy availability of a variety of products under one roof provided by big retail players such as Big Bazar and E-zone, is contributing towards boosting demand for electric kitchen appliances in the country. Similarly, online retail in India is increasing the adoption of electric kitchen appliances in the country. However, its presence is only limited to the urban areas of the country.”
“India Electric Kitchen Appliances Market Forecast & Opportunities, 2020” has evaluated the future growth potential of the electric kitchen appliances market in India and provides statistics and information on market structure and consumer behavior trends. The report includes market projections and demand forecasting. The report intends to provide cutting-edge market intelligence and help decision makers in making sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities available in electric kitchen appliances market in India,” Chech added.