Electronics and Hardware Market In India to Witness Huge Growth

Posted on: Jul-2017 | By: 9 Dimen | Electronics

The need of electronic goods in India is anticipated to grow at an average yearly growth rate of 41% between the time frame of 2017 and 2020 to arrive at $400 Billion by the end of 2020, a research last week said.

As per a combined study by IT company NEC Technologies and industry lobby Assocham, the local manufacturer of electronic goods, which is now increasing at an average yearly growth rate of 27%, may touch $104 Billion, making a big gap for import to the amount of $300 Billion.

"India is turning out to be the home to a rising middle class population. Growing disposable income has resulted to elevated demand of consumer for electronics goods particularly advanced mobile phones, TVs, and computers. This rush is huge, which indicates a positive viewpoint for the market," the study said.
The research highlighted that local manufacturer requires to be addressed to meet the vision of the government to turn the country into a production hub.

"Need of electronic goods in the country is on the edge for major growth in the coming few years, determined by a strong economic viewpoint. The electronics and hardware market in India developed by 8.6% an annual basis to cross $75 Billion in 2015, determined by growing domestic demand," the study claimed.

In 2015, the global electronics industry was esteemed around $1.86 Trillion. The electronics market is the fastest growing and largest market in the world, claimed the study.

The research said that the whole electronics hardware production in India in 2014–2015 was anticipated at $32.46 Billion, indicating a market share of almost 1.5% in global production of electronic hardware.

"The local electronic hardware consumption in 2014–2015 was $63.6 Billion, of which 58% was satisfied with imports. With demonetization totaling up to the need of point-of-sale mobile phones and devices, the demand for such goods is going to elevate in the future," it added.

Additionally, in 2016, investments in manufacturing of electronic boosted exponentially to Rs 127,880 Crore up from as compared to Rs 11,000 Crore in June 2014, it added.

Clearly, the electronics and hardware market will be boosted in coming future.