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There was an increase of 11 percent for cooling appliances (refrigerators). | Image credit: Adobe Stock
The large household appliance market recorded value-based growth of 18 percent in the first half of 2024, boosted by strong demand for essential household items, according to a GfK report.
Growth in the large home appliances (MDA) market was led by key categories such as air conditioners and refrigerators, which reported growth of 30 percent and 7 percent, respectively.
“This growth represents three times the year-on-year growth in 2023,” said the report by GfK, now part of NIQ, a leading global market and consumer information company.
The small home appliances market saw a 29 percent increase in value, reflecting increased consumer interest in home products, the report said.
The report further added that customers are now looking for feature-rich premium products, which is driving value addition in the home appliance segment.
Meanwhile, washing machines with a capacity of 9 kg or more are experiencing an “impressive growth rate of 30 percent,” due to consumer desire for improved performance and innovative features.
The air conditioning segment is also benefiting from similar trends: here, demand for energy-efficient and high-performance models in the split-inverter and 5-star segments has increased by 59 percent.
“Refrigerators (refrigerators) saw an increase of 11 percent in the side-by-side, French door and 3/4 door segments,” it said.
The report also points out that despite these gains, the relatively low penetration of these products offers significant opportunities for industry expansion.
In the smartphones and mobile phones segment, there was a 6 percent decline in volume, but this was offset by a significant increase in total value of 10 percent.
“The smartphone segment in particular recorded an increase in value of 12 percent,” it said.
The report further stated that India has emerged as the “fastest growing market for consumer technology and consumer durables,” and that this growth trend is underlined by strong PMI (purchasing managers index) readings and falling inflation rates.
“By 2030, the middle class in India will spend more money than the upper class. Half of the world’s population is expected to be in the middle class, mainly driven by growth in Asia,” the report said.
(Only the headline and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First published: August 12, 2024 | 19:16 IS
