NEW DELHI: Days of robust growth seem to have returned to the consumer durables market after a gap of two years — helped by rising disposable income, easy finances and growing popularity of e-commerce platforms.
As they look forward to even better days in 2016, almost all leading appliance makers including Panasonic, Sony, LG, Samsung, Videocon, Haier have ramped up production capacity.
Joining the Make in India bandwagon, they also increased the local sourcing amid a slew of new product launches in 2015 and the trend is expected to further firm up in the new year.
According to the Consumer Electronics and Appliances Manufacturers Association (CEAMA), the industry overall saw a good uptick in demand in 2015 and witnessed a growth of almost 25 per cent during the festive periods.
“The Consumer durable industry has been on a high-growth trajectory throughout the year aided by the government support and emergence of innovative technological solutions. While certain challenges like a below-normal monsoon and the consequent dip in sentiment in rural markets did act as a dampener and hit the sales of consumer durables industry, there was an overall uptick in the market sentiments,” CEAMA President Manish Sharma said.
According to the government data, the Index of Industrial Production (IIP) for consumer durables grew by 11.8 per cent between April-October this year, as against a contraction of 16 per cent in the same period of last year.
Industry experts believe that the surge in online sales has also contributed considerably to the growth as the products were delivered at consumer’s doorstep while discounts and easy finance options on e-commerce platforms gave a further push.(AGENCIES)
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