NOIDA, INDIA: In India, the consumer electronics market has been witnessing a stupendous growth for the last few years. According to new report, “Booming Consumer Electronics Market in India” by RNCOS, number of companies is offering customized or India-specific products to lure the domestic consumers.
Besides, media influence, affordable pricing and shift in lifestyles have been instrumental in changing the consumer spending patterns. With these, the Indian consumer electronics industry is anticipated to grow at a CAGR of around 18 percent during 2011–2014.
The consumer electronics goods like refrigerators, televisions, air conditioners, and microwave ovens still have a low penetration rate in India, and thus, there exists a huge growth potential for future. According to the report, the demand for consumer electronics products like LCD TV, camera phones, and split AC will continue to increase in future.
Keeping these facts in mind, some companies have set up R&D centers to study the Indian consumers’ needs. Samsung, for example, has formed a five-member product innovation team at Delhi that will work on few segments to design and develop products for the Indian market.