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Domestic Consumer durables output stayed elevated on annual basis. The index of industrial output for the sector stood at 118.70 in the month, up 9.81% on year. However, the index fell on a monthly basis, sliding by 8.60%. The index has now slipped after hitting the highest levels since September 2020 in May 2024. The broad trend in consumer durables is well supported amid firm economic undertone and upbeat undertone in infrastructure spending and real estate market trends in the country. According to a latest update from the Reserve Bank of India (RBI), the all-India House Price Index (HPI) rose by 4.1 per cent (y-o-y) in Q4:2023-24 as against 3.8 per cent in the previous quarter and 4.6 per cent a year ago. On a sequential basis, the all-India HPI increased by 0.9 per cent in Q4:2023-24, with expansion witnessed in eight out of ten major cities.
Smart TV Market looks buoyant
According to Maximize Market Research, the India Smart TV market size was valued at USD 11.53 Billion in 2023 and the India Smart TV revenue is expected to grow at a CAGR of 16.57 % from 2024 to 2030, reaching nearly USD 33.72 Billion by 2030. Over the course of the projection period, the India Smart TV Market is anticipated to have a notable increase in revenue share, with the HDTV resolution segment accounting for over 45% of the market. With a 35% market share, 4K UHD TV is the second most popular category. Thanks to cost-effectiveness and technological developments, Indian consumers may now purchase 4K HD TVs.
In terms of screen size, the market leader in 2023 was the 32-45 inch sector, which held a share of almost 36%. The medium-screen TV market is expanding due to the growing popularity of the Smart TV market in India, and models are starting to come equipped with 4K technology. Companies in the Indian smart TV market are also releasing smart TVs at affordable prices that have screens that range from 32 to 45 inches or smaller than 32 inches in order to appeal to the middle-class and lower-class people. In 2023, the 46 to 55-inch screen size segments will account for 41% of the India Smart TV market. Customers are purchasing TVs with bigger screens because 4K technology is being quickly integrated with attractive features at reduced costs. The Indian smart TV market is not only expanding but also evolving rapidly, driven by technological innovations and shifting consumer preferences.
India room air-conditioners likely to growth at healthy rate
The India room air-conditioners (RAC) market is likely to grow at a healthy CAGR of 12 per cent to reach Rs 50,000 crore by FY 2028-29, Voltas said in its latest annual report. However, the competition in the Indian RAC market has intensified with the presence of homegrown and leading foreign players. Factors like increasingly hot summers, rising disposable incomes, and the quest for a better lifestyle with easy access to consumer finance are likely to drive growth for this room air-conditioner segment. "The Indian RAC market is expected to grow at a healthy CAGR of 12 per cent to reach a figure of Rs 50,000 crores by 2028-29," said Voltas. The demand for commercial air conditioning is increasing across industries and commercial establishments, and driven by a focus on comfort and sustainability, it noted.
Outlook:
Demand for regular home appliances and other white goods is likely to hold on despite elevated interest rates given the undertone in housing and commercial property markets. After witnessing a moderate pace of growth in Q1:2023-24, residential real estate sales increased in subsequent quarters. During 2023-24, housing sales maintained a strong performance for the second consecutive year in the latest monetary policy tightening cycle. Consequently, unsold inventory overhang declined; growth (y-o-y) in new launches also declined in Q4:2023-24, reflecting a high base. RBI also noted that housing loan growth remained steady. Despite hardening of mortgage rates, delinquencies in the residential and CRE loans moderated.
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