The market is likely to see increase in growth on account of surging rural consumption, reducing replacement cycles, increasing penetration of retail, a wide choice of brands and products at various price points.
Consumer Electronics and Appliances Manufacturers Association President Kamal Nandi said domestic manufacturing is increasing and companies have invested around Rs 7,000 crore in past few years.
The product categories include air conditioners, refrigerators, washing machines, television (TV) and audio.
The overall market size of the five categories covered in this project for the year FY19 is 76,400 crore and the market is estimated to grow at a CAGR (compound annual growth rate) of 11.7 per cent till FY25.
It also suggests that domestic value addition for "ACE (appliances and consumer electronics) products under scope stands at 34 per cent in FY19 and is likely to grow to 54 per cent by FY25.
The TV market is expected to grow to 284 lakh units in 2024-25 from 175 lakh units in 2018-19 and washing machines to be at 126 lakh units from 70 lakh units of 2018-19.
The air conditioning (AC) market size to grow to 165 lakh units in 2024-25 from 65 lakh units in 2018-19, while refrigerator to grow to 275 lakh units as compared with 145 lakh units in 2018-19.
Kamal Nandi also added that the ACE industry, which is focusing on domestic manufacturing, would help the government achieve its goal to be a USD 5-trillion economy by 2024.
The appliances and consumer electronics industry is projected to double to Rs 1.48 lakh crore by 2024-25