The Electricals & Electronics market is one of the largest in the world, and in India, it is anticipated to reach US$ 400 billion in 2022 from US$ 69.6 billion in 2012. The market is projected to grow at a compound annual growth rate (CAGR) of 24.4% during 2012-2020. The electronics sector consists of consumer and industrial electronics, computers, communication and broadcasting equipment, strategic electronics, and electronic components. The consumer electronics and durables industry is currently poised at about Rs 340 billion.
The growth in the demand for telecom products has been breathtaking, and it is expected that 118 million smartphones will be sold in India this year! With telecom penetration of around 10 percent, this growth is expected to continue, at least over the next decade. Penetration levels in other high growth products are equally high and the growth in demand for Computer/ IT products, auto electronics, medical, industrial, as well as consumer electronics is equally brisk. Combined with low penetration levels and the Indian economy growing at an impressive 7% per annum, the projection of a US$ 150 Billion market is quite realistic and offers an excellent opportunity to electronics players worldwide. While the Electronics sector in India is currently establishing its global role, there are several advantages that India offers that can be effectively leveraged to achieve higher growth: Manpower, Market Demand, and Policy and Regulatory Support.