Updated April 26th, 2024 at 12:20 IST

Consumer tech at scale; RBETA 2024 spotlights India’s thriving electronics market

To celebrate the dynamic growth, innovation, and technological advancements within India's electronics and gadget sector, Republic Business is launching RBETA.

Reported by: Business Desk
RBETA 2024 Electronics and Gadgets | Image:Republic Business

From analogue to digital: India's electronics and gadget segment is booming like anything, driven by promising indicators and consumer preferences. Forecasts suggest that the smartphone market is expected to surge by 7-8 per cent in 2024, largely fueled by the escalating demand for 5G-enabled devices. 

The electronics industry is expected to hit $300 billion by FY26. As of March 2023, electronic exports ranked as the 6th largest commodity group, projected to soar to $120 billion by FY26. Domestic production currently constitutes 65 per cent of the $155 billion market.


To celebrate this dynamic growth, innovation, and technological advancements within India's electronics and gadget sector, Republic Business is set to launch the inaugural edition of the Republic Business Emerging Tech Awards 2024 (RBETA 2024). 

RBETA 2024 aims to celebrate the achievements and contributions of key players driving innovation and transformative change within the world of electronics and gadgets in India.


Smartphones driving India’s electronic market

The Indian smartphone market saw major growth in 2023, with Korean tech giant Samsung leading the pack with an 18 per cent market share, as per a report by CyberMedia Research (CMR). Overall, the market expanded by 19 per cent year-over-year (YoY), with 5G smartphone shipments dominating at 65 per cent, marking a remarkable 122 per cent growth.


CMR estimates India's smartphone market to grow 7-8 per cent in 2024, driven by a strong demand for 5G smartphones.

In the fourth quarter of 2023, Xiaomi, Samsung, and Vivo secured the top three positions in the smartphone leaderboard with 19 per cent, 18.9 per cent, and 16 per cent shares respectively, followed by Realme (12 per cent) and OPPO (8 per cent). 


Notably, 58 per cent of 5G smartphones were shipped in the value-for-money segment, priced between Rs 7,000 to Rs 25,000, reflecting a significant increase from the previous year.

Moreover, the feature phone market experienced a substantial 52 per cent y-o-y growth, largely fueled by the demand for 4G feature phone models, while shipments of older 2G phones declined by 12 per cent.


Laptop-driven PC growth

In the third quarter of 2023, the traditional PC market in India, encompassing desktops, notebooks, and workstations, saw a notable increase, reaching 4.5 million units—an uptick of 14 per cent YOY, as per data from the International Data Corporation (IDC). Within this market, the notebook category experienced a growth of 13.1 per cent YoY, while the desktop category surged by 19.3 per cent. Leading the market was the strong consumer segment that soared by 26.3 per cent YoY. While the education segment spiked by 117.5 per cent YoY. 


The projected revenue for the PC market in 2024 is estimated to reach $13.22 billion. Among the various categories within this market, laptops are anticipated to dominate, with a projected market volume of $6.19 billion for the same year. Looking ahead, the revenue in this sector is expected to exhibit a steady annual growth rate, with a Compound Annual Growth Rate (CAGR) of 6.49 per cent from 2024 to 2028. This growth trajectory is forecasted to result in a market volume of $17.00 billion by the year 2028.

Smart TVs: India’s new infotainment standard

Smart TVs have emerged as India's new standard for infotainment, blending entertainment with connectivity and interactivity seamlessly. With features like streaming services, internet browsing, and app integration, Smart TVs are changing how Indian households consume content. 

According to IDC, 4.5 million televisions were shipped to India in the first half of 2023, marking an 8 per cent year-over-year (YoY) increase. The growth was fueled by frequent sales from e-tailers, numerous new launches and refreshed model portfolios by vendors, and the clearance of old channel inventory ahead of the festive season. The share of the online channel experienced major growth, increasing by 25 per cent YoY to reach 39 per cent, driven by online sales festivals.


While 32-inch and 43-inch screens remain popular, accounting for a collective 71 per cent share, larger screen sizes are gaining traction. The share of 55-inch screens increased to 12 per cent from 9 per cent in the previous year, resulting in a 35 per cent YoY growth in the $400+ price segment. The widespread adoption of smart TVs underlines a shift towards immersive and personalised entertainment experiences.

Home appliances getting smart makeover

India has emerged as the world's second-largest digital market, fueled by more affordable data, rising disposable incomes, and decreased hardware costs. Technology now plays a central role in simplifying and securing everyday life, with smart home adoption surging. 

Valued at $4.8 billion, India's smart home market has witnessed significant growth, ranking third globally in terms of smart home penetration as of 2022. 


The market is segmented primarily by usage, encompassing appliances, energy management, comfort and lighting, control and connectivity, security, and entertainment, with smart appliances leading in revenue generation.


Published April 18th, 2024 at 12:59 IST