All geared up and conquering the fifth largest position in the consumer durables market, India is growing at an average rate of 15 percent per year. India undoubtedly is one of the largest growing electronics market in the world and ranks third largest when it comes exclusive to the TV Industry. To understand more, urban markets account for the major share (65%) of total revenues in the consumer durables
sector in the country. Demand in urban markets is expected to increase for products such as LED TVs, laptops, split
ACs, and beauty and wellness products. In rural markets, durables like refrigerators as well as consumer electronic goods are likely to witness growing demand in the coming years as the government plans to invest significantly in rural electrification.
Electronic items that were considered luxury goods for a long period of time have become basic necessities of sorts today. India’s consumer market is riding the crest of the country’s economic growth. The consumer durables companies too have started concentrating on customers’ needs and have come up with several tailor-built solutions – to bring the best technology at best prices matching the diversified needs. With the growing pressure and intensifying competition, the market too has become very dynamic.
The consumer durables market has grown highly cluttered. The burgeoning consumer electronics market in India presents an attractive opportunity to manufacturers. Most global corporations are looking at India as a regional hub for manufacturing and sales to cater to not only the Indian market, but SAARC and Middle East and African markets as well. The Government of India’s recent Make in India initiative has provided fresh impetus to this sector.
With technology advancing, like never seen before, it seems the best is yet to come. Among all CD product portfolios, the product categories which will see a major fillip are the high-end televisions and air conditioners. The strong macro drivers for the growth include domestic consumption which is a vital driver of India’s growth engine, primarily owing to the country’s large population and an expanding middle class – a key driver of consumer goods demand. Rising middle class with higher disposable incomes, aided by favorable demographics, burnish the consumer goods industry’s prospects significantly. With a surge in consumers’ disposable incomes, e-commerce push, the demand for the CD goods has shot up.
With relevance to the consumer electronics segment, we have already witnessed immense diversity and rapid evolution of technology that has transformed the conventional ways. Brands to bring a differentiation have started focusing on product innovation in focus, superior customer insight and technology-based product development have become the key success factors. Undoubtedly, it is the product innovation framework that underlines innovation strategy enabling brands to simultaneously differentiate from the competition and fight the large global players. While on the other hand superior customer insight provides the big idea and enhances in-house R&D capability limitations.
Over the span of one year, the direction of technology has been inclined toward bringing the holistic consumer experience. Speaking of which, we have already experienced the influx of technologies that can work on the fingertips and can be operated over mobile apps or other related features. The upgrades and technology have tapped all the segments. Basically, the government’s digitization drive has catapulted the demand for budgeted consumer durables.
Overall, the consumer durables industry has been on a high-growth trajectory throughout the year aided by the government support and emergence of innovative technological solutions.
For Truvison, the Indian audience is very dynamic and so are their needs, ever evolving. Keeping pace with the evolving trends, Truvison has focused on building the latest in technology at most prudent prices. The Indian market is vast and diverse and hence, Truvison is aiming to collaborate with maximum distributors to extend its reach. Several distributors have been appointed to sell Truvison’s entire product range, including LED TVs, home audio, and air conditioners. This association will help customers understand an international brand with Indian features. R&D and innovation has been the base of our products that drive their purpose. We plan on investing and developing our R&D centers and distribution channels for further expansion. To dominate the TV market, our focus is to tap the value conscious Indian consumer embracing the disruptive pricing with no compromise in quality. We believe the concoction of our truly disruptive product, philosophy of best specs, highest quality, and honest pricing mixed with the innovative business model will help us propel a change in the smart TV industry in India.
The underlined always remains that Truvison TVs are affordable without compromising on technology and quality. Truvison never compromises on quality which is our key USP. For us it is the product that does the talking. Also, we are considered as a value for money brand that has bought the touch of international technology to the Indian market. Along with this we have also been focusing on bringing superior technology to India which includes Turbotek championed for phenomenal sound quality; Truaer employed to assure safest, purest, and cool air; Cornea to balance the emitted light from the television, thus minimalizing the strain caused to the eye; and Powerskrub technology for deep cleaning in washing machines. Aspiring to revolutionize the lifestyle of consumers, Truvison brings comfort and convenience to millions of homes in India.
Further said, environmental and economic concerns are changing the marketplace, customers’ needs are evolving, and brand loyalty is being redefined. The effort to go green has been felt and adapted across industries, as the consumer durables companies are beginning to realize how the operations are impacting the environment. From using recycled or renewable resources to reducing energy consumption and waste, there seems to be a universal effort by businesses and consumers to protect our planet and do what we can to live a more sustainable lifestyle. Companies are integrating green strategies into their product development, operational processes and marketing activities are finding new opportunities for competitive advantage.
Going forward, our strategy is to penetrate the unexplored regions in India, especially the tier-II and tier-III regions where consumers demand for a top-notch quality product paired with value-added benefits at most prudent prices. As part of the strategy, the company plans to introduce more categories under its mass premium brand which will help it to expand in tier-II and tier-III cities. Recently, the brand has also associated with the well-renowned and trusted online stores, to maximize the outreach for the audience.
Last but not the least, GST has got a very positive response from the consumer durables industry. Very recently, the government has taken a good initiative by reducing GST on white goods by 10 percent. This will certainly improve the products penetration and affordability. The recent move to cut rates should help boost sales, particularly in the consumer durables segment over the next few months. The entire consumer durables bucket will see an 8–10 percent surge in sales over the next 8 months and the industry will start advertising aggressively.
This move will definitely help the domestic manufacturing and will also help in creating more employment opportunities. Further tax deduction in this segment will help increase production due to deeper penetration of products in all markets. Products are largely imported into India and lower local levies through GST may also provide an incentive to companies to manufacture them in India, instead of shipping them from other countries. All consumer durables, if taxed uniformly at 18 percent, would give a big fillip to domestic manufacturers as this would also lead to significant price reduction, leading to increased demand.
The future of consumer durables industry is very bright, but also unpredictable as it also depends on how the consumers adapt the new technologies and advancements in the future. Consumers are behaving very positive about the innovations made in the consumer durables industry. They understand the need and importance of these products as it makes their daily work easier, convenient, and time saving. However, with the new technology advancements, innovation being the key indicator and government support, we see a stronger future, which will be touching the zenith in the near future.