DAIKIN
Shriram Baxi
Chairman,
Consumer Electronics Expo, SGCCI

Outlook – Electronics industry

The electronics industry is continuously being challenged by its demanding consumer base. The players in this industry must be opportunistic and strive to grab the attention of the consumer. The players to play dominant role find that growth gains only come from advancements in technology. Smart TVs, smart homes, smartphones, Internet of Things, and artificial intelligence have impacted every aspect of human life. Largely driven by the consumers’ desire for newer, bigger, and improved capabilities, this sector is constantly looking for technologies, innovations, or products that not only capture the people’s imagination but are also affordable and relevant to solving day-to-day problems.

For every successful product, there are many failed prototypes. The industry faces several challenges, such as obsolete technologies, impatient consumers, slowing demand for products, and technology adoption. With shifting consumer preferences and fast-changing technology, businesses need to tread carefully. The outlook for the consumer electronics industry is not always rosy. I advise the industry to analyze the growth opportunities in the business, constantly update with innovations, and develop advanced and continuous communication strategy with the customer base. Make them realize the need of the products available in your basket. This is the time you need to generate your image as technology researcher for your customers.

Despite being dominated by developed economies, several regions in Asian countries can rest their growth prospects on the rising demand for consumer electronic products. In spite of the downfall since last two years, there are several players who have been able to make considerable progress, applying an innovative approach toward marketing. Relative to demand among other sectors, there are enormous opportunities for domestic manufacturers available, arising, and sure to come in the electronics and appliances industries.

One of the most active chambers of India, the Southern Gujarat Chamber of Commerce and Industries has organized a Consumer Electronics Expo from September 21 to 23 in Surat. It offers a platform with international brands to showcase products to over 7 million people of the fourth fastest growing city of the world and 5 million people in the surroundings. The expo is specifically designed to provide pivotal support to the industry by creating a platform for the exposure of latest in the technology and thereby fulfill the needs of electronics, home appliances, office automation, mobile phones, robotics, drones, appliances, and the like. The Expo will also bridge the demand-supply gap by boosting manufacturing and trading opportunities.

The city of Surat is heading toward becoming an identity as an electronics exhibition hub. The Southern Gujarat Chamber of Commerce and Industries will definitely generate momentum in the market and will help in providing an overall momentum to the industry. The CEE at Surat should be an Indian version of CES at Las Vegas, where visitors expect to see the latest in technology and thereby grow their respective businesses.

Such a showcasing of electronics and technolgy will help the consumer and the retailer to upgrade and adopt the latest gadgets, thereby keeping the country at par with the rest of the world.

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