Which household appliances are the best?
By: Anand SharmaThe market for appliances in India is expected to continue to be competitive in the coming months as a rise in the number of households, particularly in the Northeast, will lead to a rise as the market matures, said Shri N.V. Prasad, managing director, India Automobile Market Research.
Prasad said that it is expected that the market for home appliances in the country will continue to grow at a rate of 10% in the next two to three years.
“In a country like India where there are around 70 crore people, we expect the market to continue growing at 10-15% per annum.
In this time, the market is expected be a lot bigger,” he said.
India is one of the fastest growing manufacturing markets in the world with over 50% of its population residing in the city.
It has a strong manufacturing sector, which is estimated to be worth around $2.4 trillion.
The demand for appliances and home appliances has been steadily growing for over a decade and the market, along with the automotive sector, is one the key drivers of the economy, said Prasads.