Global Consumer Durables Market to Register High Growth owing to Improving Standard of Living

Published Date : Feb 05, 2016

Consumer durables is a classification of consumer goods that are not required to be purchased very frequently as they are created in a way so as to last for a long period of time. Consumer goods are widely categorized into two segments such as durable goods and non-durable goods. The durables have a long life and do not worn out or are consumed hastily while using them. As these products are created to last, the cost of durable goods is usually than the non-durable goods, which needs to be purchased again and again. Furthermore, the consumer durables market is divided into consumer appliances and consumer electronics. 

The consumer appliances market by type:

  • Sewing Machines
  • Microwave Ovens
  • Washing Machines
  • Air Conditioners
  • Electric Fans
  • Refrigerators
  • Cleaning Equipment
  • Other Domestic Appliances

The consumer electronics market by type:

  • Electronic Accessories
  • Camcorders
  • Digital Cameras¬†
  • Televisions
  • Audio and Video Systems
  • CD and DVD Players
  • Others

In developing countries, several factors such as growing disposable income, changing environmental dynamics, increasing income levels, urbanization are expected to boost the demand for consumer durables in the next few years. Many countries in the developing economies are underpenetrated and holds immense potential to rise substantially in the coming years. Television and washing machine have lost the tag of being privileged goods and have become a necessity for the household of developing nations, leading to a tremendous rise in the sales of these products in the global market. The demand for consumer durables is very high among the developed nations as well and this trend is expected to continue in the years to come.

Analyzing the lucrative nature of the consumer durables market, many players are taking steps to participate in the global consumer durables market and create a brand name for themselves. Some of the major players operating in the Indian consumer durables market comprises Whirlpool, Videocon, IFB, Samsung, Carrier Corp., AB Electrolux, Hitachi Ltd., LG Electronics India Pvt. Ltd., Blue Star Ltd., Panasonic Corp., Voltas Ltd. Many new entrants are expected to enter the consumer durables market in the next few years.