The government’s Rural Electrification Drive has lead Havells India to shift the company’s focus on the rural market for the next few years. Havells India is expecting a significant rise in demand for electrical consumer products in the country.
The company in its AGM said, government initiatives will improve the quality of power available, and the company’s brand Lloyd, will penetrate into rural areas with its wide range of electrical and consumer durable products. Havells launched Lloyd’s next-generation 4K ULED range of televisions with screen size ranging between 55 and 65 inches. The market size of both electrical products and consumer durables together was over ? 1 lakh crore and is growing, thanks to rising consumer aspirations, rural electrification program, easy finance options for consumers, etc.
The company has already registered a 25% growth in its first-quarter itself & forecast good growth throughout the entire fiscal year, with an investment of Rs.500cr. Lloyd’s contribution was Rs.2, 000 cr last year out of a total 10,000 cr nationally. South India is the major market for Havells with a share of 30 percent in turnover.
Havells India owns some of the most prestigious Indian brands like Havells, Lloyd, Crabtree, Standard Electric, and Promptech. The company has products ranging from home and kitchen appliances, lighting for domestic, commercial, and industrial applications, LED lighting, fans, modular switches, and wiring accessories, water heaters, industrial and domestic circuit protection switchgear, industrial and domestic cables, and wires, induction motors, and capacitors.
Mounting consumer affluence coupled with technological evolution is expected to drive the electric kitchen appliances industry in India: Bonafide Research. Electric kitchen appliances have become an essential part of modern life. Today, the market is replete with a range of appliances designed to suit various requirements of consumers across the country. Key factors driving growth in the market include increasing numbers of working women, rapid urbanization, a growing number of households, a rise in dual-income nuclear families, improving standards of living, rising disposable income, and higher per-capita spends on lifestyle stuff. According to a recently published report of Bonafide Research “India Electric Kitchen Appliances Market Outlook, 2021”, the market is expected to grow at a CAGR of around 19% over the next five years.
The premium category will emerge as a luring opportunity for players in the Indian electric fan industry: Bonafide Research. India is a warm country and thus fans are necessary. Pricing has been the primary reason for the popularity of fans in India as other cooling options like air coolers or air conditioners cost more and guzzle more electricity. On the other hand, branded fans cost more than Rs. 2500 only tend to be very affordable as compared to other cooling options. According to a recently published report of Bonafide Research “India Electric Fan Market Outlook, 2022”, there are three categories in which the organized electric fan market is divided viz. economy fans, regular fans, and premium fans.
The continuous growth of construction and development activities will lead to the switchgear industry in the forecast period – Bonafide research. The number of commercial buildings and private flats is expanding over the nation, particularly in tier 2 & 3 cities and urban cities. Residential segment witnessing high growth to meet the rising demand for real estate in the country. This can be the adding benefit and opportunity for the Low Voltage Switchgear to emerge from this sector too. India Low Voltage switchgear will have dominance in the forecast period too, over Medium and High Voltage Switchgear, and lead the Switchgear industry. According to the report on ‘India Switchgear (LV, MV, HV) Market Outlook, 2023’ published by Bonafide Research, India’s overall market for the switchgear industry is anticipated to grow more than 7% at the end 2023.
Size zero technology to elevate the demand of water heaters in India: Bonafide Research. The primary methods of water heating include boiling, using immersion rods, and Electric, Solar, and Gas water heaters. In terms of organized water heating, electric water heaters is dominating the market with the penetration close to 11 to 12%. According to a recently published report of Bonafide Research “India Water Heater Market Outlook, 2021”, the water heater market is estimated to grow with a CAGR of 14.05% till 2021.