India consumer durables market projected to reach ₹3.25 lakh crore by 2030

India’s consumer durables market is projected to grow at an annual rate of 8-10% through 2030, reaching an estimated value of ₹3-3.25 lakh crore ($30-35 billion). A joint report by Boston Consulting Group (BCG) and the Confederation of Indian Industry (CII) identifies India as the fastest-growing major market in this sector, outpacing projected growth in China, the US, and Japan.

Key drivers for this expansion include rising household penetration, increased incomes, the growth of nuclear families, easier financing, and a trend toward premiumization. The report highlights room air conditioners as a primary driver of market growth.

To capture a potential ₹40,000-50,000 crore opportunity in domestic value addition, the report emphasizes the need to scale up local manufacturing of components and materials. Currently, localization of the bill of materials ranges from 25% to 70% across categories. This is expected to rise to 30-80% by 2030 if domestic capacities are expanded. Critical gaps remain in the production of TV display panels, air conditioner compressors, refrigerator insulation, and washing machine motors. The report notes that India’s current share of global consumer durables exports is less than 1%.