India on Track to Become Fourth Largest Consumer Durables Market by 2027

India's consumer durables market is projected to reach Rs 5 lakh crore by FY30, potentially making it the fourth largest worldwide by 2027. Industry leaders emphasize the need for a robust quality ecosystem, standardization, and R&D in artificial intelligence to boost global competitiveness.

India is poised to become the world's fourth-largest consumer durables market by 2027, with market size expected to reach Rs 5 lakh crore by FY30, according to the Confederation of Indian Industry (CII).

Speaking at the CII Consumer Electronics & Durables Summit 2024, B Thiagarajan, Chairman of CII National Committee on Consumer Electronics and Durables, stressed the need for building a robust quality ecosystem and adopting standardization to enhance global competitiveness.

He highlighted the significance of the next decade for the sector, with opportunities across the value chain, and emphasized the importance of R&D in artificial intelligence to foster innovation and growth.