Jammu Tawi: GfK – An NIQ Company, a leading global market and consumer intelligence firm, has announced that the Technical Consumer Goods (TCG) market in India recorded an 11% increase in value and a 1% rise in volume during the first half of 2024 (H1'24) compared to H1'23, representing Offline channel in the country.The Technical Consumer Goods sector saw impressive growth across various segments. Small Domestic Appliances (SDA) led with a 29% increase in value, reflecting heightened consumer interest in home convenience products. Major Domestic Appliances (MDA) followed with a robust 18% value growth, indicating a strong demand for essential household items. This growth is 3X of growth in 2023 over the previous year. Key categories leading to this growth in MDA categories are Air Conditioners and Refrigerators with a growth of 30% & 7% respectively. Despite these gains, the relatively low penetration of these products presents significant opportunities for industry expansion.The telecom (Smartphone and mobile Phones) segment experienced a 6 percent reduction in volume, it was offset by a substantial 10 percent increase in overall value. In particular, the Smartphone segment registered a 12% increase in value.Anant Jain, Head of Customer Success – India, GfK – An NIQ Company stated, “India has emerged as the fastest-growing large market in the Technical Consumer Goods industry. Valued at around INR 2 lakh crores (USD 23 billion), the market saw over 125 million units sold in the first half of 2024. This represents a notable 11% increase in value in the offline channel during H1'24. The consumption growth underscores the diverse and dynamic nature of the Indian TCG industry, driven by evolving consumer needs and preferences. This growth in 2024 surpasses the growth achieved in 2023 by 3 percentage points.”
