New Delhi [India], November 20 (ANI): India's consumer durables market holds immense growth potential due to lower penetration of electric appliances compared to the global average, according to a report by the Confederation of Indian Industry (CII) and EY India. The report highlights significant opportunities for domestic consumption, fueled by rising affluence, changing lifestyles, and evolving consumer preferences. Also Read | 'Tulsi Bhai': PM Narendra Modi Pledges His Support to WHO Chief Tedros Adhanom Ghebreyesus Whom Addresses As 'Tulsi Bhai'.
It said "Lower penetration levels for appliances compared to the global average and per capita spend in India highlight significant growth potential in domestic consumption". The data from the report revealed that the penetration of key electric appliances in India remains far below global standards. For instance, air conditioners are present in just 10 per cent of Indian households as of FY24, compared to 68 per cent in China, 38 per cent in Thailand, and 80 per cent in Malaysia.
Also Read | Transgender Day of Remembrance 2024 Date and Significance: All You Need To Know About the Day To Honour the Victims of Anti-Transgender Violence. Similarly, refrigerator penetration in India stands at 35 per cent, while in China, it is as high as 96 per cent. Household consumption in India has doubled in the past decade, reflecting a growing appetite for consumer goods.
The Monthly Per Capita Consumption Expenditure (MCPE) in rural areas ros.