Can you think of a time when you aren’t with an electronic device? Are we not over reliant on the electronic industry as every 2nd item in our house, such as fan, mobile, AC, TV belongs to it? Due to this, Indian consumer electronic brands are are now evolving.
Considering the competitive market, the companies would also have to implement latest technologies and designs. Thus, it can be observed that the Indian consumer electronic brands are now dwindling.
That said, in the last few years, they have been making an amazing comeback in the market. One factor could be the Government’s ‘Make in India’ initiative, as it is expected to increase investments in production, distribution and Research & development in the upcoming few years.
Of indigenous electronic brands, Rajesh Agarwal’s Micromax has become one of the most preferred one. A brand whose USP has been its affordability —Micromax has been complementing India’s electronic growth through diverse electronic products such as AC, TV, Mobile phone, quite efficiently.
The technology is more advanced than ever and with introduction of artificial intelligence (AI), the future seems very bright for both the consumers and industrial electronics in India. However, at the same time it also mandates the Indian electronic brands to keep themselves updated with the latest technology.
Additionally, Indian brands also seem to be benefiting from the ongoing trade war between the US and China. As per the recent reports, both Lava and Micromax have bagged book size of over 2,500 crore. This is expected to turn tables around in the next few years.
The reason for such a jump in numbers can be attributed to two major reasons. One of the reasons is GST, as it has helped create a level playing field along. Another major reason is the limitation of Chinese brands, as majority of them are only successful in their mobile phone segment. However, they aren’t as successful in other segments such as TV, AC or washing machine. In this context, Rajesh Agarwal’s Micromax currently seems to be focusing on the budget segment and can create a market yet again with a perfect value-for-money proposition to the customers.
In spite of this recent success, there is still a long way to go as the nation still doesn’t have world-class economies of scale. However, the current market growth coupled with government initiatives and affordable prices have set a tone already. This can help India achieve the status of largest electronics exporter in the world.