The ACE industry recorded an overall growth value of 35%, led by an increase in festive sales
India’s appliances and consumer electronics sector (ACE) expects the double-digit growth trajectory to continue in 2023, as companies seek to expand capacity and roll out new-age smart products.
ACE industry body, Consumer Electronics and Appliances Manufacturers Association (CEAMA) said that it was “optimistic about good growth in 2023 as well” and expected to double the value of the industry in the next three years to ₹1.48 lakh crore by 2025, as well as make the country an alternative hub for exports.
The ACE industry recorded an overall growth value of 35%, led by a rise in sales of air conditioners and increased sales during the festive season in the second half of 2022.
CEAMA President, Eric Braganza said that the industry expects not to be dependent on foreign supply chains and dollar fluctuations that affect prices and operating margins, in the coming years, with the increased focus on building domestic manufacturing capabilities through production-linked incentive (PLI) schemes for domestic manufacturing of air conditioners and phased manufacturing programmes.
“Additionally, with the growth in the domestic market, manufacturing will achieve economies of scale, which will contribute to making India an alternative export hub for the rest of the world,” he said.
Last month Braganza said that the foreign direct investment (FDI) in the ACE industry had doubled to $481 million till June 2022 as against $198 million in 2021.