Factors driving Electronic Industry in India
Electronics have become a vital part of our lives. we tend to seldom think of the way the world would be without electronics. We start our day with an electronic alarm to get up early in the morning, use a washing machine to clean our clothes, watch to news and listen to music using mobile, television and laptops.
The Indian Electronics Industry is one of the giant consumer electronics markets in the Asia Pacific. The Consumer Electronics Industry in India expected to become the fifth-largest in the world by 2025. Electronic industry is fast-growing industries in India, in both terms production and export.
In recent years various factors are expanding this growth. Developing disposable assets of the people of consumer electronics and their shift in preferences towards smart homes and offices environment are thus majorly driving the growth of the industry.
These will give further reason to the rapidly expanding electronics industry. India’s middle class will rise from 250 million to 583 million people by 2025, which will make it more than 40% of the population.
The expert's estimates anticipate that India’s electronics market will reach $400 billion by globally 2025. Furthermore, High-end products still have to go a long way to take a larger industry share in India. For example, 4K TV is a trend in India but it can change and upgrade as per the developed technology across the world. Actions such as "Smart city' and 'Digital India' schemes have boosted the demand for IoT in the market.
Similarly, As we talk about the digital banking sector like wallet players and payment banks will increase demand for POS and VSAT-enabled mobile ATMs, which will further give a stroke to the developing industry.