New Delhi (IANS) The Indian technical consumer goods (TCG) market recorded an 8 per cent growth in value in the first half this year compared to the same period last year, according to a new report.
While the telecom (smartphone/mobile phones) segment experienced a marginal 4 per cent reduction in volume, it was offset by a substantial 12 per cent increase in overall value, said the report by German market research company GfK.
Several sectors witnessed significant growth in volume and value during the first half of 2023 compared to the same period in 2022.
“This substantial growth highlights the resilience and adaptability of the Indian consumer market in the face of changing dynamics. Meanwhile, the consumer electronics (CE) sector, i.e., audio-video categories, saw a remarkable 13 per cent surge in volume, demonstrating a strong market presence,” said Soumya Chatterjee, market expert for TCG-India, GfK.
The smartphone segment experienced a 3 per cent increase in volume, resulting in a 14 per cent growth in value.
One of the most striking observations from the data is the exponential growth in premium smartphones (priced above Rs 30,000) during the first half of 2023, compared to the same period last year.
Premium smartphone sales volume witnessed a remarkable 50 percent surge, accompanied by a staggering 54 per cent growth in value.
This shift in consumer preferences underscores the demand for advanced features, innovative technology, and an enhanced smartphone experience, said the report.
A notable trend among Indian consumers is the growing desire for a more immersive entertainment experience.
Within the consumer electronics sector, audio home systems experienced 21 per cent surge in volume, accompanied by a 12 per cent rise in value, highlighting a strong market presence.
PTV/FLAT televisions exhibited a growth trajectory with a 13 per cent volume increase, while value growth remained modest at 2 per cent, the report mentioned.
In the information technology (IT) sector, the desktop computing segment maintained steady growth, achieving a 7 per cent increase in volume and a 9 per cent increase in value, reflecting its consistent market positioning.