Hyundai TVs are already available from past few years in the country. The brand announced that it will start selling other consumer home appliances as well
Akshay Dhoot, CEO, Hyundai Electronics seems to have set his eyes on the Indian consumer appliances market. He told Money Control that the brand is venturing into the consumer electronics Indian market with smart LEDs, air-conditioners, washing machines and refrigerators.
It is to be noted here that Hyundai TVs are already available from past few years in the country. Akshay said, “With the vision to deliver seamlessly integrated technology to every household, we have brought in a wide range of Hyundai’s electronics and appliances to India.”
Focus on market research and product innovation
Hyundai Electronics will be focusing on market research and product innovation in India. The brand also mentioned that talent acquisition will be a major focus area.
Akshay referred to India as a key emerging market in the world. He said that Hyundai will bring smart goods technologies and product diversification methodologies in the country.
India white goods market size
Inda is one of the biggest consumer appliances markets in India. A report by Research and Markets had recently said, “The India consumer electronics market is expected to reach USD 118.4 billion in 2025. Rising disposable income, rapid urbanization as well as the introduction of novel products in the market is expected to further contribute to the market growth.”
Research and Markets has also outlined the challenges in the white goods industry in the country. It had said that the Indian manufacturers are facing challenges such as inverted duty structure due to free trade agreements, which makes Indian manufacturing noncompetitive for white goods, including ACs, refrigerators and washing machines.
The non-applicability of Modified Special Packages Scheme (MSIPS) in several consumer durables; hiked excess duties; under-developed and insufficient local supplier base; and high-cost of manufacturing and capital costs owing to frequently changing energy efficiency requirements also contribute to this scenario.