As they look forward to even better days in 2016, almost all leading appliance makers including Panasonic, Sony, LG, Samsung, Videocon, Haier have ramped up production capacity.
     
Joining the Make in India bandwagon, they also increased the local sourcing amid a slew of new product launches in 2015 and the trend is expected to further firm up in the new year.
    
According to the Consumer Electronics and Appliances Manufacturers Association (CEAMA), the industry overall saw a good uptick in demand in 2015 and witnessed a growth of almost 25 percent during the festive periods.
    
According to the government data, the Index of Industrial Production (IIP) for consumer durables grew by 11.8 percent between April-October this year, as against a contraction of 16 percent in the same period of last year.
    
Industry experts believe that the surge in online sales has also contributed considerably to the growth as the products were delivered at consumer's doorstep while discounts and easy finance options on e-commerce platforms gave a further push.

In 2015, companies like Videocon and Haier announced big investments to expand their manufacturing capacities, while Sony started manufacturing its Bravia range of TV panels after more than a decade.
    
Sony has entered into agreement to manufacture its Bravia line of televisions at Taiwanese contract manufacturer major Foxconn's plant near Chennai.
    
South Korean maker Samsung, which has completed its 20 years in India, also continued to invest more to boost its manufacturing capacity at its Noida and Chennai units.
    
This year, a number of companies also expanded their product portfolios here while many forayed into the air purifier market as well.
    
During the festive period such as Diwali, which is also considered auspicious time for buying new products, the durable makers witnessed 25 percent growth in volume.

In 2015, durables makers also faced a decline in rural sales due to monsoon deficit. The companies are betting on further rise in growth rates in 2016.

 

Latest News  from Business News Desk