India's consumer durables market likely to reach ₹5 lakh cr by FY30

India is already fastest growing consumer durables market in the world, is expected to become 4th largest by 2027

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India's consumer durables market is expected to touch a size of Rs 5 lakh crore by FY30 and will become the fourth largest in the world by 2027, industry body CII said on Monday.

While the country's products are inching towards global reliability, it is imperative to build a robust quality ecosystem and adopt standardisation in the sector and also export Indian standards globally, said B Thiagarajan, Chairman, CII National Committee on Consumer Electronics and Durables.

Speaking at the CII Consumer Electronics & Durables Summit 2024, Thiagarajan, who is also the Chairman and Managing Director, Blue Star Ltd, further said the next decade is expected to create multiple opportunities across the value chain in the sector.

"From finished goods as well as development of an indigenous component ecosystem, with the right focus on domestic scale, India's prospects of becoming a global manufacturing powerhouse holds great promise," he asserted.