Appliances, consumer electronics sector aim for double-digit growth in 2023

Bolstered by premiumisation trends, pent-up demand and policy initiatives, the country's appliances and consumer electronics sector expects to continue on the double-digit growth trajectory in 2023, as companies seek to expand capacity and roll out new-age smart products.

Learning the hard way in the wake of the global supply chain disruptions caused by the coronavirus pandemic and prolonged lockdown in China, leading companies in the sector are focusing on enhancing production capacity as well as domestic supply chain to reduce dependence on imported components.

All said, geopolitical developments and rupee depreciation could have an adverse impact on companies.

Appliances & Consumer Electronics (ACE) industry body CEAMA is "optimistic about good growth in 2023 as well" and expects to almost double the value of the industry in the next three years to Rs 1.48 lakh crore by 2025, as well as make the country an alternative hub for exports.

In 2022, ACE industry logged an overall ...