Indian electronics market to grow at 23% a year
The electronics market in India, at $11.5 bln in 2004, will be the fastest-growing electronics market worldwide over the next several years, reports In-Stat. This market is expected to grow at a Compound Annual Growth Rate (CAGR) of 23% by 2010 to reach $40 bln. Though its total output will be far behind China’s electronics market, worth $271.97 bln in 2004, India’s promising market bears watching.
The Indian electronics industry is driven mainly by the computer and computer component sectors. About 25% of the Indian population lives below the poverty line, but a large and growing middle class of 320-340 mln has disposable income for consumer goods. The main challenge for China’s electronics industry is to keep up with technology trends.