With demand for premium and advanced technology products on the increase, the Indian RS 75,000 Industrial Industry and the consumer electronics industry will switch to 2022 with the expectation of two-digit growth even though the anxiety experiences the lack of semiconductor and the impact of the omicron variant that spreads on business.

This industry expects two-digit growth in the year-to-year basis, assisted by possible price correction after softening of raw material inputs and factors such as positive sentiment, emitting demand and improving economic conditions.

In addition, the shift in consumer behavior of price awareness of advanced premium products technology with quality, value propositions and safety aspects that lead to the increase in demand for home automation products makes the industry optimistic.

With the government production incentive (plI) production scheme for white goods, which has witnessed the investment commitment of Rs 4,614 Crore, in place, many producers prepare to maximize opportunities and take steps to reduce their dependence on imports and make products more affordable.

Leading players such as Samsung, LG and Panasonic have reported consumers to get more technology in 2021 with increasing awareness for artificial intelligence (AI) and the Internet of Things (IOT) supporting products and expect this trend to get further momentum next year.

Strong demand for premium segment products such as larger screen TVs, higher-capacity refrigerators and washing machines, and especially IOT products and AI-support AI, witnessed not only from the Metro market developed but also from Tier-II cities Smaller.

However, the equipment industry and consumer electronics must also handle semiconductor shortages, which have resulted in delaying new launches of smart and connected products.

The consumer power material industry Rs 75,000 Crore does not include cellphones and IT equipment.

Commenting on industrial prospects in 2022, the Association of Electronic Manufacturers and Consumer Equipment (CEAMA) Eric Braganza said there was optimism for “two digit growth” but it would depend on a number of variables, including price correction and the absence of the third wave of covid pandemics.

“At present, the price increase is on the card, which has the potential to reduce consumer demand but we are optimistic and hope that in the end commodity prices will be stable because of the reduction of global transportation costs and raw materials and this must have a positive impact on consumer demand,” Braganza said PTI.

Sharing similar optimism, Panasonic India chairman and CEO Manish Sharma said, “In Panasonic, we continue to remain optimistic in 2022. We will continue to advance towards our ambitions, with resilience to maximize our abilities.”

Now, the market witnesses the shift of consumer behavior towards premium and smart products that are connected, he said, adding consumers now preferring advanced technology equipment that is connected, energy saving and easy to use, allowing them to multi-tasks.

Samsung India Senior Vice President, Consumer Electronics Business, Raju Pullan said he hoped to continue the momentum of “strong growth”, after witnessing a two-digit growth led by increased technological adoption and new form factors.

“We anticipate strong growth next year and expect premium products to continue the sales of leading consumer electronics as consumers who experience upsize and premium,” he said.

In 2021, the company had witnessed a strong demand for premium segment products such as larger TV screens, higher-capacity refrigerators and washing machines, and especially the products activated IOT and AI.

Interestingly, Tier-II cities saw greater growth this year because most people returned to their hometown and continued to work remotely, added a map.

Likewise, LG Electronics India VP – Company planning, Deepak Bansal said consumers became more understanding of technology and there was an increase in awareness for long-lasting consumer products that support AI and IOT.

“Although careful because Covid, we are optimistic about 2022,” he said, adding that the company would launch a complete product line based on new consumer insights and trends.

According to Havells CMD Anil Rai Gupta, 2021 also witnessed changes in consumer preferences that move towards reliable and quality brands providing value propositions, creating opportunities for organized players to encourage products.

Homegrown companies, like other people, will also strengthen the Omni-Channel strategy and maximize its range by connecting the offline store with online format.

“While the online channel has obtained relevance in the order of the new world, the Omni-Channel strategy helps build a langgeng customer relationship by bringing together all brand touch points.

“We will continue to strengthen our credentials in product development, consumer trends appear and present through the strong omni-channel network,” Gupta said.

Group Group Voltas witnessed a pent-up request for air conditioning and coverage of cooling products such as air conditioning and commercial cooling after the second wave of pandemic.

“We are optimistic that in the post-festival season, all categories of cooling products and household appliances will continue to get land as witnessed in the previous quarter,” said MD voltas and Bakshi Pradeep CEO.

The company invests in manufacturing Fan Flow Fan (CFF), heat exchangers and plastic mold components after the approval of the proposition under the PLI scheme.

“We believe that India will soon become a hub for global manufacturing, and we hope to be proud to contribute to the story of the nation’s growth that year will come,” Bakshi said.

Daikin India Chairman and Managing Director K Javan, who is also the president of the Cooling and AC (Rama) producer association, expects the cooling industry to cross the pre-pandemic level and at around 5 percent growth in 2019.

Digitizing and online sales have increased, he said.