Growing construction and real estate markets coupled with declining prices of modular switches, rising urbanization and increasing electrification to drive India electrical switches market through 2023
According to TechSci Research report, “India Electrical Switches Market By Type, By Application, Competition Forecast & Opportunities, 2013 – 2023’’, electrical switches market in India is projected to grow at a CAGR of 12.4% during 2018-2023. Growth in the market would be driven by rising focus on electrification of rural households across the country, growing urbanization and declining prices of modular switches. Moreover, expanding real estate and construction markets, increasing demand for aesthetically designed modular switches, rising per capita income and government initiatives such as Smart Cities Mission are expected to aid the market in the coming years. Government approval for 100% Foreign Direct Investment in the construction development sector under the automatic route would further support India electrical switches market over the course of next five years.
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Modular switches segment dominated the country’s electrical switches market in 2017, backed by their enhanced safety features coupled with better aesthetics and declining prices. In the coming five years as well, the segment is expected to grow at the fastest CAGR, owing to shrinking demand for non-modular switches and a number of leading players manufacturing only modular switches. Among the end use sectors, residential sector accounts for the largest share in the market, on the back of increasing number of households in the country. Anchor Electricals Pvt. Ltd., Legrand India Pvt. Ltd, Havells India Ltd. and GM Modular Pvt. Ltd. are some of the major companies operating in India electrical switches market.
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“South India is the largest demand generating region in India electrical switches market, on account of increasing construction activities across the southern states, rising urbanization and presence of IT hubs such as Bengaluru, Hyderabad and Chennai. However, over the next five years, electrical switches market in North India is anticipated to register the fastest growth, backed by increasing pace of development across residential and commercial real estate sectors. Growing electrification across rural India and increasing focus on offering uninterrupted power supply across Tier-II & Tier-III cities is also expected to positively impact the electrical switches market in India until 2023.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Electrical Switches Market By Type, By Application, Competition Forecast & Opportunities, 2013 – 2023” has analyzed the potential of electrical switches market, and provides statistics and information on market size, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by the market.
Corporate Comm India(CCI Newswire)
