Bosch to invest around 100 million euros in the home appliances market in India
- Published | 30 November 2018
Bosch Home Appliances, the German company has decided to invest 100 million euros in India for the home appliances market in the next 3 to 4 years which will positively boost the country’s home appliances market and accelerate its growth.
India: Bosch will be expanding its product portfolio in the country by investing in the home appliances market using localized offerings to tap the growing market. It will be investing around 100 million euros in the next 3 to 4 years in order to increase their presence in the country and carb maximum share of the growing home appliances market in the country. This will immensely accelerate the growth of the said market in the country.
The company said, “Bosch Home Appliances will invest 100 million euros over the next 3-4 years towards personalising solutions, brand building, strengthening its technology centre, and setting up a robust refrigerator factory to bring its best-in-class German technology in India and magnifying India's role globally." It added, "In the coming years, Bosch will take its offerings from conventional to digital and transform businesses beyond mobility, by focusing on connectivity and new digital business models for customer value, as well as extending new employment opportunities in the space.” The Indian market for household appliances according to Bosch is expected to grow 14% annually from the present year i.e. 2018 to 2022 and reach market volume worth USD 2,028 million. The company has started its localised offerings already in segments such as mixer grinder, top-loader washing machine, and microwave oven.
According to BlueWeave Consulting, The Indian economy is steadily developing and so are the demands of the people. With the growing purchasing power and better access to various quality products at reduced rates, every Indian is buying various essential home appliances to serve their needs. This revolution in the Consumer durables market is taking India by storm along with making people more technologically advanced. The Government has allowed a 100% FDI in the sector of electronics hardware manufacturing through the automatic route and 51% FDI in Multi-brand retail. This has proved to be a major attraction for the foreign investors who are heavily investing in the home appliances market escalating its growth. Increasing the disposable income of the people and change in lifestyle will allow people to purchase more consumer durable goods which were not possible earlier.
According to the upcoming report by BlueWeave Consulting on “Global Home Appliances Market, By Type, By Distribution Channel, By Region- Industry Analysis, Size, Share, Growth, Trends & forecast by 2018-2025”, the market is expected to grow with a significant CAGR during the forecast period. Increases in standards of living, especially in the Asia Pacific region along with increasing disposable income of households, people are able to make purchases beyond their basic human necessities. This is leading households to purchase electrical appliances, which were earlier looked upon as luxury items. Technological advancements along with increased disposable income are driving the global home appliances market.