Consumer Durable market
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Consumer Durable market
About Consumer Durable Market Industries
Indian consumer durables market is broadly segregated into urban and rural markets, and is attracting marketers from across the world. The sector comprises of a huge middle class, relatively large affluent class and a small economically disadvantaged class, with spending anticipated to more than double by 2025. Global corporations view India as one of the key markets from where future growth is likely to emerge. The growth in India’s consumer market would be primarily driven by a favourable population composition and increasing disposable incomes. Per capita GDP of India is expected to reach US$ 3,273.85 in 2023 from US$ 1,983 in 2012. The maximum consumer spending is likely to occur in food, housing, consumer durables, and transport and communication sectors.
Consumer durables can be broadly categorized into the following 3 heads:–
White Goods: White goods mainly include air conditioners, refrigerators, washing machines, audio equipment, and speakers.
Brown Goods: This kind of consumer durables mostly include kitchen appliances like chimneys, electric fans, grinders, iron, microwave ovens, mixers and varied other cooking ranges.
Consumer Electronics: Some of the mostly used consumer electronic goods are DVD players, MP3 players, mobile telephones, telephones, VCD players etc.
Major players in Indian Consumer Durable Industries
- LG
- Nokia
- Philips
- Samsung
- Sony
- Whirlpool
- Blue Star
- Carrier
- Godrej India
- Hitachi India Limited
- Sharp India Limited
- Tata
- Toshiba India Private Limited
- Videocon
- Voltas
Rules & Regulations
The Consumer Protection Act of 1986 defines consumer law in India. This legislation helps to protect consumers from any kind of exploitation by availing the means for hearing and considering and finally settling disputes. This Act also stipulates the goods and service providers’ responsibilities. In the year 1987, the provisions of this Act became binding legally.
Consumer Courts
To lessen the time period taken to sort out consumer disputes, the Act permits the creation of quasi-judicial bodies to be formed at district level, state as well as central government levels. There are at present 604 District Forums along with 34 State Commissions, with the National Consumer Disputes Redressal Commission functioning at the final level. India boosts itself to be the only country having specific courts for hearing consumer grievances as per the CUTS Centre for Consumer Action Research and Training. The following acts shall be applied to protect the interest of the aggrieved person.
The Consumer Protection Act, 1986
Legal services of Preach Law LLP
The firm provides advice on cutting-edge issues that cover multiple legal and business disciplines. Our expertise and understanding of the business is the foundation for providing full range of legal services including:
- Arbitrations & Litigation
- Foreign Investments
- Regulatory
- Structuring
- Offset policy
- Compliances
- Joint Ventures
- Contracts
- Teaming Agreements
- Auction/Bid Management etc.
- Sourcing/Supply and Service Agreements
- Review/ Appeal of Administration Decisions
