AKG develops and produces worldwide innovative coolers and cooling systems that are used in vehicles like trains, buses, cars and agricultural and construction machinery and als
Consumer Durable equipment are always on a high in India and there are three reasons ? one : increasing disposable income, two : advancement in technology with new feature keep coming up and the last banks pushing easier EMIs.
With technology, the prices are also becoming cheaper and the industry is growing at 15%. Various reports indicate the rising middle class of India which is expected to reach 13 trillion USD by 2030 which makes India matters in global consumer durable market. Around 65% of sales comes from urban market, while rural market is also fast expanding with basic products like refrigerators, TV etc.,
Also implementation of GST will create a single, unified Indian market and will diminish the multiple layers of indirect taxation.
Television manufacturers like Sony, LG, Panasonic and Samsung are set to increase prices of their LED/OLED sets by up to 7 per cent to offset impact of increase in customs duty which was announced in recent budget. The manufacturer have already initiated a dialogue with the government to roll back the duty hike. Panasonic is going for a hike of 2-7 per cent on its range of LED/OLED TVs. According to industry sources, Samsung is also planning for a hike of around 5-6 per cent. The move will drive inflation and have a setback on consumption as prices may go up to 7 per cent impacting the demand for TVs. However, it will help companies with local manufacturing units.