Global Market Research Company US India Electrical Switches Market Forecast and Oppo | Page 7

Industry Brief
India Electrical Switches Market to Grow at more than 12%
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.
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.
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.
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