In the electrical and electronics products sector, India entered the global marketplace later than its developing world counterparts. But the same advantages that have continued to attract multinationals to manufacture their automotive components in India have similarly beckoned multinationals to manufacture electrical and electronics products.
India’s specialty areas focus on custom-based products, such as industrial actuators and sensors, or on non-electronic parts such as power assemblies, cables, and connectors. Industry experts believe that India will capitalize on these strengths to grow its electrical and electronic goods exports up to US$18 billion a year by 2015.
In 2004, the electronics market in India stood at US$11.5 billion. A recent McKinsey & Co. study predicted the market to grow at a CAGR of 23 percent by 2010, reaching US$40 billion. While still competing with China, which boasted an electronics market worth US$271.97 billion in 2004, India’s growth rate is expected to grow at a rate higher than China over the next five years.
Read the rest of this article to find out more about the current state of the Indian electrical and electronic products sector, and its future.
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