India’s Consumer Tech Market Set to Triple, Reaching $300 Billion by 2027
According to a Bain-Flipkart report, the online retail sector might increase by 23–25% year till 2028
Expected Growth in Consumer Tech Market:
- Indian consumer tech market could hit $300 billion by 2027, as predicted by consulting firms.
- Online retail industry might reach $160 billion by 2028.
Forecasts by Reports:
- Bain & Company with Flipkart predicts a 23% to 25% annual growth in online retail until 2028.
- Another report by Chiratae Ventures, 1Lattice, and Google suggests a tripling of the Indian consumer internet segment to $300 billion by 2027, driven by fashion, mobility, and media.
Current Status and Comparison:
- Online retail could end 2023 at 57-60 billion, growing 17-20% from last year.
- However, online spending in India remains at 5% to 6% of total retail spending, significantly lower than the US (24%) and China (over 35%).
Expectations for Recovery and Future Trends:
- Despite recent economic challenges, there’s an expectation of market recovery, especially in areas like apparel and electronics.
- Future e-retail growth hinges on increased GDP per capita, indicating greater purchasing power.
- An estimated 60-70 million households moving into higher-income brackets might drive 80% of e-retail spending by 2028.
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