New Delhi, Sep 16 (PTI) The Indian residential construction industry is poised to reach a staggering USD 350 billion by 2030, helped by rapid urbanisation, growing income, and government policy initiatives,
according to a report on Tuesday.
In the report titled 'Building beyond basics: Innovations transforming India's living spaces', Deloitte said that India's construction and building materials industry is at an "inflection point" and the building materials market alone would witness a 9.6 per cent increase from USD 105 billion in FY2025 to USD 166 billion in FY2030.
The Indian consumer electricals industry is expected to have a market size of USD 18.5 billion by FY30, driven by rapid urbanisation and infrastructure development, the report said.
Besides, the trend of energy-efficient products and policy support will propel the segment, comprising residential wires and cables, fans, lighting, switches, fuses and switchgear, the Deloitte India report said.
Moreover, the share of branded products in the consumer electricals industry is projected to reach nearly 82 per cent by 2027 from 76 per cent in 2023, it added.
The home furniture and décor market is expected to grow to USD 62 billion from the current USD 38 billion.
"India's home furniture and décor market is on a strong growth trajectory, driven by urbanisation, rising incomes and demand for stylish, functional and personalised spaces. Digital awareness, new age designs, convenience and utility trends are accelerating this shift," it said.
While the home security market, which includes security cameras, smart locks, door phones, doorbell cameras, motion sensors and hazard prevention devices, is expected to post an 18 per cent CAGR and is projected to reach USD 4.4 billion by FY30.
The paints and construction chemicals industry is expected to grow to USD 15.3 billion by FY30, benefiting from India's housing boom, infrastructure investments and consumer lifestyle upgrades.
"The Indian decorative paints market is primarily driven by urbanisation, rising disposable incomes and expanding homeownership, with strong demand emerging from tier-2 and tier-3 cities," it said.
Similarly, the flooring market, which comprises ceramic tiles, vitrified/porcelain tiles, vinyl flooring, marble and rugs, is expected to grow to USD 16.2 billion by FY30 from USD 10.7 billion at present. PTI KRH KRH
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