Breaking India State Business Entertainment Biography Lifestyle

Will India become the world’s largest market by 2027? There will be a surge in demand for consumer durables and electronics.

Sagar Patel

By Sagar Patel

Published on:

India to become the world’s largest market

Today, the eyes of the world are fixed on India. One major reason behind this is the growing Indian market. Statista report says that currently 17.76% of the world’s population lives in India. This is the reason why every country wants to do business with India. Meanwhile, TeamLease Services, the country’s leading staffing company, has released its Staffing Outlook in Electronics and Consumer Durables report. This report provides insights into the rapidly growing electronics and consumer durables sector.

What does the report say?

This report says that by 2027, India will become the third largest consumer market in the world. The role of employees working in this sector will be very important. They will provide their services to consumers and help in the sustainable development of the sector. In this report, TeamLease Services has identified the temporary jobs that are in the highest demand. These include store promoter, service technician, supervisor, sales trainer, channel sales executive, customer care executive, warehouse manager, tele-support executive, and electronics engineer. All of them play an important role in the development of the electronics and consumer durables industry.

Growth will be 15%

The report has explained the market by breaking it down into different parts. This includes everything from small kitchen appliances (such as LED lights and electric fans) to large appliances (such as air conditioners, refrigerators, and washing machines) and consumer electronics such as televisions, mobile phones, computing devices, and digital cameras. The report also states that the air conditioning market will grow at a CAGR of 15% to reach $5.8 billion by 2028. At the same time, the mobile phone market is expected to grow at a CAGR of 6.7% to reach $61.2 billion by 2028.

read this too

Temporary workers in this sector are mostly men (94%), with an average age of 31 and an average of 2.8 years of work experience. More than half of them have not even completed 12th grade. Therefore, to increase their productivity, it is important to provide them with adequate training to teach them specific skills.

Most temporary jobs in these states

Let us tell you that the TeamLease Services report has conducted a detailed analysis of different locations. These analyses have shown that the highest number of temporary employees are in South India. Tamil Nadu, Karnataka, Maharashtra, Uttar Pradesh and Telangana are the five states where the number of temporary jobs has increased the most. If we look at the city-wise, the number of people doing temporary jobs is highest in Bengaluru, Hyderabad, Chennai, Kolkata and Mumbai. The report also looks at salary trends. The difference in the average annual salary (AAT) and incentives has been noted in the report based on region and cities. According to the report, the highest annual salary is given in metro cities and the highest monthly incentive is given in Tier 2 cities.

Concern expressed on this matter

In this report, the problem of job leaving has been described as a major challenge. Two types of terminations are mentioned in it, the first is regrettable attrition and the second is unrepentant attrition. Regrettable attrition includes 22% of employees who have performed excellently, while non-regrettable attrition includes 31% of employees who have not performed well or have not received any incentive. The report says that the cost of attrition in a company with 1000 employees is approximately Rs 3.64 crore. Since the post of internal store promoter remains vacant in such companies, there has been a decline of approximately Rs 118.6 crore in profits.

What do the experts say?

Balasubramaniam A, Senior Vice President, TeamLease Services, said that the increasing attrition rate is a big problem. This can have a negative impact on the company’s profits and growth. A mid-sized company can suffer a loss of more than Rs 100 crore. It is clear from this that companies need to take immediate action. Kartik Narayan, Executive Director – Staffing, TeamLease Services Limited, says that it is important to understand the needs of temporary employees for the development of the electronics and consumer durables sector. India has emerged as the third-largest consumer market in the world, so we have a good opportunity to find solutions to workforce-related issues. Our reports help companies improve their staffing strategies and increase efficiency, paving the way for a better future.

Sagar Patel

Sagar Patel

I am Sagar Patel, specializing in business news reporting. With a keen focus on economic trends, market analysis, and corporate developments,

Related Post

Leave a comment

x