Electronics (ACE) market is expected to almost double in the next three years to around Rs 1.48 lakh crore by 2023, led by increasing domestic demand, said the industry body CEAMA. India has become one of the fastest growing ACE markets in the world and is also emerging as an alternative manufacturing destination of China and other South East Asian countries, the president of the Consumer Electronics and Appliances Manufacturers Association (CEAMA), Eric Braganza, said.
The foreign direct investment in the ACE industry has also almost doubled to USD 481 million till June in 2022 as against USD 198 million in 2021, he added.
“Now several global OEMs are setting up their base in India,” said Braganza while addressing the annual function of CEAMA here.
