India switches market revenue is projected to grow at a CAGR of 9.4% during 2024–2030

In terms of type, modular switches generated the maximum revenue share in India Switches Market – 6Wresearch

Modular switches had the largest revenue share in 2023, primarily due to their simplicity in installation and ability to be customized to suit individual preferences, requirements, and purposes. Furthermore, their emphasis on safety significantly contributes to their substantial revenue share.

According to 6Wresearch, India switches market revenue is projected to grow at a CAGR of 9.4% during 2024–2030. In 2020, construction halts and worker migration hindered the switches market, but it rebounded strongly by Q4 2020 owing to low-interest rates and government interventions. Looking ahead, robust growth in the switches market is expected, fueled by increased residential launches in Kolkata and Chennai's surge in office transactions, alongside an anticipated supply of 200,000 square feet in Mumbai.

The fast-growing middle-class segment, projected to reach 40 per cent by 2031 coupled with the anticipated significant rise in India's urban population, is expected to drive the urban infrastructure and enhance lifestyle preferences that would fuel the market growth of solid wood in applications such as construction, furniture industry, door frames, millwork and others.

According to Shubham Deep, Senior Research Analyst, 6Wresearch, residential spaces are expected to increase drastically across India, especially in key cities like Chennai, Kolkata, and Hyderabad. This growth presents a significant opportunity for the adoption of modular switches. As the residential real estate market continues to expand in these cities, the demand for modular switches is likely to surge, driven by the desire for aesthetically pleasing and technologically advanced electrical solutions.

The India Switches Market (2024-2030) report provides an in-depth analysis with 18 figures and 6 tables, covering 71 pages. The report comprehensively covers the market by type, end user, and region. The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.