New Delhi, Oct 28: Technological improvements, falling prices due to competition, aggressive marketing and declining import tariffs is driving the growth of the consumer durable sector which is poised to grow at 12 per cent in the current fiscal against 11.5 per cent growth in the 2006-07, a survey by FICCI said.
The industry recorded a growth of 13 per cent during April-September this year and the trend is likely to continue during the festive season till the year-end, FICCI survey further said.
''The Survey reflects the changing dynamics of consumer behaviour - luxury goods are now being perceived as necessities with higher disposable incomes being spent on lifestyle products,''FICCI President Habil Khorakiwala said.
The 'FICCI Consumer Durable Goods Survey' noted the rural Indian market, which accounts for nearly 70 per cent of the total number of households, is witnessing a 25 per cent annual growth, while the urban consumer durables market is growing at an annual rate of seven per cent to 10 per cent.
According to the Survey, High end LCD TV recorded 360 per cent growth in terms of quantity produced during April-September current fiscal followed by flat panel TV (200 per cent), micro wave oven-convection (127 per cent), plasma TV (120 per cent), split air conditioners (80 per cent), micro wave oven (75 per cent), air conditioners, fully automatic washing machines and DVDS-organised (40 per centeach ), frost free refrigerators (35 per cent), DVDS and DVDS (25 per cent each), washing machines and VCD/MP3 (20 per cent each).
The sectors which have recorded growth rates between 10 to 20 per cent in April-September 2007 over the corresponding previous period are refrigerators (12 per cent), direct cool refrigerators (10 per cent), colour television (15 per cent), flat cathode ray tube (CRT), TVs (15 per cent), window air conditioners (17 per cent ), semi-automatic washing machines (19 per cent), watch (12 per cent), clock (10 per cent).
However B&W TV recorded negative growth of 20 per cent in the said period.