India's Consumer Electronics Prices Set to Rise Amid Global Raw Material Costs
Consumer electronics prices are set to rise in India due to increasing costs of raw materials. Companies such as Blue Star, Godrej Appliances, Haier, Daikin, and Super Plastronics will increase their prices by up to 8% from October 1.
The price hike is attributed to a surge in copper, steel, aluminum, and crude oil prices internationally, along with currency fluctuations. This marks the third price increase by the consumer electronics industry this year.
Air conditioner prices are expected to rise by 5-8%, while washing machines, refrigerators, and LED TVs may see a 3-4% increase in prices. LG and Bosch Home Comfort have already raised AC prices by around 5%, and Panasonic is reviewing the situation before making any decisions.
Haier India President N.S. Satish stated that copper prices had risen from $8,000-$9,000 per metric tonne a year ago to $14,500 per metric tonne, leading to a price increase of 5% for ACs from October 1.
Daikin India CMD Kanwarjeet Jawa mentioned the strengthening of the dollar against the rupee and a 25-35% increase in commodity prices as reasons for the price hike. He also stated that an 8-10% increase had already been implemented from September 16.