While sales of TV sets, air-conditioners, refrigerators and washing machines in May plunged 65% over April, smartphone sales fell well over 30% sequentially to around 5.5-6 million units, as per multiple industry executives and market trackers.
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Industry executives say that sales have crashed to near-zero levels in April and May so far and most companies have either partially restricted production catering only to exports or shut down
Covid crisis: As sales crash, electronic, phone companies shutter plants
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Companies such as LG, Panasonic, Carrier Midea, Vivo, Oppo, Haier and Godrej Appliances have either completely shut down all their plants or cut production significantly. Some like Apple and Samsung, which also export from India, are running significantly scaled-down production units, at 25-40% of capacity, just to cater to global markets.
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Most companies are carrying over a month’s inventory. Maharashtra was the first to impose restrictions in April, followed by almost every other big state.
Large electronic and smartphone brands in India have shuttered production for domestic markets as sales have crashed to near zero amid local lockdowns, restrictions on online sales of non-essential goods and Covid-19 infections among plant workers.
›Sales of AC, other cooling products again hit by pandemic in peak season; companies now pin hopes on extended summer
Sales of AC, other cooling products again hit by pandemic in peak season; companies now pin hopes on extended summer
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Sales of AC, other cooling products again hit by pandemic in peak season; companies now pin hopes on extended summerPTI
Last Updated: May 16, 2021, 01:45 PM IST
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Leading players in the segment including Voltas, Daikin, Blue Star, Panasonic and Haier reported almost 75 per cent dip in April sales this year when compared with the same month of 2019 performance. Moreover, May 2021 has been a complete washout so far for them.