Project report for Electrical shop

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India's electrical switches market is projected to grow at a CAGR of more than 12% by 2023, on the back of an increasing number of projects in construction and real estate markets, especially in the residential segment across the country. Owing to the aesthetics of modular switches, strong demand is being witnessed from the residential sector, as more and more people are replacing their old switches with modular switches that complement their wall paints and interior design. Moreover, supportive government initiatives, rising per capita income, and declining prices of modular switches are some of the other factors that are expected to positively influence the electrical switches market in India during the forecast period. LED lights are the latest technology in energy-efficient lighting. LED stands for ‘Light Emitting Diode’, a semiconductor device that converts electricity into light. 

India LED lighting market stood at $ 918.70 million in 2016 and is projected to grow at a CAGR of 24.66%, in value terms, during 2016-2022, to reach $ 3,758.74 million by 2022, on account of increasing government initiatives to boost LED adoption and growing awareness regarding lower power consumption of LED lighting products. Modular switches are expected to garner $1,595.0 million by 2022, registering a CAGR of 22% during the forecast period 2016-2022. All these parameters indicate the smooth and good sales of the product and thus the potential of the electrical shop in the region.

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Product / Services & process

 LED Bulb

In the recent past, LED lighting used to be fairly limited with few designs to choose from. With greater advances in technology, you can now get a range of styles including candles, GLS, golf balls, reflectors, spotlights, and tubes. These have varying powers equivalent to everyday incandescent bulbs and can now be found with a variety of fittings including screw and bayonet. The cost too is now comparable with other bulbs and can provide significant savings in electricity bills

Modular switches

Electrical wires

Tubelights, MCB,ELCB etc

Market potential & Strategy

As the lighting and switches are frequently used in the homes, the demand is on the higher side. The sophomore focuses on providing electrical equipment such as electric wires, MCBs, tube lights, etc. When new construction is happening, the demand for the products was on the higher side. Small devices such as small motors, pumps were there which having good demand. The shop is mainly planning to make popularity by providing small offers, advertisements in the local television, newspaper inserts and as notice papers.

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