New Delhi [India], January 15 (ANI): India stands out as a promising market with vast untapped potential, as the country remains below the global average in product penetration across several key sectors, highlights a report by ICICI Mutual Fund.

The report data highlighted that the under-penetration, coupled with the rising desire for premium products, is set to drive domestic demand dynamics in the coming years.

It said "Younger population mix, rising income levels, changing consumption patterns, hiring trends etc are likely to uphold the demand momentum"The comparative data in the report revealed significant growth opportunities in multiple segments. For instance, car penetration in India stands at just 4 per cent, compared to 15 per cent in China and 81 per cent in the United States.

Similarly, only 6 per cent of Indians travel abroad, as opposed to 9per cent in China and 42 per cent in the US. Ownership of air conditioners is at a modest 8 per cent, far behind China's 60 per cent and the US's 90 per cent.

Other household appliances like refrigerators also reflect a stark difference, with only 18 per cent penetration in India compared to 94 per cent in China and 100 per cent in the US. Even in digital consumption, India has room to grow.

While 37 per cent of Indians are smartphone users, the figure is 54 per cent in China and 83 per cent in the US. Internet penetration in India is at 58 per cent, slightly lower than China's 60 per cent and significantly behind the US's 95 per cent.

The report also noted that country's unique demographic advantages further bolster its growth story. More than 50 per cent of the population is of working age, a ratio expected to remain stable until 2047. This is in sharp contrast to global trends, where the working-age population peaked in 2010 and has been on a decline since.

Additionally, rising income levels, shifting consumption patterns, and increasing hiring trends are expected to support sustained demand. India's economic fundamentals are robust, characterized by clean balance sheets across the government, corporate, and household sectors, as well as strong fiscal discipline and rising capital expenditure.

With unwavering domestic demand and structural stability, India's long-term growth story remains intact, positioning it as a key player in the global economy.

The country's expanding market potential is likely to attract significant investment and innovation, ensuring sustained development in the years to come. (ANI)