our market view
The Market Adopts Quickly If There Is an enhanced solution for one of the "sense"
The Investor Funnel
| Funnel Stage | Data Point & Scale | Description |
|---|---|---|
| 1. Total Market | 337.2 Million Households | Total households in India as of 2025. |
| 2. Awareness Level | 213 Million Households | Households aware of at least one securities market product (63% of total). |
| 3. Current Investors | 32.1 Million Households | Current household penetration stands at 9.5%. |
| 4. 2026 Target (Intent) | ~60 Million Households | Combined pool of "Intenders" (22% of aware non-investors) and "Lapsers" returning to the market. |
| 5. 2030 Target (Wealth) | 350 Million Individuals | Individuals entering the discretionary "Upper Middle" income bracket ($8,500–$40,000). |
2026 Target
The industry is looking at approximately 60 million high-potential households:
- Aware Non-Investors (The 40M Pool): Out of the 213 million aware households, roughly 181 million do not yet invest. The SEBI 2025 survey identifies 22% of these (approx. 40 million households) as "Intenders" who have actively started researching and plan to invest within the next year.
- The Re-entry Pool (The 20M Pool): Approximately 8% of Indian households are "Lapsers" (past investors who stopped). Crucially, 6 out of every 8 lapsers (75%) indicate an intention to re-invest in securities products in the near future.
- Key Acquisition Demographics: The cohorts with the highest intention and knowledge to drive this 2026 growth include Graduates, NCCS A (top socio-economic) category, and Gen Z.
2030 Target: The Macro Shift
The 2030 target is defined by a fundamental restructuring of India's income distribution, which will create a massive new class of potential traders and investors:
- Upper-Middle-Income Explosion: The share of "Upper Middle" households is projected to double, rising from 21% in 2020 to 44% by 2030. This shift alone will add 35 crore (350 million) individuals to the discretionary income bracket.
- Economic Threshold: India's per capita GDP is expected to reach $4,100 by 2030, crossing the $2,000 threshold where discretionary spending and wealth creation typically accelerate.
- Digital Enablers: By 2030, India will have 1 billion internet users, with 50% identified as digital "enthusiasts" who are likely to learn and execute trades online.
- The "Bharat" Volume: While metros currently dominate, by 2030, growth will be fueled by Tier 2 and Tier 3 cities, which are already contributing over 80% of new accounts for major discount brokers like Upstox and AngelOne.
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