The rising trend for moisture resistance and the increasing number of industries are some of the factors influencing the demand for air conditioner market throughout the forecast period, 2027F.
According to TechSci Research report, “India Air Conditioner Market - Industry Size, Share, Trends, Competition, Opportunities and Forecast, 2017-2027F”, the India air conditioner market is expected to project impressive growth of USD6,054.96 million in the forecast period, 2023F-2027F, with an impressive CAGR of 6.08% on account of rapidly surging demand from the residential industry as well as the growing commercial sector in India.
The air conditioner market is being supported by significant factors such as an increasing middle-class population, infrastructure development, inverter technology-based air conditioners, soaring temperatures, increasing construction investment, rising urbanization, and growing demand for residential and commercial spaces.
Moreover, growing technological advancements such as inverter technology, smart air conditioners, etc., rising availability of energy-efficient air conditioners on the back of stringent government norms, modern trade, increasing demand from Tier II and III cities, growing online sales of air conditioners, and the accessible financing and emerging new payment modes that are also aiding in the growth of the India air conditioner market in the next five years.
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The India air conditioner market is segmented on the basis of product type, end use sector, regional distribution and competitional landscape.
Based on product type, the market is further fragmented into Splits, Windows, VRF, and Chillers. Splits sub segment is expected to register largest revenue shares of the market and dominate the market segment in the upcoming five years account of its various advantages like an easier installation process, greater energy efficiency, blend with home décor, quiet operations. These are some of the major factors influencing the growth of split air conditioner within India air conditioner market.
Based on end use sector, the market is segmented into Residential, Commercial, and Industrial. The residential sector is one of the major contributors to the growth of air conditioner market in India, as the use of air conditioners within the household sector is continuously increasing with the growing standard of living, as well as the availability of freezing stores are also increasing in demand for air conditioners within the commercial sector.
Key market players in the Indian Air Conditioner Market include:
- Voltas Limited
- Daikin Airconditioning India Pvt. Ltd.
- LG Electronics India Pvt. Ltd.
- Blue Star Limited
- Johnson Controls-Hitachi Air Conditioning India Limited
- Panasonic India Private Limited
- Samsung India Electronics Private Limited
- Haier Appliances India Pvt. Ltd`
- Havells India Pvt. Ltd
- Carrier Midea India Private Limited
With the increasing competition in the India air conditioners market, most major brands are focused on producing new models with the latest features. Environment-friendliness, scent emission, and enhanced energy efficiency ratio (EER) are the current features driving the public wild about air conditioners. Most of the air conditioners introduced by firms like Voltas, Samsung, Daikin, and LG are noted for their advanced EER, rapid cooling, quiet operation, and compressor and condenser longevity.
Furthermore, established firms such as Voltas, Daikin, LG, and Blue Star have raised the bar for new players to enter the market. For instance, air conditioner manufacturers are expanding their manufacturing facilities and creating plants worldwide to expand their consumer base. For example, Daikin invested USD136.05 million in September 2021 to build an air conditioner manufacturing plant in Andhra Pradesh, India. Such factors are expected to boost the air conditioner industry in the future.
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Since a more significant portion of India's population lives in the northern states, the North India region is expected to have the largest revenue share of the market. The northern region comprises Delhi/NCR, which has the most significant demand for air conditioners due to the increased need for residential and business spaces, which drives up the demand for residential and commercial air conditioners. Other factors, such as increased disposable income, government measures to electrify rural areas in Uttar Pradesh, Punjab, and Himachal Pradesh, among others, and the strengthening of the residential sector, are expected to assist the air conditioner market to grow in the upcoming years.
“The need for a healthy lifestyle has risen in recent years due to surging temperatures, influential technological innovations, and decreasing production costs due to the rising number of brands within the air conditioner market. Only 5% of the country's houses have air conditioners, compared to 90% in the US and 60% in China, and this is up from nearly zero just 30 years ago. However, as wages rise and electrical supplies become more stable, India's air conditioners sector is catching up quickly, with double-digit growth in the previous decade. These factors may influence the development of the India air conditioner market in the upcoming five years.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Air Conditioner Market By Product Type (Splits, Window, VRF and Chillers), By End Use Sector (Residential, Commercial, and Industrial), By Region, Competition, Forecast & Opportunities, 2017-2027”, has evaluated the future growth potential of India air conditioner market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India air conditioner market.