India Air Conditioner Market to Grow at a Steady rate during 2022-2028

India Air Conditioner Market

A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the India Air Conditioner Market was worth USD 2.74 billion in the year 2021. It is estimated to grow at a CAGR of 15.2%, earning revenue of around USD 7.11 billion by the end of 2028. The lucrative growth of the India Air Conditioner Market is attributed to urbanization, home automation, and growing advanced technology. Also, increasing adoption of energy-efficient products, wireless communication, and shifting preferences towards comfort as well as convenience products aid to fuel the demand for AC. Furthermore, India Air Conditioner Market is one of the most emerging markets that grow continuously owing to the fast integration of new technologies like the Internet of Things (IoT), artificial intelligence (AI), cloud computing, and others. However, the rising cost of electricity bills in the country and regular maintenance of the air conditioner system is the major restraining factor for the growth of the India Air Conditioner Market.

Based on offering, the India Air Conditioner Market is categorized into Splits, Windows, VRF, Chillers, and Other including Cassette, Ductable Splits, etc. The Windows segment accounts for the largest market share owing to the widely used purpose for residential purposes. As the windows air conditioner is the best conditioner for single rooms and is cost-effective. Moreover, based on end-user, the Indian Air Conditioner Market is segmented into residential, commercial, and industrial. The Residential segment accounts for the largest market share owing to the increasing disposable income of Indian consumers and changing lifestyles. However, the Commercial segment is expected to dominate the market during the forecast period owing to the rising construction of the commercial sector and the greater adoption of AC equipment by corporate offices, hotels, restaurants, healthcare, airports, etc.

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Geographically, the Indian Air Conditioner Market is segmented into North India, South India, East India, and West India. The West India region dominates the market owing to the most economically populated state of Maharashtra. Also, the rising heat and humidity in the states of western India such as Mumbai, Goa, and Rajasthan lead to an increase in the demand for air conditioners. The sudden outbreak of COVID-19 resulted both positively and negatively in the growth of the India Air Conditioner Market. Initially, the sales declined due to the commercial, residential, and industrial sectors being shutdown suddenly. Also, the major suppliers of raw materials and end products were completely halted due to lockdown and social distancing norms. However, the demand for Air conditioners increased due to the online study, and as most of the population working from home, thereby, spending more time at home needs comfort and a convenient environment to complete the tasks efficiently.

The leading market players in the Indian Air Conditioner Market are 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, Havells India Limited, Carrier Midea India Private Limited, and other prominent players. The market is highly competitive and fragmented with the presence of various global and regional industry participants. The companies constantly launch new products with advanced features to gain a competitive edge over the market. Multinational corporations also invest in expanding their production capacities to meet the growing demand and boost their market penetration. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.

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