India Air Conditioner Market Synopsis
India air conditioner market is growing at a significant rate over the past few years owing to the growing retail and hospitality sectors, rising construction activities across airports, metros, and new housing societies along with the increasing establishment of SMEs and commercial hubs. Additionally, growth in the construction market and increasing government spending towards public infrastructure have further spurred the air conditioner market in the country.
According to 6Wresearch, India Air Conditioner Market revenue size is projected to grow at a CAGR of 16.1% during 2022-2028. India Air Conditioner market is highly competitive and fragmented with the presence of domestic, and international market participants. The market is broadly divided into four segments. Room air conditioners dominate the market across all segments due to the strengthening of the residential sector, the rising construction of new housing societies along with the establishment of SMEs. Additionally, growth in the number of construction projects across metro & tier-2 cities would further increase the demand for room air conditioners in the country in the coming years. In terms of market segment by room types, split air conditioners held the largest share both in revenue as well as in volume in the year 2021 due to the reduction in the price gap in comparison to the window air conditioners and the rising adoption in the residential and SME sectors.
Market by Types Analysis
In terms of Types, Room air conditioners captured 63.9% of the market revenue in 2021. Room air conditioner dominated the overall air conditioner market revenues in India, majorly being driven the vast Indian population, urbanisation and increasing disposable income. The availability of wide product assortments within affordable ranges from prominent brands and attractive credit financing mechanisms along with government’s initiative to incentivise local manufacturing has been contributing to market growth in the country.
Key Players in the India Air Conditioner (AC) Market
The India Air Conditioner (AC) market is highly competitive, with the presence of both international and domestic players vying for the market share.
- Hitachi Ltd.
- Carrier Midea India Pvt. Ltd.
- Daikin Industries Ltd.
- Godrej Appliances Limited
- Blue Star Ltd.
- Samsung Electronics Co. Ltd.
- LG Electronics Inc.
- Voltas Limited
The Impact of COVID-19 on the India Air Conditioner (AC) Market
The COVID-19 pandemic has negatively affected the India Air Conditioner (AC) Industry in terms of lower demand in the peak summer season, strict lockdowns disrupting the supply chain, and a rise in the prices of raw materials because several manufacturers' airlifts component such as controllers, compressors and other materials from China, Thailand, and Malaysia. However, companies are trying to balance the situation by offering various kinds of schemes such as EMI and seasonal discounts which are attracting the middle-class population of the country to purchase air conditioners.
Key Attractiveness of the Report
- Base Year: 2021
- 10 Years Market Numbers.
- COVID-19 Impact on the Market.
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
- Historical Data Starting from 2018 to 2021.
- Forecast Data until 2028.
Key Highlights of the Report
- Market Opportunity Assessment
- Market Player’s Revenue Shares
- Historical Data and Forecast of India Air Conditioner Revenues, By Regions for the Period 2018-2028F
- Market Trends and Industry Life Cycle
- Market Drivers, Restraints and Trends
- Key Strategic Recommendations
- Historical Data and Forecast of India Air Conditioner Revenues, By Types for the Period 2018-2028F
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