India Air Conditioners Market to Grow at 14% CAGR Till 2019
Robust Growth in residential and commercial sectors coupled with increasing per capita income is boosting air conditioners demand in India
According to a recently published report by TechSci Research, “India Air Conditioners Market Forecast and Opportunities, 2019”, the country’s air conditioners market revenues are projected to grow at a CAGR of over 14% during 2014-19. The country experiences hot and humid climate mainly from April to July, and consequently, the demand for air conditioners is highest during these four months.
With a significantly lower penetration of ACs compared to other developing countries, India offers a lucrative opportunity to the leading AC manufacturers across the globe. Increasing disposable income, expanding middle class and the country’s growing real estate sector are the key factors that are expected to drive the air conditioners market in India over the next five years. Presently, the Northern region accounts for the largest demand share of the country’s air conditioners market.
“The prices of room air conditioners across all segments are expected to increase during the forecast period. However, increase in minimum energy efficiency performance standard by BEE (Bureau of Energy Efficiency), India, is expected to drive the prices of input materials as well, which is expected to put pressure on margins of the companies over the next five years. Considering the continuously increasing input prices, majority of the companies, which have been otherwise importing components from China, Korea, Japan, etc., are increasingly establishing manufacturing units within the country.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
Presently, LG, Voltas, Blue Star, Daikin and Carrier Midea are the leading players in the Indian air conditioners market, however, new players are expected to foray the market over the coming years to capitalize on the latent opportunities present in the country. Companies such as Haier and Blue Star are also increasing their focus on setting up new manufacturing facilities, which is expected to strengthen their market position during the forecast period.
“India Air Conditioners Market Forecast and Opportunities, 2019” has evaluated the future growth potential of India’s air conditioners market and provides statistics and information on market structure and industry behavior trends. The report includes air conditioners market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the air conditioners market in India.