India air conditioner
market is expected to reach USD6,054.96 million by 2027F, growing at a CAGR of
6.08% during the forecast period. The India air conditioner market is mainly
driven by increasing demand from the industrial sector, rising GDP, growing per
capita income, the surge in sales through e-commerce, etc.
Due to the strengthening
of the increasing household sector, the rising construction of new housing
societies, and the establishment of SMEs, residential air conditioners dominate
the AC market share across all segments. Furthermore, an increase in the number
of construction projects across metro and tier-2 cities will drive up demand
for air conditioners in the coming years.
In terms of market segmentation by
residential type, split ACs held the largest share of the room air conditioner
market in terms of revenue and volume share in 2021, owing to changing consumer
preferences toward adopting energy-efficient products and their rising adoption
in residential and SME segments.
The market's expected
growth can be attributed to the strong growth from the residential sector,
which is the primary end-user of air conditioners. Due to improved livelihoods
among Indian consumers, air conditioners are highly demanded in the residential
industry. In addition, the rising commercial sector, another major end-user of
air conditioners, has seen strong growth in the last decade.
During the COVID-19
pandemic, the production and manufacturing of air conditioners were affected.
As a result of the lockdown, both demand and supply in the air-conditioners
market declined significantly with the halt in the production activity,
negatively impacting market growth for a short period.
Smaller Cities Drives
the Market Growth
Increasing demand from
small cities, particularly those with a population of less than one million
people, contributes to a significant share of air conditioner sales in India.
Air conditioners are in high demand in Patna, Lucknow, Kanpur, Indore,
Mangalore, and Visakhapatnam.
Daikin and Voltas, two central air conditioning
companies, have begun to invest in these cities. Furthermore, LG and Voltas may
see increased sales of air conditioners in tier II and III cities in the coming
years.
Rising Standards of
Livelihoods is Fueling the Market Growth
With the growing income
level, India's improving living standards and increasing variety of offers and
discounts influence the demand for air conditioners within the Indian market.
To cater to the national need, companies such as Daikin, Panasonic, Hitachi,
Voltas, Blue Star, Havells, and Syska are among the companies that have applied
to manufacture key air conditioner components.
Furthermore, companies are also
offering their products on equated monthly installments (EMI) to make them more
affordable for customers of all income levels. Such factors are expected to
influence the increase in air conditioner sales in India.
Increasing Innovations
in Air Conditioner Market Growth
Manufacturers are
working on product innovation to meet the demand for energy savings. Companies
such as LG have introduced window inverter air conditioners that use Dual
Inverter technology and consume significantly less energy than traditional air
conditioners.
Furthermore, due to the highly competitive market environment,
manufacturers are working to provide features such as seamless Wi-Fi
connectivity and inverter-based air conditioners, which are expected to drive
growth in the India air conditioners market in the coming years.
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Market Segmentation
The India air condition
market is segmented based on product type, end user, region, and competitional
landscape.
Based on product type, the market is categorized by Split, Window,
VRF, Chillers and others, including Cassette, Ductable Splits, etc.
Based on
end user, the market is segmented into residential, commercial, and industrial.
The market analysis also studies the regional segmentation to devise regional
market segmentation, divided among north, west, south, and east regions.
Company Profiles
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, and others are among the major market players in the air conditioner
industry that led the market growth of the India air conditioner market.
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Attribute
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Details
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Market Size
Value in FY2021
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USD4,287.41 Million
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Revenue
Forecast in FY2027F
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USD6,054.96 Million
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Growth Rate
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6.08%
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Base Year
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2021
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Historical Years
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2017 – 2020
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Estimated
Year
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2022E
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Forecast
Period
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2023F– 2027F
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Quantitative
Units
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Revenue in USD Million, and
CAGR for 2017-2021 and 2022-2027F
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Report Coverage
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Revenue
forecast, company share, competitive landscape, growth factors, and trends
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Segments Covered
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·
Product Type
·
End Use Sector
·
Region
·
Company
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Regional Scope
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North, West, South, East
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Key Companies
Profiled
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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, etc.
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Customization
Scope
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10% free
report customization with purchase. Addition or alteration to country,
regional & segment scope.
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Pricing and Purchase
Options
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Avail customized
purchase options to meet your exact research needs. Explore purchase options
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Delivery
Format
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PDF and Excel through Email (We can also provide the editable
version of the report in PPT/pdf format on special request)
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Report Scope:
In this report, India Air Conditioner
market has been segmented into following categories, in addition to the
industry trends which have also been detailed below:
- India Air Conditioner
Market,
By Product Type:
- Split
- Window
- VRF
- Chillers
- Other includes Cassette, Ductable
Splits, etc.
- India Air Conditioner Market, By End Use Sector:
- Residential
- Commercial
- Industrial
- India Air Conditioner Market, By Region:
Competitive Landscape
Company Profiles: Detailed analysis of the major
companies present in India air conditioner market.
Available
Customizations:
With
the given market data, TechSci Research offers customizations according to a
company’s specific needs. The following customization options are available for
the report:
Company Information
- Detailed analysis and profiling of
additional market players (up to five).