India’s Air Conditioner Market is anticipated to grow at a CAGR of 7.76% from 2022 to 2028
- 36 Views
- Olivia Grande
- April 14, 2023
- Business Technology
According to Renub Research’s latest report “India Air Conditioner Market, Size, forecast 2023-2028, Industry Trends, Share, Growth, Company Analysis” India Air-Conditioner Market is projected to reach US$ 399.88 Billion by 2028. An electrical appliance that eliminates heat and moisture from an indoor space is an air conditioning system. This process typically creates a more comfortable environment for people and animals.
Additionally, air conditioning systems help cool and remove humidity from areas with heat-generating electronic equipment, such as computer servers and power amplifiers, and in spaces with sensitive objects like artwork. India is one of the fastest-growing economies in the world, and with the rise in disposable incomes, more and more people are able to afford air conditioners. India the world’s largest population is expected to surge the demand for air conditioners, particularly in with hot and humid climates, leading to significant growth in the air conditioner market in the coming years.
In addition, the Indian air conditioner industry is witnessing a growing trend towards smart air conditioners. Smart air conditioners can be controlled using a smartphone app, and some models also come with features such as voice control and remote temperature monitoring
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India’s Air Conditioner Market was US$ 255.31 Billion in 2022
With the rapid urbanization of India, many people are moving to cities that tend to have hotter climates due to the urban heat island effect. As a result, the demand for air conditioners has increased in urban areas. In addition, the government’s focus on infrastructure development has led to more air-conditioned buildings, such as malls, hotels, and office spaces, increasing the demand for air-conditioning systems.
Air conditioning can help improve indoor air quality by filtering out pollutants and allergens, which is especially beneficial in India, where air pollution is a significant problem. In addition to traditional air conditioning systems, there is a growing demand for intelligent air conditioning systems that is controllable through smartphones or other devices. This trend shall continue in the coming years as more customers become aware of the advantages of intelligent air conditioning systems, such as energy efficiency and cost savings.
Room Air Conditioners are dominating the Market as they are Affordable and Easy to Install
Room air conditioners in India are affordable, easy to install, and portable, which makes them a popular choice. They do not require significant modifications to buildings, making them suitable for homes and apartments not designed for central air conditioning. Additionally, they need less power than central air conditioning, making them more suitable for regions with an unstable power supply. Room air conditioners are better suited to provide localized cooling in India’s hot and humid climate, where temperatures can go up above 40 degrees Celsius. They are widely available, with various options, making them convenient for consumers.
Split Air Conditioner has Supremacy in the Market
Split air conditioners are popular among Indian consumers due to their energy efficiency, modern design, and better air distribution system. They can be installed in different room parts, allowing for customized temperature settings and better control over cooling. Split air conditioners are also highly reliable and require minimal maintenance. With increased competition and demand, they have become more affordable, making them accessible to a broader range of consumers in India.
2-Ton ACs growing demand can be attributed to Energy Efficiency
The growing demand for air conditioners with higher cooling capacity is due to the increasing size of homes and commercial spaces. 2-ton ACs find their usage for their ability to cool larger areas effectively. The rise in disposable income among middle-class households in India has increased demand for advanced air conditioning systems, with 2-ton ACs recognized as premium products with better performance. Energy efficiency is also a factor in the growth of 2-ton ACs, with technological advancements producing more efficient models. In addition, financing options and payment plans have made purchasing 2-ton ACs more accessible, despite their relatively higher cost than smaller units.
Progress in eco-friendly methods adds to the growth in the need of ACs in Commercial & Retail Appliances
Given the fierce market competition, businesses are investing in air conditioning systems to create a comfortable environment for employees and customers, which can increase productivity and sales. Additionally, advancements in energy-efficient and eco-friendly techniques have made it easier for businesses to justify the cost of installation and operation.
Furthermore, the changing lifestyle and the need for public spaces to provide a comfortable environment have further contributed to the growth of air conditioning systems in commercial and retail applications. Moreover, customers are more likely to patronize businesses that offer a comfortable environment. Finally, government regulations mandating comfortable working environments have led to an increase in air conditioning system adoption.
Small and medium-sized retailers in India dominate the air conditioner market due to their easy accessibility in local areas
The abundance of small and medium-sized retailers in India has made air conditioners available in local areas. These retailers can provide a personalized shopping experience and are often more attuned to the local market and customer preferences. With lower overhead costs, they can offer competitive pricing, which appeals to cost-conscious consumers. Moreover, many small retailers offer financing options or instalment plans to facilitate air conditioner purchases. Due to their strong relationships with local distributors and manufacturers, small retailers can offer a broader range of products and better after-sales service.
North India dominated the market in 2022
The supremacy of the North Indian region in the air conditioner market in India is due to the exceedingly tropical weather conditions in states such as Delhi, Haryana, and Uttar Pradesh and cold weather conditions in the mountainous states such as Uttarakhand, Himachal Pradesh, and Jammu & Kashmir.
Therefore, different regions require demand various types of air conditioning. In addition, due to the rising disposable income in the area, the standard of living of the middle-class population is improving. Because of this, the spending on consumer goods like Air conditioners is also increasing.
Prominent companies competing currently in the India Air Conditioner Market are Voltas Limited, Blue Star Limited, Havells India, Whirlpool India Ltd., Godrej & Boyce Manufacturing Company Ltd., MIRC Electronics Ltd., and Johnson Controls- Hitachi Air Conditioning India Ltd.
- Type – The Report covers India Air Conditioner Market, by type in 4 viewpoints (Room Air ConditionerDucted Air Conditioner, Ductless Air Conditioner, and Centralized Air Conditioner).
- Product types – By product types, the India Air ConditionerMarket, breakup in 3 viewpoints (Split AC, Window AC, and Other AC).
- Size -The Report covers India Air Conditioner Market, by size in 4 viewpoints (1 Ton, 1.5 Ton, 2 Ton, and Others).
- Applications – By application, the India Air Conditioner Market, breakup in 6 viewpoints (Residential, Commercial & Retail, Hospitality, Transportation & Infrastructure, Healthcare, Others).
- Sales Channel – Renub Research report covers by sales channel in 3 viewpoints (Small Retailers, Modern Retail/MBO, and Others).
- Region – The India Air Conditioner Market by region breakup in 4 viewpoints (North, South, West, and East).
- Key Players – All the major players have been covered from 3 Viewpoints (Overview, Recent Developments, and Revenue) Voltas Limited, Blue Star Limited, Havells India, Whirlpool India Ltd., Godrej & Boyce Manufacturing Company Ltd., MIRC Electronics Ltd., and Johnson Controls- Hitachi Air Conditioning India Ltd.
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