India Air Conditioner Market: Opportunities, Size and Growth Projections in Upcoming Years

According to TechSci Research report, “India Air Conditioner Market - Industry Size, Share, Trends, Competition, Opportunities and Forecast, 2018-2028F”, The India air conditioner market is expected to project impressive growth in the forecast period 2024-2028, on account of rapidly surging demand from the residential industry with the rising opportunity from the growing residential complex as well as the growing demand from the commercial sector in India.

The market for air conditioners is also being bolstered by important factors like an expanding middle class, infrastructure expansion, an increase in air conditioners using inverter technology, record-high temperatures, rising construction spending, rising urbanization, and rising demand for homes and businesses. The growing availability of energy-efficient air conditioners due to strict government regulations, smart air conditioners, inverter technology, modern trade, rising demand from Tier II and III cities, increasing air conditioner sales online, easy access to financing, and the emergence of new payment methods are all contributing to the expansion of the India air conditioner market in the upcoming years.

Moreover, with India's commitment to the Kigali Amendment to the Montreal Protocol, the government is continually increasing its focus on phasing out all HCFC-based refrigerants, by 2030. Therefore, government is assisting in shifting the focus of purchasing behavior towards high energy efficient air conditioner, hence rising the market growth in the future years.

A large portion of India's air conditioner sales are attributed to growing demand from small cities, especially those with populations under one million. In Patna, Lucknow, Kanpur, Indore, Mangalore, and Visakhapatnam, air conditioners are in high demand. Two central air conditioning companies, Daikin and Voltas, have started to make investments in these cities. In addition, LG and Voltas is expected to experience a sudden  surge in the demand for air conditioner sales in tier II and III cities over the next few years, owing to growing issue of temperature rise, declining cost of air conditioners, and ease of availing air conditioners from the nearby electronic stores.

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The India air conditioner market is segmented on the basis of product type, end use sector, regional distribution and competitional landscape. Based on product type, the market is further fragmented into Splits, Windows, VRF, and Chillers. Splits sub-segment is expected to register a significant revenue shares of the market, dominating the market segment in the upcoming five years on account of its various advantages like greater energy efficiency, better blending with home decor, and quieter operation make installation easier. These are a few of the key variables affecting the development of split air conditioners in the Indian air conditioner market.

Based on end use sector, the market is segmented into Residential, Commercial, and Industrial. Residential air conditioners dominate the Air Conditioners market share in all segments with the growing investment opportunities from the new housing societies, the strengthening of the expanding household sector, and the establishment of SMEs. Due to shifting consumer preferences toward adopting energy-efficient products and their increasing adoption of air conditioners within the residential and SME segments with the rising availability of product variety, surging advancement within the product category. Therefore, the factor is influencing the growth of India air conditioners market at a significant pace in the forecast period.

Key market players in the India air conditioners market include:

• 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

With the increasing competition in the India air conditioners market, as a result various major brands are focused towards producing new and innovative models with significant advancement within features. For instance, in March 2021, Johnson Controls-Hitachi Air Conditioning India Ltd. (India) launched its new-age room air conditioners and the airCloud Home app for its Wi-Fi-enabled ACs with a smart geo-fencing feature, voice command, and other advanced technologies. Furthermore, the flagship company of the Godrej Group, Godrej & Boyce, announced in February 2022 that its division, Godrej Appliances, had launched a premium range of air conditioners with cutting-edge cooling, air purification technology, IoT controls, distinctive aesthetics, and more. With the help of IoT, UVCool technology, Nano Coated Anti-Viral filtration, lower derating, and other technologies, these air conditioners offer smart controls to increasingly tech-savvy consumers in addition to comfort and safety. Such factors are expected to boost the air conditioner industry in the future.

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The North India region is anticipated to have the largest revenue share of the market because both the population of India and heat waves are concentrated in the northern states. Due to the increased need for residential and commercial space, which raises the demand for both residential and commercial air conditioners, the northern region includes Delhi/NCR, which has the highest demand for air conditioners. Other elements, including rising disposable income, government initiatives to electrify rural areas in states like Uttar Pradesh, Punjab, and Himachal Pradesh, as well as the expansion of the residential market, are anticipated to support the expansion of the air conditioner market in the forecasted years.

“To stay competitive and grow their business, manufacturers of air conditioners constantly concentrate on introducing new products that will meet the changing needs of consumers. A common strategy used by businesses in the sector is to raise the calibre of their current product offering. Furthermore, with double-digit growth over the previous ten years, India's air conditioners industry is quickly catching up. In the next five years, these variables could have an impact on how the air conditioner market in India develops.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“India Air Conditioner Market Segmented By Product Type (Splits, Window, VRF, Chillers, and Other includes Cassette, Ductable Splits, etc., By End Use Sector (Residential, Commercial, and Industrial), By Region, Competition, Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of India air conditioner market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India air conditioner market.

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