Posted On: 2021-05-25
Room air conditioners acquired the largest share in the overall air conditioners market revenues in India in recent years – 6Wresearch
The India air conditioner market witnessed considerable growth in recent years on account of rising per capita income, the arrival of a large number of global and local players, the emergence of mega infrastructures projects with surging investments by the government as well as the private players, and development of the rural areas. Though the outbreak of Covid- 19 pandemic brought a downfall in the sales of ACs in the year 2020 due to the suspension of economic activities, supply chain constraints and the social distancing measures adopted to curtail the spread of the corona virus, however, the market is expected to show a positive trend soon once the economy would get back to a reviving stage.
According to 6Wresearch, India Air Conditioner Market revenue is projected to grow at a CAGR of 10.7% during 2021-2027. On account of, changing climatic conditions, rising SME sector spurred by the growth of the retail sector and IT sector, burgeoning infrastructural projects both in the residential as well as the commercial sector, growing adoption of e-commerce platforms, changing consumers’ preferences and surging nuclear family setups, the India air conditioner market revenues are anticipated to witness significant growth during the forecast period.
According to Navneet Aggarwal, Research Analyst, 6Wresearch, “Based on types, room air conditioners captured the largest market revenue share in 2020, owing to the increasing income levels, rising standard of living and urbanization. The growth in the room air conditioner market is majorly driven by the split ACs which held the majority share due to the changing preferences of the consumers towards adopting the energy-efficient products and their rising adoption of these type of ACs in residential and SME segments and the commercial spaces.
The availability of wide product assortments within affordable ranges and the easy credit financing mechanisms along with government’s initiative to produce energy-efficient ACs would substantially reduce the prices and increase the demand for room air conditioners over the coming years.”, Navneet further added.
According to Ananya Garg, Research Associate, 6Wresearch, “Based on the applications, the residential sector accounted for the highest revenue share in the India air conditioner market registering more than 50% in the overall market revenues in 2020, followed by commercial and retail sectors.
The increasing number of residential complexes and business parks in tier 1 and tier 2 cities, changing standard of living, rising rural development along with upcoming government-funded residential projects-Housing for All, Pradhan Mantri Awas Yojana (PMAY) and others would fuel the demand for air conditioners in the country over the coming years.”, Ananya further added.
According to Aashish Karki, Research Associate, 6Wresearch, “Based on the regions, the Northern region dominated the air conditioner market revenues in India followed by the Southern region in the year 2020 on account of growing investment in the accommodation spaces, educational establishments, hospitality industry as well as HORECA (hotels, restaurants and cafes) segment. The huge presence of IT & manufacturing hub along with the hot and humid climatic conditions in the southern region proved to be a major propeller for the AC market in the year 2020.
The northern region is expected to see a surge owing to the growing commercial hubs, expanding retail & hospitality sectors, construction of metro lines and other public & private corporate and infrastructural projects.”, Aashish further added.
Some of the major companies in the India air conditioner market include Voltas Limited, Daikin Airconditioning India Private Limited, Havells India Limited (Lloyd), Blue Star Limited, Carrier Midea India Private Limited and Fujitsu Genera India Private Limited.
“India air conditioner market (2021-2027)” report provides an in-depth analysis with 37 figures and 14 tables, covered in 101 pages. The report estimates and forecasts the overall India air conditioner market by product types, by applications and by regions. The report provides an unbiased and detailed analysis of the ongoing trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.