India Air Conditioner Market revenue size is projected to grow at a CAGR of 16.1% during 2022-2028

Room Air Conditioner segment acquired the largest market revenue share in the India Air Conditioner market in the year 2021 – 6Wresearch

Air Conditioner market in India grew substantially from 2018 to 2019 on account of rising per capita income, infrastructure development and increasing investments in the commercial sector of the country. In the Asia-Pacific region, India is amongst the fastest-growing air conditioner markets. The country would witness significant growth in demand for air conditioners over the coming years. Room air conditioners dominated the overall air conditioner market revenues in India, majorly being driven by the vast Indian population, urbanisation and increasing disposable income.

The COVID-19 pandemic has adversely impacted the sales of air conditioners since lockdown halted supply chains and severely impacted commercial application demand owing to lockdown. However, the market quickly regained its growth momentum in 2021 & first quarter of 2022 as the demand grew on account of the resumption of economic activities and stronger heatwaves experienced during summers in India.

According to 6Wresearch, India Air Conditioner (AC) Market revenue size is projected to grow at a CAGR of 16.1% during 2022-2028. The market has been shifting towards energy-efficient inverter models and is expected to show continuous growth throughout the next few years owing to the growing urban population, surging tourism industry, rising hospitality and retail sectors, and increasing commercial spaces as well as infrastructure projects such as metro and airports. The infrastructural development projects across the states would be the major propellor for the AC market in India.

According to Rishabh Singh Bhandari, Research Analyst, 6Wresearch, “Within the regional distribution, the northern region would witness maximum growth in the coming years on account of increasing disposable income, surge in the standard of living, highest adoption of both window and split air conditioners in Room Air Conditioners (RAC) segment and rising public and private investments in the commercial and industrial developments. Alongside, the increasing purchasing power of Indian middle-class families and the surging construction of new apartments and societies in tier 1 and tier 2 cities would drive the demand for air conditioners in the residential sector during the forecast period.”

“Offline channel garnered higher revenues in the India air conditioner market in the previous years and is further expected to dominate the market over the coming years due to high preference towards offline retail as the customer prefer to physically check the quality and fitness of air-conditioners before purchasing. Moreover, there is a common perception among buyers that retailers could be held responsible for any technical problem encountered with the appliance, further enhancing customer confidence among the customers.” He further added.

Some of the major companies in India Air conditioner market include Voltas Limited, Daikin Airconditioning India Pvt. Ltd., Havells India Limited (lloyd), Blue Star Limited, Panasonic India Pvt. Ltd., Carrier Midea India Pvt. Ltd., Fujitsu General India Pvt. Ltd., Mitsubishi Electric India Pvt. Ltd., Haier Appliances India Pvt. Ltd., Hitachi India Pvt. Ltd., LG Electronics India Pvt. Ltd., Samsung India Electronics Ltd.

“India Air Conditioner Market Report (2022-2028)” report provides an in-depth analysis with 53 figures and 28 tables, covering 135 pages. The report estimates and forecasts the overall India Air conditioner market by types, applications, VRF, sales channel and regions. The report provides an unbiased and detailed analysis of the on-going 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.