Posted On: 2021-05-24
Desert air coolers acquired the largest share in the overall air cooler market revenues in India in recent years– 6Wresearch
The India air cooler market witnessed substantial growth in recent years on account of rising temperatures due to global warming, emerging non-metro cities, increasing urbanization, growing lower middle-class and middle-class population, rural development programmes, strengthening of the residential sector and rising disposable income. However, the air cooler market saw a downward trend in revenues in the year 2020 with the outbreak of Covid 19 due to several supply and demand constraints as a result of imposed lockdowns, non-availability of raw materials and lower discretionary spending. With the second wave of covid- 19, the sales of air coolers would not pick a strong growth in the year 2021 as well but the market is expected to recover as the conditions are anticipated to stabilize with the offset of the year.
According to 6Wresearch, India Air Cooler Market revenue is projected to grow at a CAGR of over 14.6% during 2021-27. Owing to the growing work from home culture, rising heatwaves across the country, increasing digital penetration, rising consumer durables sector, better availability of electricity in villages and a comparative price edge of the air coolers over the air conditioners, the air cooler market is expected to witness substantial growth in the forecast period.
According to Alpana Tyagi, Research Analyst, 6Wresearch, “Based on types, desert coolers dominated the India air cooler market revenues and volume during the year 2020 owing to its large capacity, affordable prices and easy availability and accessibility at both the organized and the unorganized sector of the market. The price-value proposition and the exemplary effectiveness of desert air coolers in dry climatic conditions proved to be the major contributors to the growth of desert coolers in India.
Further government initiatives for rural upliftment such as Pradhan Mantri Gramin Awaas Yojana, electronic National Agriculture Market (eNAM), amended industrial norms coupled with the upcoming stream of projects in the residential sector are expected to drive the demand for desert air coolers in the country over the coming years.”, Alpana further added.
According to Ananya Garg, Research Associate, 6Wresearch, “Based on the applications, the residential sector has dominated the air cooler market revenues and volume in 2020 and is likely to maintain its dominance in the market over the coming years, due to the large proportion of the population in the lower- and middle-income class that prefers to buy air coolers over air conditioners as these are relatively inexpensive. With the low purchasing and operational cost of air coolers and the rising government initiative to meet the housing and development requirements including “Housing for All” and the “Smart City Project”, the residential sector held a dominant share in the overall air cooler market revenues in India.
The growing residential construction, the relative price advantage of air coolers in comparison to that of air conditioners, infrastructural development in the rural sector along with rising rural incomes and the emergence of new models with appealing aesthetics would work as a propeller for the residential segment in the coming years.”, Ananya concluded.
According to Arjun Khurana, Research Associate, 6Wresearch, “Based on the regions, the southern region held the market in terms of the revenues and the volume in 2020, owing to the changing weather conditions and the simple lifestyle. The emerging non-metro cities in the southern region like Vishakhapatnam and the government’s target of raising the electrification rate would further increase the demand for air coolers in the small districts and rural areas of the above-mentioned region.
The rising mercuries, rising adoption of air coolers in the mom & pop / Kirana type stores in tier two / three cities and extensive distribution networks of the companies would propel the sales of air coolers in the northern and southern regions of India in the coming years.”, Arjun further added.
Some of the major companies in the Indian air cooler market include Orient Electric Limited, D Bajaj Electricals Limited, Crompton Greaves Consumer Electricals Limited, Symphony Limited and Hindware Appliances.
“India air cooler market (2021-2027)” report provides an in-depth analysis with 27 figures and 8 tables, covered in 82 pages. The report estimates and forecast the overall India air cooler 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.