India Air Conditioners Market Set to Cross INR 20,000 Crore by 2017
Increasing temperatures with reduction in prices coupled with rise in commercial installations would fuel the India air conditioners market over the next five year period.
Not so long ago, the installation of an air conditioner in a house was considered to be a huge thing with many eyebrows rising and various households vying on to it. It was so, because air conditioners were regarded as a luxury product characterized by the ownership of the rich people. But gone are those days now. Today, in the wake of its hugely fallen prices, not owning this cooling machine by even a common middle class person is viewed as a weak financial status. This is because air conditioners have now become more of a necessity, with increasing humid conditions and rising temperatures. Moreover, the fallen prices have also contributed strongly to this phenomenon.
According to a recently published report by TechSci Research “India Air Conditioner Market Forecast and Opportunities, 2017” India air conditioners market is all set to grow at compounded annual growth rate 13.6% over the next five years. Due to increasing commercial establishments and reduction in residential air conditioner prices in India, the market is poised to grow many folds to reach whooping Rs. 20,000 Crore revenue by 2017.
The India air conditioners market has been very open to the demands and dynamics of the consumers in India. With the rising disposable and per capita income of the people, coupled with the newer and more efficient cooling technologies being introduced by the air conditioner manufacturers, the market has been screening some interesting growth pattern. Conversely, due to the nature of this product and its vulnerability to the weather conditions and seasonal fluctuations, its market registered a fall in 2011 in India due to ‘pleasant summers’ and early monsoons. Of course, this was a factor beyond the control of manufacturers. However, keeping the uncontrollable and abnormal factors aside, the India air conditioners market is on its growth track once again and is poised to grow consistently.
“Indian air conditioner market is extremely consolidated where more than 50% market revenue share is captured by top 3 players LG, Samsung and Voltas. However, due to changing industry dynamics and aggressive strategies of other manufacturers the market share scenario is expected to encounter huge changes in the coming years. It is forecasted that LG would face stiff competition which would bring down its market share drastically by 2013”, said Karan Chechi, Research Director with TechSci research.
“India Air Conditioner Market Forecast and Opportunities, 2017” gives a detailed and unprejudiced overview on air conditioners market in India. The report has critically evaluated all the aspects related to air conditioners market and helps the reader to get a complete overview on the latest trends and the market potential of the technology of Air Conditioning in India.