India's air conditioners market is expected to fuel during the forecast period owing to the factors such as increasing demand from the residential and industrial sector, rising purchasing power, surging temperature, and ease of purchase through e-commerce, etc.

Within India, among nine out of ten households, according to the National Research Development Association (NRDC), are not using  air conditioners, which is significantly reducing an individual productivity with the issue of propelling cases of intense heat. However, this scenario is witnessed due to excessive pricing of air conditioners available within the market. Therefore, to combat this issue, the companies are lowering the cost of air conditioners to cater the lower and middle-income groups, expanding their market share.

The government is emphasizing on energy-efficient products in the nation because of global warming. As a result of growing consumer awareness, businesses are focusing on releasing energy-efficient products with improved air quality. In addition, due to the introduction of technologically advanced products, the Indian residential air conditioners market is anticipated to reach 7 to 7.5 million units, according to Consumer Electronics and Appliances Manufacturers Association (CEAMA).

The residential market, which is the main end-user of air conditioners, is expected to grow significantly, which will contribute to the market's anticipated growth. Air conditioners are in high demand in the residential sector due to improved living standards among Indian consumers. Another significant end-user of air conditioners who has experienced rapid growth over the past decade is the expanding commercial sector.

Despite only adding 25% of local value on average, the sector is still heavily dependent on imports. Under the production-linked incentive scheme, the government had approved 26 applications last year for the manufacturing of air conditioner component parts with a committed investment of Rs 3,898 crore.

Due to their limited income, people during COVID-19 were more concerned with buying necessities item rather than investing into luxury items such as air conditioners, microwave, and other electronic items. To address this issue, however, market players concentrated on delivering greater comfort and convenience through a number of initiatives. For example, Voltas provided comprehensive extended warranty plans for air conditioners. Along with this, the business started offering simple financing options through different NBFCs and cash-back offers through different credit and debit cards.

Surging Investment within Air Conditioners’ Industry

Rising demand for air conditioners are fueling the investment within this industry. For instance, to keep up with growing demand in regional markets, Daikin Industries announced in November 2022 that it would invest 100 billion yen (USD711 million) over the following four years in Southeast Asia and India to produce core components and smaller air conditioners. Daikin will increase its investment at the site of a factory that is currently being built in India, where a new structure will be built to start producing high-capacity compressors for large air conditioners as early as 2024. Similar to this, the Voltas announced in November 2022 that it would invest over Rs. 1,000 crore (USD13.42 million) to increase its manufacturing capacity, including a new plant close to Chennai. Both the highly 500 crore plant and another 500 crore AC manufacturing facility are involved in the project. Additionally, Voltas will invest Rs. 100 crore (USD1.34 million) for room air conditioning in Pant Nagar and Rs. 200 crore (USD2.68 million) for commercial refrigeration and AC expansion at its factory in Baroda.

Rising Temperature is Fueling the Demand for Air Conditioners

The long, hot summers that start in April and last until October, with temperatures frequently exceeding 45°C, are something that exactly defines the Indian climate. Due to the high temperatures and high humidity experienced in most cities, particularly Delhi/NCR, Bengaluru, Mumbai, Chennai, and other tier-II cities, the demand for air conditioners tends to grow at a significant rate over the coming years. For instance, over a million units were sold by Panasonic India in April 2022, which is an increase of 83 percent over April 2021 and 67 percent over April 2019. Similarly, Haier Appliances India saw YoY growth in the air conditioners segment of over 50% in March and over 100% in April.

Increasing Innovations in Air Conditioners Will Fuel the Market Growth

The manufacturers are significantly working continuously on their product innovations to attract a large consumer base while accomplishing the rising preference for energy-efficient air conditioners. For instance, when compared to standard 5-star air conditioners, which have 4.7 ISEER ratings, LG launched its “VIRAAT Super 5-star air conditioner” which has a 5.2 ISEER rating and is 11% more efficient. According to the manufacturer, the air conditioner is made to use less energy, which lowers electricity costs. The LG VIRAAT AC also includes a 35 percent larger outdoor unit that improves heat exchange, works in environments with high ambient heat, and uses 11 percent less energy. Simultaneously, a brand-new line of air conditioners from Samsung was introduced in India in August 2022, and this includes a variety of air conditioners such as wind-free air conditioners with PM 1.0 filters and improved smart controls, convertible 5-in-1 Inverter ACs, Hot & Cold Inverter ACs, and 4-star Inverter ACs Furthermore, due to the highly competitive market environment, manufacturers are working to provide additional innovative features to their product ranges which are further expected to drive growth in the India air conditioners market in the coming years.


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Market Segmentation

The India air condition market is segmented based on product type, end-user, region, and competitional landscape. Based on product type, the market is categorized by Split, Window, VRF, Chillers, and others, including Cassette, Ductable Splits, etc. Based on the end user, the market is segmented into residential, commercial, and industrial. The market analysis also studies the regional segmentation to devise regional market segmentation, divided among north, west, south, and east regions.

Company Profiles

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, and others are among the major market players in the air conditioners industry that led the market growth of the India air conditioners market.

Attribute

Details

Base Year

2022

Historical Years

2018 – 2021

Estimated Year

2023E

Forecast Period

2024F– 2028F

Quantitative Units

Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028F

Report Coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

Product Type

End User

Region

Company

Regional Scope

North, West, South, East

Key Companies Profiled

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, Havells India Limited, Carrier Midea India Private Limited, etc.

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

 

Report Scope:

In this report, India air conditioners market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

  • India Air Conditioners Market, By Product Type:
    • Split
    • Window
    • VRF
    • Chillers
    • Other (includes Cassette, Ductable Splits, etc.)
  • India Air Conditioners Market, By End User:
    • Residential
    • Commercial
    • Industrial
  • India Air Conditioners Market, By Region:
    • North
    • West
    • South
    • East

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in India air conditioners market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

In case you don’t find what you are looking for, please get in touch with our custom research team at sales@techsciresearch.com

1.    Introduction

1.1.  Product Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary         

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4.    Voice of Customer Analysis (B2C Model Analysis)

4.1.  Sample Size Determination

4.2.  Respondent Demographics

4.2.1.     By Gender

4.2.2.     By Age

4.2.3.     By Occupation

4.3.  Brand Awareness

4.4.  Factors Influencing Purchase Decision

4.5.  Challenges Faced Post Purchase

5.    India Air Conditioners Market Outlook

5.1.  Market Size & Forecast          

5.1.1.     By Value & Volume

5.2.  Market Share & Forecast

5.2.1.     By Product Type Market Share Analysis (Split, Window, VRF, Chillers, and Other includes Cassette, Ductable Splits, etc.)

5.2.2.     By End Use Sector Market Share Analysis (Residential, Commercial, and Industrial)

5.2.3.     By Regional Market Share Analysis

5.2.3.1.         North Market Analysis

5.2.3.2.         West Market Analysis

5.2.3.3.         South Market Analysis

5.2.3.4.         East Market Analysis

5.2.4.     By Company Market Share Analysis

5.3.  India Credit Card Market Mapping & Opportunity Assessment

5.3.1.     By Product Type Market Mapping & Opportunity Assessment

5.3.2.     By End Use Market Mapping & Opportunity Assessment

5.3.3.     By Regional Market Mapping & Opportunity Assessment

6.    India Split Air Conditioners Market Outlook

6.1.  Market Size & Forecast          

6.1.1.     By Value & Volume

6.2.  Market Share & Forecast

6.2.1.     By Tonnage Capacity Market Share Analysis (Less than 2TR, More than or equal to 2TR)

6.2.2.     By Split AC Type Market Share Analysis (Inverter and Non-Inverter)

6.2.3.     By End Use Sector Market Share Analysis (Residential, Commercial, and Industrial)

7.    India Window Air Conditioners Market Outlook

7.1.  Market Size & Forecast          

7.1.1.     By Value & Volume

7.2.  Market Share & Forecast

7.2.1.     By Tonnage Capacity Market Share Analysis (Less than 2TR, More than or equal to 2TR)

7.2.2.     By End Use Sector Market Share Analysis (Residential, Commercial, and Industrial)

8.    India VRF Air Conditioners Market Outlook

8.1.  Market Size & Forecast          

8.1.1.     By Value & Volume

8.2.  Market Share & Forecast

8.2.1.     By Tonnage Capacity Market Share Analysis (10HP-14HP, 14.1HP-20HP, Less than 10HP, More than 20HP)

8.2.2.     By End Use Sector Market Share Analysis (Commercial, Residential, and Industrial)

9.    India Chillers Air Conditioners Market Outlook

9.1.  Market Size & Forecast          

9.1.1.     By Value & Volume

9.2.  Market Share & Forecast

9.2.1.     By Chillers AC Type Market Share Analysis (Air Cooled Screw, Water Cooled Screw, Air Cooled Scroll, Water Cooled Scroll, Centrifugal, and Others include Absorption and Reciprocating)

9.2.2.     By End Use Sector Market Share Analysis (Industrial, Commercial, and Residential)

10.  Market Dynamics

10.1.              Drivers

10.1.1.  Soaring Temperature

10.1.2.  Rising Discretionary Spending

10.1.3.  Rising Technological Innovations

10.2.              Challenges

10.2.1.  Intensifying Competition

10.2.2.  Stringent Energy Efficient Regulation

11.  Impact of COVID-19 on India Air Conditioners Market

11.1.              Impact Assessment Model       

11.1.1.  Key Regions Impacted

11.1.2.  Key Distribution Channel Impacted

12.  Market Trends & Developments

12.1.              Inverter Technology based Air Conditioners

12.2.              Increasing Demand from Small Cities

12.3.              Growing Marketing and Distribution Channels

12.4.              Easy Financing & Emergence of New Payment Modes

12.5.              Government Support

13.  Porter’s Five Forces Model

13.1.              Competition Rivalry

13.2.              Bargaining Power of Buyers

13.3.              Bargaining Power of Suppliers

13.4.              Threat of New Entrants

13.5.              Threat of Substitutes

14.  SWOT Analysis

14.1.              Strengths

14.2.              Weaknesses

14.3.              Opportunities

14.4.              Threats

15.  Policy & Regulatory Landscape

16.  India Economic Profile

17.  Competitive Landscape

17.1.              Company Profiles

17.1.1.  Voltas Limited

17.1.1.1.      Company Details

17.1.1.2.      Product & Services

17.1.1.3.      Financials (As Reported)

17.1.1.4.      Digital Banking Services

17.1.1.5.      Key market Focus & Geographical Presence

17.1.1.6.      Recent Developments

17.1.1.7.      Key Management Personnel

17.1.2.  Daikin Airconditioning India Pvt. Ltd.

17.1.2.1.      Company Details

17.1.2.2.      Product & Services

17.1.2.3.      Financials (As Reported)

17.1.2.4.      Digital Banking Services

17.1.2.5.      Key market Focus & Geographical Presence

17.1.2.6.      Recent Developments

17.1.2.7.      Key Management Personnel

17.1.3.  LG Electronics India Pvt. Ltd.

17.1.3.1.      Company Details

17.1.3.2.      Product & Services

17.1.3.3.      Financials (As Reported)

17.1.3.4.      Digital Banking Services

17.1.3.5.      Key market Focus & Geographical Presence

17.1.3.6.      Recent Developments

17.1.3.7.      Key Management Personnel

17.1.4.  Blue Star Limited

17.1.4.1.      Company Details

17.1.4.2.      Product & Services

17.1.4.3.      Financials (As Reported)

17.1.4.4.      Digital Banking Services

17.1.4.5.      Key market Focus & Geographical Presence

17.1.4.6.      Recent Developments

17.1.4.7.      Key Management Personnel

17.1.5.  Johnson Controls-Hitachi Air Conditioning India Limited

17.1.5.1.      Company Details

17.1.5.2.      Product & Services

17.1.5.3.      Financials (As Reported)

17.1.5.4.      Digital Banking Services

17.1.5.5.      Key market Focus & Geographical Presence

17.1.5.6.      Recent Developments

17.1.5.7.      Key Management Personnel

17.1.6.  Panasonic India Private Limited

17.1.6.1.      Company Details

17.1.6.2.      Product & Services

17.1.6.3.      Financials (As Reported)

17.1.6.4.      Digital Banking Services

17.1.6.5.      Key market Focus & Geographical Presence

17.1.6.6.      Recent Developments

17.1.6.7.      Key Management Personnel

17.1.7.  Samsung India Electronics Private Limited

17.1.7.1.      Company Details

17.1.7.2.      Product & Services

17.1.7.3.      Financials (As Reported)

17.1.7.4.      Digital Banking Services

17.1.7.5.      Key market Focus & Geographical Presence

17.1.7.6.      Recent Developments

17.1.7.7.      Key Management Personnel

17.1.8.  Haier Appliances India Pvt. Ltd

17.1.8.1.      Company Details

17.1.8.2.      Product & Services

17.1.8.3.      Financials (As Reported)

17.1.8.4.      Digital Banking Services

17.1.8.5.      Key market Focus & Geographical Presence

17.1.8.6.      Recent Developments

17.1.8.7.      Key Management Personnel

17.1.9.  Havells India Pvt. Ltd

17.1.9.1.      Company Details

17.1.9.2.      Product & Services

17.1.9.3.      Financials (As Reported)

17.1.9.4.      Digital Banking Services

17.1.9.5.      Key market Focus & Geographical Presence

17.1.9.6.      Recent Developments

17.1.9.7.      Key Management Personnel

17.1.10.  Carrier Midea India Private Limited

17.1.10.1.    Company Details

17.1.10.2.    Product & Services

17.1.10.3.    Financials (As Reported)

17.1.10.4.    Digital Banking Services

17.1.10.5.    Key market Focus & Geographical Presence

17.1.10.6.    Recent Developments

17.1.10.7.    Key Management Personnel

18.  Strategic Recommendations/Action Plan

18.1.              Key Focus Areas

18.1.1.  Target Region

18.1.2.  Target Product Type

18.1.3.  Target Distribution Channel

19.  About Us & Disclaimer

 

 (Note: The companies list can be customized based on the client requirements.)

In case you don’t find what you are looking for, please get in touch with our custom research team at sales@techsciresearch.com