Increasing real estate and infrastructure development activities across all major sectors in India is providing necessary push to the demand for air conditioners in India. The construction activities have surged in both residential and commercial segments in the country. The demand for air conditioners which were primarily recorded in Tier 1 cities is gradually shifting towards Tier 2 and Tier 3 cities as well.
According to 6Wresearch, India Air Conditioner Market is projected to grow by 8.7% during 2017-23. In the Asia-Pacific region, India is amongst the fastest growing air conditioner market; rising per capita income, presence of large number of global and local players, emergence of mega infrastructure with surging investments have driven the markets for various type of air conditioning units in the country. Navi Mumbai International Airport (NMIA), Delhi Mumbai Industrial Corridor (DMIC) and Gujarat International Finance Tec-City (GIFT), Smart Cities, AMRUT, Housing for All, and Diamond Quadrilateral for high-speed railways, etc, are some of the ambitious mega projects across the country. Further, Government initiatives such as Pradhan Mantri Awas Yojana & REITs, and demographic growth along with changing lifestyle would play vital role in growth of air conditioner market in India.
According to Prijo Samuel, Assistant Manager, 6Wresearch, "India is witnessing significant development in the areas of commercial office & retail and government & transportation applications. Need for cooling solution in retail stores, multi-complexes, malls, commercial offices, and upcoming airports and metro rails, would provide crucial growth to air conditioner market in the commercial, retail and government & transportation sectors."
"In addition, increasing number of foreign and local tourists would catalyze the hospitality sector growth in terms of building of new hotels in the country. Developing hospitality sector has encouraged international hotel brands to invest in the sector, as a result, brands such as, InterContinental Hotels Group, Wyndham Hotels Group, and Marriott International are increasing their number of hotel chains in India, which is forecast to create huge demand for the air conditioners," Prijo Samuel concluded.
According to Sathi Paul, Research Analyst, Research and Consulting, 6Wresearch, "Split air conditioner segment accounted major revenue share in the overall market, followed by centralized air conditioner. Within split air conditioner segment, fixed speed AC unit sub-segment dominated the market, whereas, variable speed AC unit sub-segment are gaining popularity in the country. Also, VRF sub-segment is contributing highest share in the market owing to increasing demand for energy efficient air conditioners; VRF sub-segment is expected to grow by double digit during the forecast period 2017-23.
Currently, residential sector held major share in the India air conditioner market, and expected to remain in growth in the forecast period as well. Other sectors such as hospitality and government & transportation, would drive air conditioner market owing to growing tourism and developing infrastructure all over India," Sathi concluded.
Some of the companies in India’s air conditioner market include – Blue Star, Daikin, Fujitsu General, LG, Voltas, Samsung, Hitachi, Videocon, Carrier, and Panasonic.
"India Air Conditioner Market (2017-2023)" provides in depth analysis with 55 figures and 11 tables covered in 114 pages. The report estimates and forecast overall India’s Air Conditioner market by revenue, type segments (window AC, split AC, floor standing, cassette AC, ducted split, packaged AC, and centralized AC), and verticals such as residential, government & transportation, hospitality, commercial offices & retail, and others. The study highlights the key potential areas and provides insights on competitive landscape, company profiles, market drivers and restraints.