Posted On: 2019-09-16
Rural development and increasing disposable income would spur the growth of India air cooler market during the forecast period - 6Wresearch
The India air cooler market is forecast to witness significant growth due to rapid urbanization coupled with upcoming residential projects. Further, government initiatives for rural upliftment, strengthening residential sector, increasing disposable income as well as growing rural electrification rate, would spur the demand for air coolers in the country. However, the India air cooler market has shown slackening growth in the past years due to demonetisation in 2016 followed by the implementation of the Goods and Service Tax in July 2017.
According to 6Wresearch, India air cooler market revenues are projected to grow at a CAGR of 14.2% during 2019-25. The increasing per capita income of the Indian population is proving to be a key driver behind the growth of Indian air cooler market. Further, initiatives by the government for the rural development and increasing rate of urbanization across the country is also anticipated to propel the growth of the air cooler market in India over the coming years.
According to Deepanshu Agarwal, Research Associate, Research and Consulting, 6Wresearch, "The unorganized sector has been dominating the India air cooler market due to lower prices offered by the unorganized sector. However, the organized sector is gradually taking over since the implementation of GST in 2017, which forced prices in the unorganized sector to rise, triggering a shift in the market dynamics. Additionally, high CFM (Cubic Feet per Metre) airflow-based air coolers dominated the India air cooler market revenues during 2018. Further, other features, such as iPure technology and humidity control based air coolers are anticipated to be the key desired features over the coming years.
According to Akash Sharma, Research Associate, Research and Consulting, 6Wresearch, "The residential sector is the key revenue generating segment in the India air cooler market by application, and is likely to retain its dominance owing to rapid urbanisation. Further, growing disposable income would increase the purchasing power of the rural and urban middle-income class, thereby lead to increase in demand for air coolers across the country during the forecast period."
Some of the major companies in India air cooler market include Symphony Limited, Kenstar India Private Limited, Bajaj Electricals Limited and Orient Electric Limited.
"India Air Cooler Market (2019-2025)" report provides an in-depth analysis with 67 figures and 11 tables, covered in more than 135 pages. The report estimates and forecast the overall India air cooler market by revenues, volume, sectors, types, end user, distribution channels, tank capacity 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 device and align their market strategies according to the current and future market dynamics.