Split air conditioner acquired the maximum market revenue share in the overall room air conditioner market in 2019 - 6Wresearch
Increasing disposable income, growing number of middle-class households along with increasing construction projects in the residential and commercial sectors are expected to boost the growth of room air conditioner market in India over the coming years. Further, rigorous development of new residential units in cities such as Mumbai, Delhi and Bengaluru would contribute towards the healthy growth of room air conditioners across the country in the coming years.
According to 6Wresearch, India room air conditioner market size is projected to grow at a CAGR of 14.2% during 2020-26. Under the government tax regime, the Goods and Service Tax (GST) coupled with implementation of revised energy efficiency ratings by the Bureau of Energy Efficiency in India in 2018, the room air conditioners were placed in highest tax bracket, which resulted in an increase in the prices, thereby affecting sales of air conditioners. Presently, amid the corona virus outbreak, the market is expected to slow down as people are not preferring to go out and buy any electrical good from the market. Additionally, consumers are also showing reluctance in purchasing Chinese imported air conditioners due to the fear of virus. However, the room air conditioner market is expected to recover from the sales slowdown owing to surging construction activities across the residential sector, expansion of SMEs, and upcoming government projects, including the smart cities project in India during the forecast period.
According to Akshay Thakur, Senior Research Analyst, Research and Consulting, 6Wresearch, "the residential sector accounted for the largest revenue share in the overall room air conditioner market owing to burgeoning middle-class population and increasing construction of apartments and housing units across the country. Further, due to factors such as increasing temperature and revised electricity rates, the room air conditioner has become a necessary item for consumers across the country, which would also act as a key driver for the increase in demand of ACs in the residential domain in Tier II and Tier III cities as well.
"Further by capacity, in 2019, 1 to 2-ton room air conditioners held the largest market revenue share in the overall room AC market as the average size of the typical room in an Indian household makes them best suited to install air conditioners in the 1.5 to 2-ton segment.", Akshay further added.
According to Eshita Goel, Research Associate, Research and Consulting, 6Wresearch, "in the room AC segment, shift towards the smart & inverter ACs have led the split air conditioners to occupy majority of the volume share in the overall room air conditioner market. Further, window air conditioners continued to lose popularity due to multiple factors such as technological advancements, changing consumer preferences, lower energy efficiency and decreasing price gap as compared to that of split AC."
"Among all the regions, northern region of India acquired the maximum revenue share in the overall room air conditioner market for the year 2019 and would continue to witness significant growth in the forecast period. This is owing to large number of residential societies and upcoming residential and infrastructural projects in the region.", Eshita further added.
Some of the major companies in India room air conditioner market include Voltas, Daikin, Blue Star, LG and Mitsubishi.
"India Room Air Conditioner Market (2020-2026)" report provides an in-depth analysis with more than 42 figures and 36 tables covered in 130 pages. The report estimates and forecast the overall India air conditioner market by revenue, volume, types, capacities, applications 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.
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