(MENAFN - Market Press) Growing number of middle-class households and rising buying power would continue to accelerate the demand for room split air conditioners (ACs) in India. Increasing office and retail spaces in the country along with booming tourism and hospitality sectors are also contributing in the healthy growth of the Indian air conditioner market.
According to 6Wresearch, India Air Conditioner market revenues are forecast to grow at a CAGR of 12.2% during 2018-24. Under the new government tax regime, the Goods and Service Tax (GST), air conditioners were put in highest tax bracket, which resulted in a sudden increase in the prices, thereby affecting sales in 2017. However, Indian air conditioner market is expected to recover from the sales slowdown owing to expansion of SME sector, business parks, commercial hubs, upcoming government projects, including the smart cities project, and the development of new airports such as Dholera (Gujarat), Navi Mumbai and Mopa (Goa), etc. These factors are anticipated to drive the demand for both room and commercial air conditioners in India over the next six years.
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According to Priya Sharma, Research Analyst, 6Wresearch, "The residential sector occupied the majority of the revenue share in the overall air conditioner market in 2017 and the segment would continue to dominate the market owing to increase in middle class population. Further, growing perception that air conditioners are no longer considered as a luxury item would act as a major driver for the increase in demand for ACs in the residential domain in Tier II and Tier III cities."
"The Northern India accounts for the highest market revenue share for air conditioners owing to the climatic conditions in the region and the growing industrial sector in several Northern states. Expanding retail and hospitality sectors, construction of metro lines and other public and private infrastructure projects in the Northern region of India are expected to further boost the demand for air conditioners in the region," Priya further added.
According to Chirag, Research Associate, 6Wresearch, "Variable Refrigerant Flow/Variable Refrigerant Volume (VRF/VRV) systems have gained popularity in the recent years, capturing majority of the revenue share in the overall market. The segment is expected to grow at a healthy rate over the coming years owing to systems' efficient electricity use, self-adaptation and comfort cooling features."
"The emission of CFCs from air conditioners contributes to global warming. To tackle this, the Bureau of Energy Efficiency in India revised the energy efficiency ratings (Indian Seasonal Energy Efficiency Ratio) for air conditioners, which came into effect from 1stof January 2018. This is expected to bring down emissions, but might also lead to an increase in prices of ACs. As a result, the sale of ACs in the short term might be affected," Chirag further added.
Some of the major companies in the India Air Conditioner Market include Voltas, Daikin, Blue Star, LG, Panasonic, Samsung and Lloyd.
"India Air Conditioner Market (2018-2024)" provides an in-depth analysis with 54 figures and 9 tables covered in 115 pages. The report estimates and forecast the overall India air conditioner market by revenue, volume, types, 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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