(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Nov. 12, 2024 (GLOBE NEWSWIRE) -- The "India Air Conditioners Market, By Region, Competition, Forecast and Opportunities, 2020-2030F" report has been added to ResearchAndMarkets.com's offering.
The India Air Conditioners market was valued at USD 5.41 billion in 2024, and is expected to reach USD 8.07 billion by 2030, rising at a CAGR of 6.90%. Due to the increasing strength of the household sector, the expansion of new housing developments, and the growth of SMEs, residential air conditioners are dominating the AC market across all segments. Moreover, the surge in construction projects in both metro and tier-2 cities is expected to boost demand for air conditioners in the coming years.
The market's anticipated growth can be credited to robust expansion in the residential sector, which represents the primary end-user of air conditioners. Improved standards of living among Indian consumers have significantly increased the demand for air conditioners in residential settings. Additionally, the commercial sector, another key end-user, has experienced substantial growth over the past decade.
Over the last five decades, India has experienced more than 700 heatwaves, with experts suggesting that this summer's extreme and persistent heat ranks among the most severe. According to the Council on Energy Environment and Water (CEEW), 97% of Indian households have electricity, and 93% rely on fans for comfort. However, year 2024 has seen an unprecedented surge in India's air conditioning market. Sales of air conditioners are expected to increase by 60% from March to July, compared to the typical 25-30% growth in previous years, according to Mr. Thiagarajan's estimates. About a decade ago, peak sales occurred in the last week of May.
The International Energy Agency (IEA) predicts that by 2050, home air conditioner ownership in India will increase nine-fold, surpassing the growth of ownership for all other household appliances such as TVs, refrigerators, and washing machines. This growth in air conditioner usage is projected to lead to India's total electricity demand from home air conditioners exceeding the current total electricity consumption of Africa, underscoring the evolving trends in energy consumption patterns.
Key Market Drivers:
Rising Household Sector and Urbanization Expansion of Housing Societies and Real Estate Development Rise of Small and Medium Enterprises (SMEs) and Commercial Sector Growth
Key Market Challenges:
Affordability and Price Sensitivity Energy Efficiency and Environmental Impact Infrastructure Constraints and Power Supply Reliability
Key Market Trends:
Affordability and Price Sensitivity Energy Efficiency and Environmental Impact Infrastructure Constraints and Power Supply Reliability
Regional Insights
In the India Air Conditioners Market, the northern region of the country emerges as a dominant segment due to several key factors. North India experiences extreme weather conditions, with hot summers and often humid weather, necessitating a high demand for Air Conditioner throughout the year. This climatic influence drives consistent and substantial sales of fans across residential, commercial, and industrial sectors.
Moreover, the northern region encompasses several populous states and metropolitan areas such as Delhi-NCR, Uttar Pradesh, Punjab, Haryana, and Rajasthan, which collectively constitute a significant consumer base for Air Conditioner. Rapid urbanization and infrastructure development in cities like Delhi, Gurgaon, Noida, and Chandigarh further stimulate demand for cooling appliances, including ceiling fans, pedestal fans, and air circulators.
The presence of a robust retail network, including supermarkets, hypermarkets, and specialized electronics stores, ensures wide availability of Air Conditioner to meet the diverse preferences and budget considerations of consumers in North India. Manufacturers and distributors strategically focus on this region to capitalize on its demographic and climatic advantages, making it a prominent and influential segment in the India Air Conditioners Market.
Key Players Profiled in this India Air Conditioners Market Report:
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 Limited Carrier Midea India Private Limited
Report Scope
In this report, the India Air Conditioners Market has been segmented into the following categories:
By Product Type:
Splits Windows VRF Chillers Others
By End User:
Residential Commercial Industrial
By Distribution Channel:
Multi-Branded Stores Supermarkets & Hypermarkets Online Exclusive Stores Others
By Region:
Key Attributes
| Report Attribute | Details |
| No. of Pages | 85 |
| Forecast Period | 2024-2030 |
| Estimated Market Value (USD) in 2024 | $5.41 Billion |
| Forecasted Market Value (USD) by 2030 | $8.07 Billion |
| Compound Annual Growth Rate | 6.9% |
| Regions Covered | India |
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Indian Air Conditioners Market
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