Disposable income, lavish lifestyle and temperature drives the demand
The Indian Air Conditioner Market is projected to grow at a CAGR of 6.08% over five years from 2023 to achieve a market value of US$6,054.96 million by 2027, according to a report.
It was valued at US$4,287.41 million in 2021, said the ResearchAndMarkets report on the “India Air Conditioner Market” on 19 July 2022.
Rising disposable income among the population, surging demand for lavish lifestyles and rising temperature in the country are driving the growth in the Air Conditioning industry.
A surge in demand for the appliance from the industrial sector, commercial sector as well as residential sector is further aiding the market growth, said the report.
Additionally, the growing e-commerce sector, availability of multiple branded products and feasibility of online delivery also support the growth of the Indian Air Conditioner Market over the next five years.
Furthermore, increasing investment in the research and technological advancement in the air conditioners to make the appliances more economical and decreasing energy consumption are also influencing the growth of the Indian Air Conditioner Market in the forecast years through 2027.
The industry is led by:
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 Pvt Ltd
Carrier Midea India Private Limited. fiinews.com
