Report Ocean introduces a fresh report examining the ‘India Air Conditioner Market’, encompassing its size, share, growth, industry trends, and forecast up to 2032. This comprehensive analysis delves into various industry components and growth patterns that offer valuable insights for anticipating the market’s future trajectory.
Obtain a comprehensive report on the India Air Conditioner Market, which includes a full table of contents, over 100 tables and figures, and charts. The report provides precise information on the market before and after the COVID-19 outbreak, segmented by region.
In FY 2021, the market was valued at INR 293.37 Billion, and it is projected to expand to INR 991.57 Billion in FY 2027, with an impressive CAGR of approximately 24.30% during FY 2022 – FY 2027.
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Market Insights
The air conditioner (AC) market in India has experienced remarkable growth, fueled by technological advancements that have made equipment more cost-effective and led to a decrease in component prices. Despite these advances, challenges persist, with high energy consumption and fluctuating electricity prices being significant concerns.
Segment Insights
The AC market in India is divided into four segments:
1. Split-Type (Wall Mounted) ACs: In FY 2021, this segment held a value of INR 124.24 Bn. It is poised to reach INR 473.47 Bn by FY 2027, with a robust CAGR of approximately 26.79% during FY 2022 – FY 2027. The increased demand for split ACs can be attributed to rising incomes and rapid urbanization.
2. Window-Type ACs: Valued at INR 112.51 Bn in FY 2021, the window-type AC segment is expected to reach INR 142.79 Bn in FY 2027, with a CAGR of approximately 4.43%. Post the second wave of COVID-19, middle-class consumers have shown increased preference for window ACs due to their affordability.
3. Cassette (Ceiling-Mounted) ACs: In FY 2021, this segment was worth INR 18.34 Bn. It is projected to grow to INR 154.19 Bn by FY 2027, expanding at an impressive CAGR of about 42.69%. While these ACs are energy-efficient, they may not be suitable for multi-storey households.
4. Tower (Floor-Mounted) ACs: With a revenue of INR 38.29 Bn in FY 2021, the tower AC segment is expected to reach INR 221.12 Bn by FY 2027, driven by a CAGR of approximately 35.38%. These ACs find more favor in the commercial sector due to their portability and space requirements.
Impact of COVID-19
The global outbreak of COVID-19 in 2020 and subsequent nationwide lockdowns had a substantial impact on the air conditioner market in India. Travel restrictions, workforce shortages, disruptions in global trade, and logistical bottlenecks disrupted supply chains. Leading players such as Voltas, Daikin, Blue Star, Panasonic, and Haier collectively witnessed a staggering 75% drop in sales volumes between April and May 2021.
Typically, nearly 70% of AC sales occur between March and June. However, in 2021, sales plummeted due to widespread store closures during lockdowns. The market began to regain momentum in October during the festive season, thanks to collaborations between market players and major online and offline retail partners like Amazon and Reliance Digital, which offered enticing offers to attract customers.
Competitive Insights
In response to evolving customer preferences, major players like Voltas Limited, Havells India Limited, and Blue Star Limited have made significant strides in technological advancements. Innovations such as ubiquitous sensor networks and copper condensers with anti-corrosive hydrophilic blue fins are set to enhance the efficiency of ACs, keeping them competitive in the market.
Reasons to Consider Purchasing the India Air Conditioner Market Report:
Comprehensive Market Insights: Delve into the depths of the India Air Conditioner Market Report to gain an all-encompassing and meticulous analysis of the market landscape. Uncover details such as market size, share, trends, and growth catalysts, which provide invaluable perspectives on both the present market scenario and its promising future prospects.
Reliable Projections: Rely on the report’s dependable forecasts and projections, which are underpinned by rigorous research methodologies, insights into industry expenditures, and assessments of market expansion rates. These foresights empower businesses to make well-informed decisions and chart out effective strategies for the times ahead.
In-depth Competition Analysis: Equip yourself with an extensive evaluation of key market players, their array of products, and the strategies they employ. This comprehensive understanding arms businesses with the knowledge needed to not only comprehend their rivals but also to craft strategies that position them ahead in the dynamic market arena.
Clear Market Scope and Segmentation: Gain clarity on the broad expanse of the market through the report’s clear delineation of market scope. With detailed insights into diverse market segments and their growth potential, businesses can discern and capitalize on opportunities that align with their objectives.
Insightful Regional Examination: Assess the market’s performance across different regions, enabling enterprises to pinpoint lucrative markets and tailor their approaches accordingly. With region-specific insights, businesses can adapt strategies that resonate with the unique dynamics of each area.
Evaluation of Industry Technology: Grasp the pulse of technological progress within the India Air Conditioner market. The report dissects cutting-edge advancements and trends, providing businesses with a window into emerging technologies that have the potential to reshape the industry.
Dynamics of Supply and Demand: Acquire a profound comprehension of supply-demand dynamics. This understanding empowers businesses to optimize production, distribution, and inventory management processes, resulting in enhanced operational efficiency.
Informed Investment Decision Making: Leverage the report’s critical information and data-driven insights to facilitate informed investment choices within the India Air Conditioner market. Equipped with this knowledge, businesses can confidently allocate resources to avenues with the greatest potential for returns.
Unveiling Long-Term Growth Avenues: Through the scrutiny of trends and growth stimulants, the report illuminates the enduring opportunities the India Air Conditioner market holds. By identifying these sustainable growth prospects, businesses are poised to set a course for lasting success.
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