The recent “India Air Conditioner Market” report by Report Ocean gathers insights and assessments through genuine consultations with key stakeholders, including CEOs, Managers, Department Heads of Suppliers, Manufacturers, and Distributors. This comprehensive study aims to thoroughly examine the global industry, target market, competition, and various influencing factors. Ask for Free Sample Report
The report on the “India Air Conditioner Market” conducts a data-driven quantitative analysis of the relevant industry. It utilizes research based on public records to identify significant patterns. Additionally, it provides predictions for the market sector’s growth between 2024 and 2032. The research primarily focuses on major global market manufacturers, analyzing sales volume, rates, competitive aspects, market share, and development strategies up to 2032.
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India Air Conditioner Market Analysis and Growth Forecast:
The market was valued at INR 293.37 Billion in FY 2021. It is expected to reach INR 991.57 Billion in FY 2027, expanding at a CAGR of 24.30% during the FY 2022 to FY 2027 period.
Technical advancements such as cost-effective equipment and decrease in prices of components have fueled the growth of the air conditioner (AC) market. High energy consumption and fall in electricity prices are the major challenges.
Key Companies Covered in the India Air Conditioner Market Research are Voltas Limited, Havells India Limited, Blue Star Limited and among other key market players.
The market is categorized into four segments split-type (wall mounted), window-type, cassette (ceiling-mounted), and tower (floor-mounted) air conditioners. The split-type AC segment was valued at INR 124.24 Billion in FY 2021. It is anticipated to reach INR 473.47 Billion in FY 2027, expanding at a CAGR of 26.79% during the FY 2022 to FY 2027 period. Owing to increased income and rapid urbanization, the demand for split ACs has picked up. In FY 2021, the window-type AC segment was valued at INR 112.51 Billion . It is expected to reach INR 142.79 Billion in FY 2027, expanding at a CAGR of 4.43% during the forecast period. Following the second wave, the preference for window AC increased among the middle class because of its affordability.
In FY 2021, the cassette (ceiling-mounted) AC segment was valued at INR 18.34 Billion. It is estimated to reach INR 154.19 Billion in FY 2027, expanding at a CAGR of 42.69% during the forecast period. Although these ACs are energy- and space-efficient, they are not ideal for multi-storey households. The tower AC segment held a revenue of INR 38.29 Billion in FY 2021. It is expected to reach INR 221.12 Billion FY 2027, expanding at a CAGR of 35.38% during the forecast period. The demand for tower ACs from the household sector is limited. They sell in the commercial sector because of their portability and also large area is required for its installation.
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Impact of COVID-19:
Due to the global outbreak of COVID-19 in 2020 followed by nationwide lockdown , the air conditioner market was highly affected Travel restrictions, workforce shortages, disruptions in world trade, and bottleneck in logistics impacted the supply chains of companies. Top players such as Voltas, Daikin, Blue Star, Panasonic, and Haier registered a drop of almost 75% in sales volumes between April and May, 2021 collectively.
Almost 70% of sales take place between March and June. This year, sales plummeted because nearly all stores were closed due to lockdowns imposed across states in view of the second wave. The market gained momentum in October during the festive season because of market players collaborations with major online and offline retail partners such as Amazon and Reliance Digital. They helped to attracts customers through attractive offers.
Owing to evolving customer preferences, major players such as Voltas Limited, Havells India Limited, and Blue Star Limited made huge strides in technological advancements. Innovations such as ubiquitous sensor networks and copper condensers with anti-corrosive hydrophilic blue fins will improve the efficiency of ACs.
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Market Synopsis: This section encapsulates the present market scenario and outlines the industry’s scope. It includes a comprehensive analysis of key segments such as product types, applications, and regions, with revenue and sales forecasts provided as part of this overview.
Competitive Landscape: Illuminating the market’s competitive terrain, this section presents an in-depth analysis of manufacturers, offering insights into individual players’ revenue and sales figures. Additionally, it encompasses noteworthy details on mergers, acquisitions, and industry investments.
Regional Analysis: Providing an overview of market revenue, sales, and shares across major regions and sub-regions, this segment also explores the pricing structure, sales growth rate, and other crucial estimations.
Company Profiles: This section provides strategic business insights about key firms operating within the market landscape. It covers product specifications, revenue shares, and portfolios of these major companies.
The Analysis Objectives of the Report are:
To determine the size of the Market by identifying its sub-segments.
To research the key players and analyze their growth strategies.
To assess the size and value of the Market based on key regions.
To analyze the Market in terms of growth trends, potential, and participation in the overall sector.
To investigate the Market size (volume and value) from the company, key regions/countries, goods and applications, and background data.
Primary Market manufacturers to specify, clarify, and analyze the product sales volume, value, market share, market rivalry landscape, SWOT analysis, and future development plans.
To investigate market competitive developments such as market expansions, agreements, new product launches, and acquisitions.
What is new in 2024?
– Major developments that can change the business landscape as well as market forecasts.
– Addition/refinement in segmentation–Increase in depth or width of segmentation of the market.
– Coverage of new market players and change in the market share of existing players of the market.
– Updated financial information and product portfolios of players operating in the market.
– Updated market developments of the profiled players.
– Any new data points/analysis (frameworks) which was not present in the previous version of the report
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