India Air Conditioners Market Expected to Reach USD 8.07 Billion by 2030, Driven by Robust Residential Sector Growth
DUBLIN, NOV 12, 2024 - The India air conditioners market is projected to reach USD 8.07 billion by 2030, growing at a compound annual growth rate (CAGR) of 6.90%, according to ResearchAndMarkets.com's latest report. The market is driven primarily by the expansion of the residential sector, which accounts for the majority of air conditioner sales in India.
The Indian government's efforts to promote urbanization and develop housing societies have led to a significant increase in new construction projects, resulting in an increasing demand for air conditioners across both metro and tier-2 cities. Furthermore, small and medium-sized enterprises (SMEs) are also experiencing substantial growth, contributing to the surge in air conditioner sales.
The market's anticipated growth can be attributed to the robust expansion of the residential sector, which is now driven by improved standards of living among Indian consumers. Additionally, the commercial sector, another key end-user, has witnessed substantial growth over the past decade.
"India's air conditioning market is expected to experience a significant surge in demand in the coming years, driven primarily by the growing residential sector," said experts at ResearchAndMarkets.com. "As the country experiences more frequent and severe heatwaves, consumers are increasingly seeking out air conditioners as a means of comfort, particularly during hot summer months."
The report highlights several regional insights, with the northern region emerging as a dominant segment due to its extreme weather conditions. North India's population, rapid urbanization, and infrastructure development drive consistent sales of air conditioners across residential, commercial, and industrial sectors.
Key market drivers include:
- Rising household sector and urbanization
- Expansion of housing societies and real estate development
- Rise of SMEs and commercial sector growth
However, the report also highlights several challenges, including affordability and price sensitivity, energy efficiency and environmental impact, and infrastructure constraints and power supply reliability.
The India air conditioners market is segmented by product type (splits, windows, VRF, chillers, and others), end user (residential, commercial, and industrial), distribution channel (multi-branded stores, supermarkets & hypermarkets, online, exclusive stores, and others), and region (north, south, east, west).
Key players profiled in the report include 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, and Carrier Midea India Private Limited.
The report estimates the market value of the Indian air conditioners market in 2024 to be USD 5.41 billion and forecasts its growth to reach USD 8.07 billion by 2030.
For more information on this report, please visit: https://www.researchandmarkets.com/r/is5xze