India Air Conditioners Market to Reach USD 8.07 Billion by 2030 at a CAGR of 6.90%
Dublin, Nov. 12, 2024 - According to a report by ResearchAndMarkets.com, the India air conditioners market is expected to reach USD 8.07 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 6.90%.
The Indian air conditioner market, which was valued at USD 5.41 billion in 2024, is driven by the increasing strength of the household sector, expansion of new housing developments, and growth of Small Medium Enterprises (SMEs). Residential air conditioners dominate the AC market across all segments, with a surge in construction projects in both metro and tier-2 cities expected to boost demand for air conditioners in the coming years.
The residential sector is the primary end-user of air conditioners, with improved standards of living among Indian consumers significantly increasing the demand for air conditioners. The commercial sector, another key end-users, has experienced substantial growth over the past decade.
Experts attribute the anticipated growth to robust expansion in the residential sector. According to estimates, sales of air conditioners are expected to increase by 60% from March to July, compared to the typical 25-30% growth in previous years. By 2050, home air conditioner ownership in India is predicted to increase nine-fold, surpassing growth for other household appliances.
The dominant segment in the India Air Conditioners Market is the northern region of the country due to extreme weather conditions and high demand for fans across residential, commercial, and industrial sectors. North India encompasses several populous states and metropolitan areas that collectively constitute a significant consumer base for air conditioner.
The market faces key challenges including affordability and price sensitivity, energy efficiency and environmental impact, infrastructure constraints and power supply reliability.
ResearchAndMarkets.com has published the report, titled "India Air Conditioners Market by Region, Competition, Forecast and Opportunities 2020-2030F." For more information, visit https://www.researchandmarkets.com/r/is5xze