India Air Conditioner market revenues are forecast to grow at a CAGR of 12.2%

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Increasing Purchasing Power of Consumers Coupled with Growing Construction Market in Tier II and Tier III Cities Would Spur the Demand for Air Conditioners in India – 6Wresearch

Growing number of middle-class households and rising buying power would continue to accelerate the demand for room split air conditioners (ACs) in India. Increasing office and retail spaces in the country along with booming tourism and hospitality sectors are also contributing in the healthy growth of the Indian air conditioner market.

According to 6WresearchIndia Air Conditioner market revenues are forecast to grow at a CAGR of 12.2% during 2018-24. Under the new government tax regime, the Goods and Service Tax (GST), air conditioners were put in highest tax bracket, which resulted in a sudden increase in the prices, thereby affecting sales in 2017. However, Indian air conditioner market is expected to recover from the sales slowdown owing to expansion of SME sector, business parks, commercial hubs, upcoming government projects, including the smart cities project, and the development of new airports such as Dholera (Gujarat), Navi Mumbai and Mopa (Goa), etc. These factors are anticipated to drive the demand for both room and commercial air conditioners in India over the next six years.

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According to Priya Sharma, Research Analyst, 6Wresearch, “The residential sector occupied the majority of the revenue share in the overall air conditioner market in 2017 and the segment would continue to dominate the market owing to increase in middle class population. Further, growing perception that air conditioners are no longer considered as a luxury item would act as a major driver for the increase in demand for ACs in the residential domain in Tier II and Tier III cities.”

“The Northern India accounts for the highest market revenue share for air conditioners owing to the climatic conditions in the region and the growing industrial sector in several Northern states. Expanding retail and hospitality sectors, construction of metro lines and other public and private infrastructure projects in the Northern region of India are expected to further boost the demand for air conditioners in the region, “Priya further added.

According to Chirag, Research Associate, 6Wresearch, “Variable Refrigerant Flow/Variable Refrigerant Volume (VRF/VRV) systems have gained popularity in the recent years, capturing majority of the revenue share in the overall market. The segment is expected to grow at a healthy rate over the coming years owing to systems’ efficient electricity use, self-adaptation and comfort cooling features.”

“The emission of CFCs from air conditioners contributes to global warming. To tackle this, the Bureau of Energy Efficiency in India revised the energy efficiency ratings (Indian Seasonal Energy Efficiency Ratio) for air conditioners, which came into effect from 1stof January 2018. This is expected to bring down emissions, but might also lead to an increase in prices of ACs. As a result, the sale of ACs in the short term might be affected, “Chirag further added.

Some of the major companies in the India Air Conditioner Market include Voltas, Daikin, Blue Star, LG, Panasonic, Samsung and Lloyd.

India Air Conditioner Market (2018-2024)” provides an in-depth analysis with 54 figures and 9 tables covered in 115 pages. The report estimates and forecast the overall India air conditioner market by revenue, volume, types, applications and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.

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Author: 6wresearch- Market Intelligence Solutions

6Wresearch is the premier, one stop market intelligence and advisory center, known for its best in class business research and consulting activity. We provide industry research reports and consulting service across different industries and geographies which provide industry players an in-depth coverage and help them in decision making before investing or enter into a particular geography. Our Research Process Outsourcing (RPO) division enables our client to reduce their cost by outsourcing their research needs and focusing on their core competency. Our Business Model The prime motto of 6Wresearch is to see the exponential growth of our clients by meeting all the research requirements. 6Wresearch is pioneer in implementing 6W (what, where, when, who, when and how) model across its research cycle. We believe that exhaustive research can only be accomplished if it covers all six dimensions of research: What to invest in: What product and services is to produce to target potential market? Where to invest: Which geography to enter? When to invest: When is the right time to enter to the market? Whom to target: Who is your target consumer and buyers? Why to invest: What growth and opportunity the target market is offering? How to invest: What is the right strategy to enter the target market? Our integrated survey based model enable us to deliver real insights from key industry players which enable our clients to acquaint themselves with key industry trends & developments and devise various strategies for growth. Our Core Beliefs/Values 6Wresearch values its client and believes in maintaining long term relationship with them by providing high quality research solutions. 6Wresearch maintains its core beliefs and values by complementing Commitment towards standards, ethics and integrity, Ensuring client satisfaction, Maintaining full transparency. To find details on our members and associates please go to our directory of members.

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