Indian Air Conditioning Market in India Share, Trends & Forecast to 2026

Consumer appliances are one of the fastest-growing industries in India. The air conditioning (AC) industry is expected to gain huge growth in the Indian market. Hot climatic conditions and increasing per capita income are some of the key aspects that are contributing to the growth of the AC industry in India. Moreover, the continuous expansion of the global AC market players, such as Mitsubishi and Samsung, is further augmenting the growth of the industry in India. In 2017, Mitsubishi had set up its production services in India. The country is emerging as a chief production center for the SAARC countries. In India, the AC market accounts for nearly 60% of the total electricity load, majorly in summer days, especially in metropolitan cities of India, such as Mumbai and Delhi. Furthermore, the requirement for power plants is continuously growing in the country, intending to meet the growing demand for power, which, in turn, is raising the CO2 emissions in India. All these factors are shifting the attention of the major population towards the deployment of the energy-efficient AC systems, in turn, motivating the growth of the industry in the country.

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The decline in the cost of AC in India is further accelerating the adoption rate of AC in the country. For instance, LG Electronics and Panasonic have planned to decrease their production costs of AC to increase their sales in the country. In 2017, LG Electronics decreased its costs of AC up to 25% to set competition in the global AC market. LG Electronics' cost-cutting strategy is forcing other brands to develop regular AC even more cost-effectively. In India, the cost of LG’s inverter 1.5 tons AC was worth $620 in 2020, which declined from around $710 in 2017. Likewise, the 5-star regular split AC price was estimated to around $600- $710 in 2019-2020. Moreover, the online-exclusive manufacturers and small market players have cut prices further, selling a unit between $490 and $600. This reduction in the cost of AC will augment the purchasing rate in India in the near future. Despite a rise in the penetration of room AC in households, a significant portion of the population will still not be able to afford AC in the next two decades and will continue to rely on natural ventilation and fan-assisted ventilation for thermal comfort in the country.
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The Government of India is significantly supporting the growth of the AC industry in the country. Energy Efficiency Services Ltd. (EESL), a joint venture firm formed in 2009 by various power companies, such as Rural Electrification Corp., NTPC Ltd., Power Finance Corp., and POWERGRID. Under this venture, EESL will make a mass procurement of energy-efficient ACs from manufacturers, such as Daikin, Voltas, Blue Star, and Whirlpool.

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