BURNABY, Canada, June 23, 2015 /PRNewswire/ --
Rising per capita income, changing climatic conditions and consumer lifestyle to drive air conditioners sales in India through 2020
With a population of over a billion, India is one of the major developing countries with huge middle class population base and rising per capita income. In comparison to other major developing countries, the market penetration of air conditioners is very low in India, which offers a huge opportunity to leading air conditioner players. Some of the major factors contributing to the increasing demand for air conditioners in the country include hot climatic conditions prevailing through most part of the year, expanding middle class, growing construction sector and increasing per capita income. Presently, the northern region accounts for the largest share of the air conditioners market in India, followed by the southern region. With all major global players having set up their production facilities in India, the country is also emerging as a major production hub for the SAARC region.
According to a recently published TechSci Research report "India Air Conditioners Market Forecast & Opportunities, 2020" , the country's air conditioners market is projected to grow at a CAGR of over 10% during 2015-20. The Indian air conditioning market is divided into two major segments: commercial air conditioners (VRF, Chillers & Others) and Room Air Conditioners (Split and Window air conditioners), among which, residential air conditioners segment witnessed a higher revenue share in 2014. This domination of room air conditioners segment is expected to continue over the next five years. Currently, the market for air conditioners in India is dominated by Voltas, followed by LG, Daikin and Samsung.
"On account of rising per capita income, changing consumer lifestyle and the country experiencing extreme hot and humid climate for most part of a year, the demand for air conditioners in India is expected to rise during the forecast period. Implementation of minimum energy efficiency performance standards by BEE and the need for cost effective air conditioning solutions is forecast to drive demand for energy efficient air conditioners in India through 2020." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"India Air Conditioners Market Forecast & Opportunities, 2020" has evaluated the future growth potential of air conditioners market in India and provides statistics and information on market structure, size, share and its future growth. This report intends to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in air conditioners market in India.
About TechSci Research
TechSci Research is a global market research and consulting company with offices in Canada, UK and India. TechSci Research provides market research consulting services in six verticals - Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. The company uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. With more than 100 client engagements with fortune 500 clients, TechSci Research enjoys the status of a premium market research services provider in the industry.
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