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Technavio's market research analysis identifies the increase in commercial constructions and real estate as one of the primary growth factors for the air conditioning market in India. The demand for residential and commercial construction is rapidly increasing in India due to the rising urbanization and the growing disposable incomes of the consumers. Commercial construction is exponentially growing in India that is influenced by the rising investments. This subsequently demand the need for air conditioning. Our market research analysts predict that this market will grow steadily at a CAGR of more than 10% by 2021.
The introduction of smart and investor ACs is identified as one of the key trends contributing to the growth of the air conditioning market in India. The demand for cost-effective ACs is influencing vendors to develop innovative products such as inverter ACs and smart ACs that consume less power and offer enhanced performance. Additionally, the vendors have added the fastest cooling technology that focuses primarily on the temperatures of India to offer new features in the air conditioner market. Inverter ACs save energy and have sensors that automatically sets the temperature based on the climatic conditions. This helps in increasing the efficiency of the machines by controlling the compressor and reducing power consumption.
The air conditioning market in India is consolidated due to the presence of several key vendors that dominate the market based on price. Vendors are investing more in R&Ds to invent energy-efficient ACs to attain a competitive advantage in the market. The competition among the players is intense due to low product differentiation and the rising disposable incomes of the consumers.
The leading vendors in the market are -
The other prominent vendors in the market are Blue Star, Carrier, Godrej, LG, Lloyd Electric & Engineering, O General, Onida, Whirpool, and Samsung.
The increasing awareness of consumers about the usage of eco-friendly goods will contribute to the growth of the split AC segment. Consumers buying new flats prefer to buy split ACs and the vendors are fitting split ACs with air purifiers in ACs that help in cleaning and removing bacteria and other dust particles from the air.
The residential segment of the home air conditioner market primarily prefers to install ACs and this is influenced by factors such as the increase in economic, energy-efficient, eco-friendly products, the rise in temperature, and an increase in middle-class population. Vendors are making significant changes such as minimal maintenance, instant cooling system, double layer filters, and bacteria-cleaning technology that provide optimum cooling solutions.
Technavio also offers customization on reports based on specific client requirement.
The air conditioner is a sophisticated system for regulating the humidity and temperature in a building or vehicle. This new report by Technavio on the air conditioning market in India is an essential part of the consumer and retail portfolio under the fast-growing subdivision like general retail goods and services. This report aims at estimating the major trends and market drivers that induce the growth of the general retail goods and services industry. Minimum energy efficiency standards by BEE and cost-effective air conditioning are the major trends in this industry according to our Technavio's market research experts.
Our market research analysis includes primary and secondary research techniques like vendor briefings, telephone and online surveys, webinars, and podcasts, and industry journals and publications to help clients develop active growth strategies and keep pace with the frequently changing market landscape. Rapid urbanization, high quality of life, and increasing incomes are factors which may influence the demand for air conditioning market in India in the coming years as predicted by our market specialists.
The upcoming industry report on the air conditioning market in India also offers insights into the challenges faced by this industry such as high electricity consumption and the high cost of efficient air conditioner. Technavio also provides insights into the sectors such as furniture and home furnishing and outdoor gear.
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Research Methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by product
PART 07: Market segmentation by end-user
PART 08: Geographical segmentation
PART 09: Decision framework
PART 10: Drivers and challenges
PART 11: Market trends
PART 12: Vendor landscape
PART 13: Key vendor analysis
PART 14: Appendix
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