India - Heating, Ventilation, and Air Conditioning (HVAC) Systems Market by Application, Type and Installation Sites - Forecast and Analysis 2024-2028

Published: Dec 2023 Pages: 149 SKU: IRTNTR41588

India - Heating, Ventilation, and Air Conditioning (HVAC) Systems Market 2024-2028

The India - Heating, Ventilation, and Air Conditioning (HVAC) Systems Market size is forecast to increase by USD 3.98 billion, at a CAGR of 10.77% between 2023 and 2028. The growth rate of the market depends on several factors such as the growing demand for inverter HVAC systems, the increasing office absorption space, and the rising preference for rental HVAC systems. 

The report includes a comprehensive outlook on the India HVAC systems market report offering forecasts for the industry segmented by Application, which comprises non-residential and residential. Additionally, it categorizes Types into centralized and decentralized and covers Installation Sites, including new installation and retrofit. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.

India HVAC Systems Market Forecasting

HVAC Systems Market in India Forecast 2024-2028

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HVAC Systems Market in India Dynamic

Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market. 

Driver- Rising preference for rental HVAC systems

HVAC systems are used for heating, cooling, and air conditioning functions in commercial and residential buildings and industrial facilities. Service providers rent HVAC systems to end-users on an hourly, monthly, or yearly basis. End-users compensate the equipment owners based on factors such as the duration of renting and the type of equipment rented for a particular application. Further, several rental business companies in India are engaged in offering HVAC systems. Companies such as MAX COOL (MEP) SYSTEM, IKON Group, and United Technologies offer HVAC systems for rent for non-residential applications.

Moreover, companies such as Edunetwork Pvt. Ltd., GrabOnRent Internet Pvt. Ltd., and Marketplace IT Solutions Pvt. Ltd. offer HVAC systems for rent for residential applications. Such a growing preference for rental HVAC systems is expected to be one of the key factors that support the growth of the India HVAC systems market during the forecast period.

Trends- Adoption of low-GWP refrigerants by HVAC system manufacturers

Regulators across the world, including India, are focusing on the transition of the HVAC systems market from high global warming potential (GWP) refrigerants to low-GWP refrigerants. Regulations on the refrigerants used in the HVAC system have ensured that manufacturers adopt low-GWP refrigerants in their products. The prominent HVAC system manufacturers in India have started investing in developing low-GWP refrigerants since 2015. As the Government of India is looking to combat climate change, the use of high-GWP refrigerants such as hydrofluorocarbons (HFC) refrigerants is declining.

In addition, refrigerant manufacturers are focusing on developing low-GWP refrigerants for both domestic and global markets. Hence, the trend of HVAC system manufacturers and refrigerant manufacturers adopting low-GWP refrigerants in the HVAC system is expected to have a positive impact on the India HVAC systems market during the forecast period.

Challenge- Lack of technical know-how related to HVAC systems in the Indian market

The HVAC systems market in India is witnessing rapid technological advances, and this is compelling end-users to upgrade their systems, which eventually adds to their costs. The growing competition among HVAC system manufacturers is leading to the introduction of advanced technology in the India - HVAC systems market. Shifting from existing HVAC systems to new and advanced systems incurs additional costs. Therefore, end-users prefer to upgrade the existing systems through retrofitting, which is less costly than changing the complete system. Retrofitting requires highly skilled technicians with knowledge of the latest innovations and technologies in HVAC systems. 

Additionally, the India - HVAC systems market requires highly skilled manpower for installation, maintenance, and repair. To overcome this shortage, the Indian Society of Heating, Refrigerating, and Air Conditioning Engineers (ISHRAE) and the Institute of Excellence (IIE) are offering education and training programs. However, the skills gap in the HVAC systems market in India is expected to remain high, and this is expected to hamper market growth during the forecast period.

India HVAC Systems Market Segmentation by Application, Type and Installation Sites

Application Segment Analysis: 

The market share growth by the non-residential segment will be significant during the forecast period.  The growth of the India - heating, ventilation, and air conditioning systems market in the non-residential segment is driven primarily by the growth of the construction sector, increasing investments in infrastructural development, and growing demand for office spaces, among others. The demand for office spaces in India is increasing steadily. 

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The non-residential was the largest segment and was valued at USD 2.98 billion in 2018. Additionally, the growing number of start-ups, coupled with the increasing availability of co-working office spaces, are expected to propel the demand for HVAC systems in India. In addition to increasing office spaces, the growing investments in infrastructural development in India are expected to drive the demand for HVAC systems. For instance, in March 2022, the Government of India announced plans to build 220 new airports across the country by 2025. As a result, there is an increase in demand for centralized split ACs, which will thereby drive the growth of the India - heating, ventilation, and air conditioning systems market. Such factors are expected to drive the segment growth which in turn drive the growth of the market growth during the forecast period. 

Type Segment Analysis:  

Based on the type, the market has been segmented into centralized and decentralized. The centralized?segment will account for the largest share of this segment.?The growth of the adoption of centralized HVAC systems in India is influenced by several factors, such as the country's economic development, urbanization, and a growing awareness of the importance of indoor air quality and energy efficiency. Furthermore, centralized HVAC systems offer better control over indoor air quality, providing filtration and ventilation solutions. This is particularly important in urban areas such as Delhi, Mumbai, and Bangalore, with air pollution concerns and a focus on creating healthier indoor environments. Hence, India's diverse climate, ranging from hot and humid to cold and dry, requires HVAC systems that can adapt to varying conditions. As centralized systems offer flexibility in temperature and humidity control, the centralized segment will contribute to the growth of the India HVAC systems market during the forecast period.

Who are the Major India HVAC Systems Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Blue Star Ltd The company offers HVAC systems such as air purifiers AP372LAH, single zone mini split, swimming pool heater heat pump, and others.

We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including Air Control India Pvt Ltd, Blue Star Ltd., Daikin Industries Ltd., Fujitsu General Ltd., Godrej and Boyce Manufacturing Co. Ltd., Haier Smart Home Co. Ltd., Havells India Ltd., Hitachi Ltd., Honeywell International Inc., IFB Industries Ltd., Ingersoll Rand Inc., Johnson Controls International Plc, LG Electronics Inc., Mitsubishi Electric Corp., Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Toshiba Corp., Trane Technologies Plc, Voltas Ltd., and Whirlpool Corp. 

Technavio India HVAC systems market research report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.  

Segment Overview

The India HVAC systems market analyses and reports forecast market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018 to 2028. 

  • Application Outlook
    • Non-residential
    • Residential
  • Type Outlook
    • Centralized
    • Decentralized
  • Installation Sites Outlook 
    • New installation
    • Retrofit 

India HVAC Systems Market Scope

Report Coverage

Details

Page number

149

Base year

2023

Historic period

2018-2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 10.77%

Market Growth 2024-2028

USD 3.98 billion

Market structure

Fragmented

YoY growth 2023-2024(%)

9.98

Competitive landscape

Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

Key companies profiled

Air Control India Pvt Ltd, Blue Star Ltd., Daikin Industries Ltd., Fujitsu General Ltd., Godrej and Boyce Manufacturing Co. Ltd., Haier Smart Home Co. Ltd., Havells India Ltd., Hitachi Ltd., Honeywell International Inc., IFB Industries Ltd., Ingersoll Rand Inc., Johnson Controls International Plc, LG Electronics Inc., Mitsubishi Electric Corp., Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Toshiba Corp., Trane Technologies Plc, Voltas Ltd., and Whirlpool Corp.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. 

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this India HVAC Systems Market Research Report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the growth of the HVAC systems market in India between 2024 and 2028
  • Precise estimation of the HVAC systems market in India growth and trends and its contribution to the market in focus on the parent market
  • Accurate predictions about upcoming HVAC systems market in India trends and analysis and changes in consumer behavior
  • HVAC systems market in India growth and forecasting across India
  • A thorough analysis of the market’s competitive landscape and detailed information about companies
  • Comprehensive analysis of factors that will challenge the growth of hvac systems market in India companies

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Country Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market Segmentation by Application
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
    • Exhibit 06: Executive Summary – Chart on Market Segmentation by Installation Sites
    • Exhibit 07: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 08: Parent market
    • Exhibit 09: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 10: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 11: Market segments
  • 3.3 Market size 2023
    • 3.4 Market outlook: Forecast for 2023-2028
      • Exhibit 12: Chart on India - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 13: Data Table on India - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 14: Chart on India: Year-over-year growth 2023-2028 (%)
      • Exhibit 15: Data Table on India: Year-over-year growth 2023-2028 (%)

    4 Historic Market Size

    • 4.1 HVAC systems market in India 2018 - 2022
      • Exhibit 16: Historic Market Size – Data Table on hvac systems market in India 2018 - 2022 ($ billion)
    • 4.2 Application Segment Analysis 2018 - 2022
      • Exhibit 17: Historic Market Size – Application Segment 2018 - 2022 ($ billion)
    • 4.3 Type Segment Analysis 2018 - 2022
      • Exhibit 18: Historic Market Size – Type Segment 2018 - 2022 ($ billion)
    • 4.4 Installation Sites Segment Analysis 2018 - 2022
      • Exhibit 19: Historic Market Size – Installation Sites Segment 2018 - 2022 ($ billion)

    5 Five Forces Analysis

    • 5.1 Five forces summary
      • Exhibit 20: Five forces analysis - Comparison between 2023 and 2028
    • 5.2 Bargaining power of buyers
      • Exhibit 21: Chart on Bargaining power of buyers – Impact of key factors 2023 and 2028
    • 5.3 Bargaining power of suppliers
      • Exhibit 22: Bargaining power of suppliers – Impact of key factors in 2023 and 2028
    • 5.4 Threat of new entrants
      • Exhibit 23: Threat of new entrants – Impact of key factors in 2023 and 2028
    • 5.5 Threat of substitutes
      • Exhibit 24: Threat of substitutes – Impact of key factors in 2023 and 2028
    • 5.6 Threat of rivalry
      • Exhibit 25: Threat of rivalry – Impact of key factors in 2023 and 2028
    • 5.7 Market condition
      • Exhibit 26: Chart on Market condition - Five forces 2023 and 2028

    6 Market Segmentation by Application

    • 6.1 Market segments
      • Exhibit 27: Chart on Application - Market share 2023-2028 (%)
      • Exhibit 28: Data Table on Application - Market share 2023-2028 (%)
    • 6.2 Comparison by Application
      • Exhibit 29: Chart on Comparison by Application
      • Exhibit 30: Data Table on Comparison by Application
    • 6.3 Non-residential - Market size and forecast 2023-2028
      • Exhibit 31: Chart on Non-residential - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 32: Data Table on Non-residential - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 33: Chart on Non-residential - Year-over-year growth 2023-2028 (%)
      • Exhibit 34: Data Table on Non-residential - Year-over-year growth 2023-2028 (%)
    • 6.4 Residential - Market size and forecast 2023-2028
      • Exhibit 35: Chart on Residential - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 36: Data Table on Residential - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 37: Chart on Residential - Year-over-year growth 2023-2028 (%)
      • Exhibit 38: Data Table on Residential - Year-over-year growth 2023-2028 (%)
    • 6.5 Market opportunity by Application
      • Exhibit 39: Market opportunity by Application ($ billion)
      • Exhibit 40: Data Table on Market opportunity by Application ($ billion)

    7 Market Segmentation by Type

    • 7.1 Market segments
      • Exhibit 41: Chart on Type - Market share 2023-2028 (%)
      • Exhibit 42: Data Table on Type - Market share 2023-2028 (%)
    • 7.2 Comparison by Type
      • Exhibit 43: Chart on Comparison by Type
      • Exhibit 44: Data Table on Comparison by Type
    • 7.3 Centralized - Market size and forecast 2023-2028
      • Exhibit 45: Chart on Centralized - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 46: Data Table on Centralized - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 47: Chart on Centralized - Year-over-year growth 2023-2028 (%)
      • Exhibit 48: Data Table on Centralized - Year-over-year growth 2023-2028 (%)
    • 7.4 Decentralized - Market size and forecast 2023-2028
      • Exhibit 49: Chart on Decentralized - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 50: Data Table on Decentralized - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 51: Chart on Decentralized - Year-over-year growth 2023-2028 (%)
      • Exhibit 52: Data Table on Decentralized - Year-over-year growth 2023-2028 (%)
    • 7.5 Market opportunity by Type
      • Exhibit 53: Market opportunity by Type ($ billion)
      • Exhibit 54: Data Table on Market opportunity by Type ($ billion)

    8 Market Segmentation by Installation Sites

    • 8.1 Market segments
      • Exhibit 55: Chart on Installation Sites - Market share 2023-2028 (%)
      • Exhibit 56: Data Table on Installation Sites - Market share 2023-2028 (%)
    • 8.2 Comparison by Installation Sites
      • Exhibit 57: Chart on Comparison by Installation Sites
      • Exhibit 58: Data Table on Comparison by Installation Sites
    • 8.3 New installation - Market size and forecast 2023-2028
      • Exhibit 59: Chart on New installation - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 60: Data Table on New installation - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 61: Chart on New installation - Year-over-year growth 2023-2028 (%)
      • Exhibit 62: Data Table on New installation - Year-over-year growth 2023-2028 (%)
    • 8.4 Retrofit - Market size and forecast 2023-2028
      • Exhibit 63: Chart on Retrofit - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 64: Data Table on Retrofit - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 65: Chart on Retrofit - Year-over-year growth 2023-2028 (%)
      • Exhibit 66: Data Table on Retrofit - Year-over-year growth 2023-2028 (%)
    • 8.5 Market opportunity by Installation Sites
      • Exhibit 67: Market opportunity by Installation Sites ($ billion)
      • Exhibit 68: Data Table on Market opportunity by Installation Sites ($ billion)

    9 Customer Landscape

    • 9.1 Customer landscape overview
      • Exhibit 69: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    10 Drivers, Challenges, and Trends

    • 10.1 Market drivers
      • 10.2 Market challenges
        • 10.3 Impact of drivers and challenges
          • Exhibit 70: Impact of drivers and challenges in 2023 and 2028
        • 10.4 Market trends

          11 Vendor Landscape

          • 11.1 Overview
            • 11.2 Vendor landscape
              • Exhibit 71: Overview on Criticality of inputs and Factors of differentiation
            • 11.3 Landscape disruption
              • Exhibit 72: Overview on factors of disruption
            • 11.4 Industry risks
              • Exhibit 73: Impact of key risks on business

            12 Vendor Analysis

            • 12.1 Vendors covered
              • Exhibit 74: Vendors covered
            • 12.2 Market positioning of vendors
              • Exhibit 75: Matrix on vendor position and classification
            • 12.3 Blue Star Ltd.
              • Exhibit 76: Blue Star Ltd. - Overview
              • Exhibit 77: Blue Star Ltd. - Business segments
              • Exhibit 78: Blue Star Ltd. - Key offerings
              • Exhibit 79: Blue Star Ltd. - Segment focus
            • 12.4 Daikin Industries Ltd.
              • Exhibit 80: Daikin Industries Ltd. - Overview
              • Exhibit 81: Daikin Industries Ltd. - Business segments
              • Exhibit 82: Daikin Industries Ltd. - Key news
              • Exhibit 83: Daikin Industries Ltd. - Key offerings
              • Exhibit 84: Daikin Industries Ltd. - Segment focus
            • 12.5 Godrej and Boyce Manufacturing Co. Ltd.
              • Exhibit 85: Godrej and Boyce Manufacturing Co. Ltd. - Overview
              • Exhibit 86: Godrej and Boyce Manufacturing Co. Ltd. - Business segments
              • Exhibit 87: Godrej and Boyce Manufacturing Co. Ltd. - Key offerings
              • Exhibit 88: Godrej and Boyce Manufacturing Co. Ltd. - Segment focus
            • 12.6 Havells India Ltd.
              • Exhibit 89: Havells India Ltd. - Overview
              • Exhibit 90: Havells India Ltd. - Business segments
              • Exhibit 91: Havells India Ltd. - Key news
              • Exhibit 92: Havells India Ltd. - Key offerings
              • Exhibit 93: Havells India Ltd. - Segment focus
            • 12.7 Hitachi Ltd.
              • Exhibit 94: Hitachi Ltd. - Overview
              • Exhibit 95: Hitachi Ltd. - Business segments
              • Exhibit 96: Hitachi Ltd. - Key news
              • Exhibit 97: Hitachi Ltd. - Key offerings
              • Exhibit 98: Hitachi Ltd. - Segment focus
            • 12.8 IFB Industries Ltd.
              • Exhibit 99: IFB Industries Ltd. - Overview
              • Exhibit 100: IFB Industries Ltd. - Business segments
              • Exhibit 101: IFB Industries Ltd. - Key offerings
              • Exhibit 102: IFB Industries Ltd. - Segment focus
            • 12.9 Ingersoll Rand Inc.
              • Exhibit 103: Ingersoll Rand Inc. - Overview
              • Exhibit 104: Ingersoll Rand Inc. - Business segments
              • Exhibit 105: Ingersoll Rand Inc. - Key offerings
              • Exhibit 106: Ingersoll Rand Inc. - Segment focus
            • 12.10 Johnson Controls International Plc
              • Exhibit 107: Johnson Controls International Plc - Overview
              • Exhibit 108: Johnson Controls International Plc - Business segments
              • Exhibit 109: Johnson Controls International Plc - Key news
              • Exhibit 110: Johnson Controls International Plc - Key offerings
              • Exhibit 111: Johnson Controls International Plc - Segment focus
            • 12.11 LG Electronics Inc.
              • Exhibit 112: LG Electronics Inc. - Overview
              • Exhibit 113: LG Electronics Inc. - Product / Service
              • Exhibit 114: LG Electronics Inc. - Key offerings
            • 12.12 Mitsubishi Electric Corp.
              • Exhibit 115: Mitsubishi Electric Corp. - Overview
              • Exhibit 116: Mitsubishi Electric Corp. - Business segments
              • Exhibit 117: Mitsubishi Electric Corp. - Key news
              • Exhibit 118: Mitsubishi Electric Corp. - Key offerings
              • Exhibit 119: Mitsubishi Electric Corp. - Segment focus
            • 12.13 Panasonic Holdings Corp.
              • Exhibit 120: Panasonic Holdings Corp. - Overview
              • Exhibit 121: Panasonic Holdings Corp. - Business segments
              • Exhibit 122: Panasonic Holdings Corp. - Key news
              • Exhibit 123: Panasonic Holdings Corp. - Key offerings
              • Exhibit 124: Panasonic Holdings Corp. - Segment focus
            • 12.14 Samsung Electronics Co. Ltd.
              • Exhibit 125: Samsung Electronics Co. Ltd. - Overview
              • Exhibit 126: Samsung Electronics Co. Ltd. - Business segments
              • Exhibit 127: Samsung Electronics Co. Ltd. - Key news
              • Exhibit 128: Samsung Electronics Co. Ltd. - Key offerings
              • Exhibit 129: Samsung Electronics Co. Ltd. - Segment focus
            • 12.15 Toshiba Corp.
              • Exhibit 130: Toshiba Corp. - Overview
              • Exhibit 131: Toshiba Corp. - Business segments
              • Exhibit 132: Toshiba Corp. - Key news
              • Exhibit 133: Toshiba Corp. - Key offerings
              • Exhibit 134: Toshiba Corp. - Segment focus
            • 12.16 Voltas Ltd.
              • Exhibit 135: Voltas Ltd. - Overview
              • Exhibit 136: Voltas Ltd. - Business segments
              • Exhibit 137: Voltas Ltd. - Key offerings
              • Exhibit 138: Voltas Ltd. - Segment focus
            • 12.17 Whirlpool Corp.
              • Exhibit 139: Whirlpool Corp. - Overview
              • Exhibit 140: Whirlpool Corp. - Business segments
              • Exhibit 141: Whirlpool Corp. - Key offerings
              • Exhibit 142: Whirlpool Corp. - Segment focus

            13 Appendix

            • 13.1 Scope of the report
              • 13.2 Inclusions and exclusions checklist
                • Exhibit 143: Inclusions checklist
                • Exhibit 144: Exclusions checklist
              • 13.3 Currency conversion rates for US$
                • Exhibit 145: Currency conversion rates for US$
              • 13.4 Research methodology
                • Exhibit 146: Research methodology
                • Exhibit 147: Validation techniques employed for market sizing
                • Exhibit 148: Information sources
              • 13.5 List of abbreviations
                • Exhibit 149: List of abbreviations

                Research Framework

                Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

                INFORMATION SOURCES

                Primary sources

                • Manufacturers and suppliers
                • Channel partners
                • Industry experts
                • Strategic decision makers

                Secondary sources

                • Industry journals and periodicals
                • Government data
                • Financial reports of key industry players
                • Historical data
                • Press releases

                DATA ANALYSIS

                Data Synthesis

                • Collation of data
                • Estimation of key figures
                • Analysis of derived insights

                Data Validation

                • Triangulation with data models
                • Reference against proprietary databases
                • Corroboration with industry experts

                REPORT WRITING

                Qualitative

                • Market drivers
                • Market challenges
                • Market trends
                • Five forces analysis

                Quantitative

                • Market size and forecast
                • Market segmentation
                • Geographical insights
                • Competitive landscape

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                hvac systems market in india market

                Key Questions Answered

                • What are the key global market and the regional market share?
                • What are the revenue-generating key market segments?
                • What are the key factors driving and challenging this market’s growth?
                • Who are the key market vendors and their growth strategies?
                • What are the latest trends influencing the growth of this market?
                • What are the variables influencing the market growth in the primary regions?
                • What are the factors influencing the growth of the parent market?

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