India HVAC Market Trend Analysis, Share, Forecast 2022-2028
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the India HVAC market was worth USD 8.6 billion in the year 2021. It is estimated to grow at a CAGR of 14.80%, earning revenue of around USD 21.5 billion by the end of 2028. The growth of the India HVAC market is flourishing at a high rate owing to the changing lifestyle and increasing disposable income of Indian consumers. Furthermore, the rising construction of residential, commercial, and industrial facilities due to rising private and public investment in infrastructural development along with increasing demand for energy-efficient technologies are also propelling the growth of the market in this region. The constant launches of new products by HVAC companies and the rising integration of advanced technologies such as IoT and AI are estimated to provide new growth opportunities to the India HVAC market in the forecast period.
Increasing Infrastructural Development is Driving the India HVAC Market Growth
India is an emerging economy, which is why it attracts significant public and private investment toward infrastructural development. The increasing number of residential as well as commercial facilities such as hotels, shopping complexes, offices, etc., is anticipated to boost the demand for HVAC systems in the forecast period. Furthermore, several multinational manufacturing companies are establishing their production plants in India, which is also projected to fuel the growth of India HVAC market in the upcoming years.
Rising Product Launches by Market Players are Providing Lucrative Growth Opportunities to the India HVAC Market
The India HVAC market is showing a tremendous boost over the past few years and holds significant growth opportunities. To exploit these opportunities, several global and regional market players are launching new products and multinational corporations are entering this market. For instance, Samsung recently launched new WiFi-enabled large capacity Variable Refrigerant Flow (VRF) air conditioning systems in India. LG Electronics also launched its new range of DUALCOOL Inverter air conditioners under its health and hygiene portfolio.
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India HVAC Market - By End-User
Based on end-user, the India HVAC market is segmented into residential, commercial, and industrial. The residential segment accounts for the largest market share owing to the increasing disposable income of Indian consumers and changing lifestyles. Due to this, the demand for the installation of HVAC appliances and systems at small houses is surging. However, the commercial segment is projected to witness the highest growth rate during the forecast period owing to the rising construction of commercial facilities such as offices, shopping complexes, hotels, etc., in the country.
India HVAC Market - Regional Insights
Geographically, the India HVAC market is segmented into North India, South India, East India, and West India. North India dominates the India HVAC market and is likely to dominate the market in the forecast period as well. The varying climatic conditions witnessed by states in this region act as a major driving factor for the market. High altitude regions such as Jammu and Kashmir, Himachal Pradesh, Uttarakhand, etc., have a high demand for heating appliances. However, states and union territories in northern plains such as Delhi, Uttar Pradesh, Bihar, etc., demand different types of heating and cooling appliances.
Impact of COVID-19 on India HVAC Market
The unprecedented COVID-19 pandemic outbreak negatively impacted the growth of the India HVAC market. The nationwide lockdown imposed by the government to curb the virus spread restricted the manufacturing and supply of non-essential items including HVAC equipment. Furthermore, the construction of residential, commercial, and industrial facilities was halted due to lockdown guidelines and lack of investment. The purchasing power of the consumers was also affected owing to the economic crisis in the country. All these factors resulted in a significant drop in the demand for HVAC systems in India, impacting the overall market growth.
Competitive Landscape
The leading market players in the India HVAC market are Carrier Midea India Private Limited, Carrier Airconditioning & Refrigeration Ltd., Daikin Industries Ltd., Mitsubishi Electric Corporation, LG Electronics Inc., Fujitsu Limited, Panasonic Corporation, Blue Star Limited, Havells India Limited, Voltas Limited, Johnson Controls-Hitachi Air Conditioning India Limited, and other prominent players.
The market is highly competitive with the presence of various global and regional industry participants. The companies constantly launch new products with advanced features to gain a competitive edge over the market. Multinational corporations also invest in expanding their production capacities to meet the growing demand and boost their market penetration. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
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