Due to rising temperatures and rising incomes, the number of air conditioners owned in India has tripled since 2010, with 24 units per 100 households. The amount of energy used for space cooling grew by 21% between 2019 and 2022, accounting for nearly 10% of India’s total electricity consumption. By 2050, the International Energy Agency projects that the ownership of residential air conditioners will increase nine times faster than that of other appliances. In terms of petroleum refining capacity, India is now self-sufficient, and it has made great strides toward providing millions of people with access to electricity and clean cooking.
The Indian air conditioner market is expected to generate INR 5.88 billion in revenue by 2024. Its estimated annual growth rate (CAGR 2024-2028) is 17.29%.
In terms of revenue generation in this segment, China leads the world when compared globally, with INR US$15,980 million in 2024. In India, the average household income in 2024 will be INR 17,50. Anticipating 2028, the air conditioner market is anticipated to reach a volume of 20.8 million units. Furthermore, a 17.3% increase in volume is projected for 2025. Finally, it is anticipated that in 2024, the average volume of air conditioners per household will be 0.04 pieces. India’s growing middle class and growing urbanization are driving up demand for air conditioners in the country.
List of Top 5 Air Conditioners in India (BSE) based on Net Profit.
| Company Name | Net Profit (Rs. cr) |
| Voltas | 1,405.31 |
| Blue Star | 366.58 |
| Amber Enterpris | 48.92 |
| Virtuoso Optoel | 7.77 |
| Johnson Control | -82.14 |
Source: BSE, India, last updated 19 February, 2024
This news is a creative derivative product from articles published in famous peer-reviewed journals and Govt reports:
Reference:
1. Laura Wood (2023), India Air Conditioner Market, Size, Forecast 2023-2028, Industry Trends, Growth, Impact of Inflation, Opportunity Company Analysis. Research and Markets.
2. Shukla, K., & Raut, A. (2010). A Study of Emerging Trends and Challenges in Air-Conditioning Industry in India.
3.Punj, R. (2006). The strategic responses of Indian room air-conditioner manufacturers to liberalisation, market reform, and the entry of foreign competition (Doctoral dissertation, Kingston University).
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